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Managers regularly face the choice of increasing advertising expense or reducing price to increase sales in the Oligopoly market structure. Suppose you have the following information. Current product price equal $24.00, Current sales level equal 30,000 units, The advertising department expects the next $20,000 in ad spend should increase sales by 1,000 units to 31,000 while maintaining the current price of $24.00., The finance department predicts dropping the price by $20,00 will increase sales by 3,000 to 33,000 units next year. Which action should you take next year (increase advertising or drop price)? Show your work and explain your answer. Explain the basic difference in each choice with respect to the theory of consumer demand (the demand curve).
In perfect competition, where we determine optimal price, does the resulting P1 figure simply mean that when the market is at P1, the firm is maximizing it's efficiency?
Two of the risks companies face when competing globally are political risk and exchange rate risk. Political risk is the financial risk that two companies in different countries may be affected by the political climate between their two governments. ..
When do consumers pay the most of a sales tax? When do producers pay most of the tax? How should sunk cost be taken into account in decision making? (include example if possible). Given that sales taxes cause deadweight loss, what should be the elast..
Suppose the cross-price elasticity of demand between goods X and Y is -1. How much would the price of good Y have to change in order to change the consumption of good X by 30 percent?
China has emerged as one of the fastest growing and most significant trading partners for the US. How does growth in China impact welfare in the US? Under what circumstances is Chinese growth good for US welfare and under what circumstances is US wel..
Plotting the supply of labor In Denver, 140 people are willing to work an hour as hostesses if the wage is $10 per hour. For each additional $5 that the wage rises above $10, an additional 35 people are willing to work an hour. What is one explanatio..
A firm's cost-reduction strategies may span multiple stages, from acquisition of production input factors to product service and maintenance. When seeking to lower cost in the short term, firms should
Cute Camel Company is a small firm and several of its managers are worried about how soon the firm will be able to recover its initial investment from Project Delta's expected future cash flows. How much value does the discounted payback period metho..
President and Congress change budget accordingly, but after 18 months, GDP only increased by three quarters of expected amount. Illustrate what factors might be responsible for this situation.
Suppose that there are three beachfront parcels of land available for sale in Astoria, and six people who would each like to purchase one parcel. Assume that the parcels are essentially identical and that the minimum selling price of each is $570,000..
The daily demand and supply of fish in Fire Island, NY is described by the following equations: What is the market price of fish in Fire Island? How much is consumer and producer surplus?
q.assume which the economy is in a long-run equilibrium.a- draw a diagram to illustrate the state of the economy .be
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