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Hhgregg has been successful in retailing appliances and electronics by combining high prices with excellent customer service. In late 2008, Saks Fifth Avenue tried a new strategy in retailing luxury clothing. Saks decided to slash prices on designer clothing by 70 percent just before the beginning of the holiday sales season. According to an article in the Wall Street Journal, “Sakes’s risky price-cut strategy was to be one of the first to discount deeply, rather than one of the last.” According to the article: Saks’s maneuver marked an open abandonment of the longstanding unwritten pact between retailers and designers…those old rules boiled down to this: leave the goods at full price at least two months, and don’t do markdowns until the very end of the season. Is Saks’s strategy of becoming the low-priced luxury clothing retailer likely to succeed? Contrast Saks’s strategy with the strategy of Hhgregg in terms of how likely the two strategies are to be successful over the long run. (Based on Vanessa O’Connell and Rachel Dodes, “Saks upends luxury market with strategy to slash prices,” Wall Street Journal, Fed 9, 2009.)
In trip calculation, it is observed that a Wal-Mart store driver successfully made a total of 104 trips in a given period of time. During field calculation, it is shown that the calculated number of trips is actually 128. What is the value of the adj..
About half of the paid lobbyists in Washington are former government staff members or former members of Congress. Why would interest groups employ such people? Why might some reformers want to limit the ability of interest groups to employ them?
Suppose we find out that a large number of individuals with advanced degrees in medicine were unable to find a job in the medical profession and are instead working at McDonald's flipping hamburgers. How would this be shown on a society's PPF graph?
Mary invested $20,000 into a bond fund 10 years ago. This fund had a track record of providing a very good return. She checked with her investment broker and found out that she has an accumulation of $36,000 in the account. What is the annual interes..
How is elasticity related to revenue. How is diminishing marginal returns related to cost. How are revenues and costs related to profit.
In your discussion, differentiate between the taxes that are imposed by local governments and those that are imposed by the state and federal government.
A company makes calendars and sells them for $10 each. cost per unit is: direct materials $1.50, direct labor $1.20, variable overhead .90, variable marketing expense .40. Fixed marketing expenses total $13000 and fixed admin expenses total $35000. W..
Contractionary fiscal policy could consist of
Consider a market with two identical firms. The market demand is P = 26 – 2Q, where Q = qa + qb and the firms cost structure is such that MCa=MCb=ACa=ACb=2. a) Solve for the Cournot reaction functions of each firm. b) Solve for the Cournot-Nash equil..
The amount of toothpaste in a tube is normally distributed with a mean of 6.5 ounces and an s.d. of 0.8 ounces. The cost of producing each tube is 50 cents. If in a quality control examination a tube is found to weigh less than 6 ounces, it is to be ..
Can you tell the difference between a grain of rice from one farm from another grain from a different farm? Chances are you can't. And it's markets like this -with identical goods that leave producers to be price takers and also where entry into and ..
The demand for labor by a monopsonist is given by W^d=17-L. The inverse supply curve of labor is given by W^s=2+2L. Find the corresponding total cost and marginal cost functions of this monopsonist. Assume that labor is the only input. What will be e..
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