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You work for a marketing agency advising a client considering whether to drop prices during an economic downturn. The client, a manufacturer of children's outdoor swing sets, believes that reducing prices would lead to more sales. The client is aware that lower prices would yield less revenue per sale. However, the client is unaware of any other possible negative consequences of dropping prices.
1. advise the client of some of those possible consequences. Include a description of the psychological issues at play in dropping a brand's price.
2. identify and evaluate price-adjustment strategies beyond a straightforward reduction in retail price that the client should consider.
The 1990s saw high growth with low inflation. Give a possible explanation that would result in higher equilibrium output with a lower equilibrium price level on an AS-AD graph.
Consider an environment where an agent could be either employed E or unemployed U. Let’s normalize E + U = 1, so that E and U are interpreted as the fraction of people employed and unemployed at any given point in time, respectively. What is the prob..
Suppose Sammie Wall currently has a monopoly on widgets. The inverse demand function for the only customer interested in widgets is [P=40-6Q] and the cost to produced widgets can be described by the following cost function: [C=10+2Q^2] . If Sammie de..
Where Qx represents thousands of donuts; Px is the price per donut; Py is the average price per donut of other brands of donuts; and Ax represents thousands of dollars spent on advertising Newton’s Donuts. The current values of the independent variab..
Companies are interested in acquiring other firms even when the latter operate in totally unrelated realms of business. For instancce, Highways Industries manufacturing asphalt materials for road construction, acquired VIP Transport Ltd
Elucidate how advertising can be employed to allow Tots-R-Us to keep cost above average cost with encouraging entry.
You run a company, GizmoNet, that produces gizmos. Gizmos hook onto Nintendo Game Boys (hand-held electronic game players), allowing users to access the Internet using wireless communication protocols. Is the training a good investment? Is it general..
Transitivity is a necessary but insufficient condition for preferences to be rational. A bundle with u=10 is preferred exactly twice as much as a bundle with u=5
An increase in the demand for autoworkers may come about because of all of the following EXCEPT a(n):
Suppose the consumer has convex preferences, and we know (2, 4) ∼ (6, 1). Is the statement (4, 2.5) Ç (6, 1) correct? What about the statement (4, 2.5) > (6, 1)? Suppose now the consumer has strictly convex preferences, and we know (2, 4) ∼ (6, 1). D..
What are voluntary export restraint agreements? Why do some governments force foreign exporters into them instead of just using quotas or tariffs to restrict imports by the same amounts?
Suppose the demand for eggs is: Q=8,000-3,000P and the supply of eggs is: Q= -500+2,000P, where quantity is measured in millions (of eggs). Find the market-clearing price and quantity for eggs. (Enter price responses rounded to two decimal places.) T..
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