User Account

All Pages

Identify the factors that influence consumer demand

Assignment Help Microeconomics
Reference no: EM132197730

Question: 1. Explain how the combination of consumer desire for utility maximization with the scarcity of available resources leads to competition in the marketplace and greater satisfaction for all members of society.

2. Identify the factors that influence consumer demand. Which ones cause a change in consumer demand? Which ones cause only movement along the demand schedule? Which is more important to a producer, a shift in demand or movement along a demand schedule? Explain?

3. Explain why an agribusiness manager of a fertilizer plant needs to pay attention to changes in consumer demand for turkey dinners with mashed potatoes.

4. How does an agribusiness manager gain higher profits if she knows whether the demand for her products is elastic or inelastic?

5. What does it mean to the manager of an agribusiness to learn that the income elasticity of his products is positive but less than one? How does this information influence the formulation of the firms marketing plan and marketing mix?

6. Since few substitute goods exist for food, why donâ€TMt farmers raise their prices to increase their incomes?

7. Explain the concept of elasticity of demand. Explain how an agribusiness manager could use this information to maximize her firmâ€TMs long-run profits.

8. Rank the seven factors that affect consumer demand. Explain your rankings.

9. Would the demand for farm land in this area be relatively inelastic or relatively elastic? State why.

10. Would the supply of farm land in this area be relatively inelastic or relatively elastic? State why.

11. Peaches and cream are complements. When the price of peaches falls, and the price of raw milk (used to make cream) rises, what happens in the demand market for cream?

12. Acme Inc. produces widgets that are used in the production of gadgets. The primary input into the production of widgets is labor. As more labor is added to the production line, the amount of widgets that can be produced per unit of labor declines. Eventually total output of widgets declines, as labor crowds out the production process. This is an example of_____________________ returns to scale.

13. Consider the production process for the Williamette Bicycle Company (WBC). The WBC is operating at a point on their production function that exhibits increasing returns. As a consultant to the firm, what would you recommend they do from this point?

Reference no: EM132197730

Questions Cloud

Official unemployment rate to the second decimal place : Based on this information, calculate the official unemployment rate to the second decimal place (hundredths place). Please show how you got your answer
What happens to wages and production in home : Suppose Home opens up to trade and Home's relative supply of cloth is smaller than for the world as a whole. Show graphically what happens to wages.
Description of project stakeholder management : A brief description of, Project Stakeholder Management” and the process groups in this knowledge areas.(Project management).
Consumer goods and 800 units of capital goods : We are currently at the following point on our PPC: 1,000 units of Consumer Goods and 800 units of Capital Goods.
Identify the factors that influence consumer demand : Identify the factors that influence consumer demand. Which ones cause a change in consumer demand? Which ones cause only movement along the demand schedule?
Participating in industry research panel on leadership : Your boss has asked you to represent the organization by participating in an industry research panel on leadership.
Powerpoint presentation that showcases leadership skills : Your task is to develop a PowerPoint presentation that showcases leadership skills and offers professional practice examples.
Is mary correct or not in her assertion : Is Mary correct or not in her assertion? Please explain your reasoning.
Considered unacceptable in standard insurance market : Which one of the following presents the three types of risks that are often considered unacceptable in the standard insurance market?

Reviews

Write a Review

Microeconomics Questions & Answers

  In the long run the most helpful action that a

in the long run the most helpful action that a monopolistically competitive firm can take to maintain its economic

  Question 1briefly explain whether each of the following

question 1briefly explain whether each of the following statements describes a change in supply or a change in the

  Describe the source of the scale economy

Describe the source of the scale economy. How could the organization exploit the scale economy or diseconomy?

  In a meeting about whether to store inventory in

in a meeting about whether to store inventory in a company-owned warehouse or rent a warehouse a colleague says we

  Country x assigns 40 of its labor to vegetables while

country x can produce either 30 tons of vegetables or 30 tons of chicken. country y can produce either 20 tons of

  Building upon the annotated bibliography and literature

building upon the annotated bibliography and literature review this section of the term paper will link the proposed

  Estimate the population of the county

Population growth If the population of a certain county was 100,000 in 1998 and 110,517 in 2008, and if the formula y = P0e.

  Explain how monetary and fiscal policy could have been

bulldiscuss how monetary and fiscal policy could have been better leveraged to avoid the recession in the early

  How do we determine what makes a speech good or bad

Most audience members form an opinion of a speaker during the first minute of his/her speech. But how do we determine what makes a speech good... or bad?

  Evaluate how well the authors used anova in this study

Be sure to include how the study authors examined the assumptions for the analysis. Evaluate how well the authors used ANOVA in this study. If your evaluation ?nds the analysis de?cient, make suggestions for how it could be improved.

  Could this study have used the concept of blinding

They later measured the weights of the tomatoes produced by each plant and found that the fertilized plants grew larger tomatoes than did the nonfertilized plants. They concluded that the fertilizer works. Was this an experiment or an observationa..

  What does the taylor rule imply that policymakers

What does the Taylor rule imply that policymakers should do to the fed funds rate under the following scenarios?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd