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When the output is a service rather than a good, it sometimes is difficult to quantify this service. Furthermore, the quality of a service is often as important (if not more important) than the quantity. And in many cases, labor time spent with a customer is directly related to this quality of service. If this is the case, then the quantity and quality of a person’s efforts may be in conflict with each other.
Imagine that you work for the maker of a leading brand of low calorie, frozen microwavable food that estimates the following demand equation for its product using date from 26 supermarkets around the country for the month of April.
Calloway Shirt Manufacturers sells knit shirts in two sub-markets. In one sub-market, the shirts carry Calloway's popular label and breast logo and receive asubstantial price premium. Are Calloway's current prices optimal? Management considers the $..
Give examples of goods or services you buy in which your preferences are well described by “love of variety” and some examples where your preferences are well described by “ideal varieties” Contrast the assumptions about firms within an industry: the..
Jerry receives utility from days spent traveling on vacation domestically (D) and days spent traveling in a foreign country (F) as given by the utility U(D,F)=DF. Find the marginal utility of domestic travel and foreign travel. Using the marginal uti..
This is a team discussion on “Decision Making, Factors and Role of Metrics.” I posted three articles titled "Decision Making Consumers", “Pricing” and “Managing Customer Value Metrics” for this team discussion under Week 3 module. These three article..
Do you consider yourself an early adopter when it comes to trying out new products or new fashions, or do you tend to take a wait-and-see attitude? How does your attitude toward new products and new ideas influence your decision making as a consumer?
Which policy in the box below would be one that a Keynesian economist might suggest to the government in order to help the economy reach full employment? Show the effects in the graph below if the economy successfully reaches full employment.
Mr. Sansome withdrew &1000 from a savings account and invested it in common stock. At the end of 5 years, he sold the stock for $1207. In the savings account, he would have received an interest rate of 3%, compounded quarterly. He would like to compu..
Using the sameproduct example above, analyzing how the risk tolerance factors play in supplying the good or service and how this should influence management's decisions.
User charges link funds produced to particular public services- individuals pay only for the services they actually use. Why doesn't all government funding come from such free will transactions and market exchange?
Substantive responses use theory, research, and experience or examples to support ideas and further the class knowledge on the discussion topic.
Most large firms have personnel departments responsible for setting specific rates of pay for each job. In performing this function, how much discretion does the personnel department have in terms of the rates it sets? To what extent do outside marke..
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