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- The best definition of a market isa. a store that offers a variety of goods and services.b. a place where buyers meet and an auctioneercalls out prices.c. a group of buyers and sellers of a good or service.d. a venue where the sole supplier of a good offersits product1.Explain, four major socio-economic trends that are impacting the food service-industry today?2. There are probably 20 or more brands of laundry detergent in the grocery store where your family shops, Make a list of different ways in which producers try to differentiate one detergent brand from Why can some brands have prices that are much higher than the price of others and still sell well?
- 4. A significant advantage of using a standardized strategy for all of a firm's markets is A customized promotional messages for each market. B the ability to satisfy varied market segments. C the consideration that is given local tastes and preferences D economies of scale that grow out of large production runs. E variety in products and promotions.How does the company set its goods or services apartfrom those of its competitors? Does the company compete on price, quality, service, innovation, or some otherattribute?1. Rio live in a town with 300 adults and 200 children, and he is thinking about putting on a play to entertain your neighbors and make some money. A play has a fixed cost of $2,000 except all cost like maintenance costs until two years, but selling an extra ticket has zero marginal cost. Here are the demand schedules for his two types of customer: Price Adults Children $10 9. 100 8 200 7 300 300 300 100 4 300 200 300 200 300 200 1 300 200 300 200 c. Suppose next year government imposes tax equals $4 for selling an every extra ticket, what price would he charge for an adult ticket? For a child's ticket? How much the profit? Assume the law prohibiting him from charging different prices to different customers doesn't exist. (Hint: fixed cost doesn't include)
- 2. Problems and Applications Q2 A small town is served by many competing supermarkets, which all have the same constant marginal cost. Use the black point (plus symbol) to show the competitive price and quantity in this market. Then use the green area (triangle symbol) to shade the area representing consumer surplus in the market for groceries, and use the purple area (diamond symbol) to shade the area representing producer surplus. Competitive Market Demand Competitive Outcome Consumer Surplus Marginal Cost Producer Surplus Quantity of Groceries Price, Cost, Revenue1. Rio live in a town with 300 adults and 200 children, and he is thinking about putting on a play to entertain your neighbors and make some money. A play has a fixed cost of $2,000 except all cost like maintenance costs until two years, but selling an extra ticket has zero marginal cost. Here are the demand schedules for his two types of customer: Price Adults Children $10 9 100 8 200 7 300 6 300 300 100 4 300 200 300 200 300 200 1 300 200 300 200 a. To maximize profit, what price would he charge for an adult ticket? For a child's ticket? How much the profit? (Hint: total cost for this year include fixed cost) b. Suppose in this year, the city council passes a law prohibiting him from charging different prices to different customers. What price does he set for a ticket now? How much profit now? (Hint: when quantity of produced yield maximum revenue or the sum of these both revenues sastify)3) List and describe the market structures.
- What are the typical orientation of the markets and audiences for new online media producers?2. Kate decided to establish a small coffee company named Kapeko. However, Mary's Coffee shop has already dominated the market. Now, the profit of Mary's Coffee shop and Kapeko is dependent on the decision of Kate to enter the market and how Mary's Coffee shop will set the price for her coffee. Below is diagram describing their possible actions.Which of the following is NOT one of the three primary determinants of market structure? A. Barriers to entry or exit B. Product differentiation C. Degree of government involvement D. Number and relative size of buyers and sellers