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1,) Explain the price-demand relationship. What factors must sellers consider when setting prices in different type of markets?
2)list two new products pricing strategies . give an example for each one to show each strategy look like.
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- PART A: “There is constantly a shift in supply and demand curves and markets are never at equilibrium. As a result, there is no purpose of the concept of equilibrium.” Do you agree/disagree with this statement. PART B: Resorts give discounts to individuals who book in advance and stay over a weekend. Individuals who book at the last minute and do not stay over a weekend usually pay full price. Explain the difference between the two groups’ demand for resorts and the resorts’ pricing decisions? Ensure that you define any key terms used in your discussion.What is demand curve? What are three common approaches that marketers often use to determine the demand curve or consumer willingness to pay? What is the step-by-step new product development process?Choose a good or service you are familiar with. It should be something that is currently available for purchase. If your classmates would be unfamiliar with this good or service, provide a brief description. Initial Response: Complete all items below: 1) Choose the most likely demand shifter (the things that shift demand) for your product and explain why and how the demand curve is most likely to shift if there is a change in that demand shifter. If the demand curve shifts in the way you are suggesting, what will happen to equilibrium price and quantity? 2) Choose the most likely supply shifter (the things that shift supply) for your product and explain why and how the supply curve is most likely to shift if there is a change in that supply shifter. If the supply curve shifts in the way you are suggesting what will happen to equilibrium price and quantity? 3) If both the supply and demand curves shift in the way you suggested in #1 & #2 above, what will happen to equilibrium…
- Before economic reforms were implemented in the countries of Eastern Europe, regulation held the price of bread substantially below equilibrium. When reforms were implemented, prices were deregulated and they rose dramatically. As a result, the quantity demanded for bread dramatically fell and the quantity supplied for supplied rose sharply. Change in demand? Change in supply? Change in market equilibrium price? Change in market equilibrium quantity? Graph?Given the supply and demand schedules for calculators shown below, what is the market’s equilibrium price? Demand Schedule for Calculators Supply Schedule for Calculators Price ($) Quantity Price ($) Quantity 50 0 50 16 40 4 40 12 30 8 30 8 20 12 20 6 10 16 10 3 1 20 1 0Pricing Scenario: You just won a new laptop in a contest, and you decide to sell your old one. You do not have a lot of money and want to get the highest price possible for your old laptop. It is a Mac that you bought brand new last year. You are listing the laptop online, and you need to identify the price a. What price would you list your laptop for? b. Explain why the price you proposed would maximize your revenue using the principles of supply and demand. c. Do you believe the demand for your laptop will be elastic or inelastic?
- If you are selling Mercedes-Benz cars in your showroom, what product "substitutes" are available to your prospective customers?If there is an increase in supply for a product, how will market equilibrium be restored? As the product's price decreases, the quantity demanded increases until a new equilibrium is gained. As the product's price increases, the quantity demanded decreases until a new equilibrium is gained As the product's price increases, the quantity demanded increases until a new equilibrium is gained. As the product's price decreases, the quantity demanded decreases until a new equilibrium is gained.Will supply curves have the same shape in allmarkets? If not, how will they differ?
- 3-1 Competitive Markets True or False (Why): In a competitive market, buyers and sellers have significant market power. 3-2 Demand What is the difference between an individual demand curve and a market demand curve? If the price of zucchini increases, causing the demand for yellow squash to rise, what do we call the relationship between zucchini and yellow squash? If plane travel is a normal good and bus travel is an inferior good, what will happen to the demand curves for plane and bus travel if incomes increase? What would be the effects of each of the following on the demand for hamburger in Hilo, Hawaii? In each case, identify the responsible determinant of demand. a) The price of chicken falls. b) The price of hamburger buns doubles. c) Scientists find that eating hamburger prolongs life. d) The population of Hilo doubles. 3-3 Supply What is the reason that a supply curve is positively sloped? If the price of corn rose, a) What would be the effect on the supply of corn? b)…Organic eating is the new trend! What is the impact that supply and demand have on pricing?Imagine a new company enters a market selling tutoring. The firm does some experimentation in the market, and it reports the following data points. At $75 per student, 2,250 students sign up for tutoring. At $30 per student, 9,000 students sign up. At $150 per student, no students sign up. 1.Write the equation representing this demand curve. 2. Relax the assumption that demand is linear; instead, assume only that the law of demand holds. Given this assumption and the data you observe, what can we say about the number of students who sign up at prices greater than $75? The school’s accountants determine that when the price per student is $15 it can supply 1,500 spots for tutoring, and that when the price is $45, it can supply 7,500. 3.Relax the assumption that supply is linear; instead, assume only that the law of supply holds. Given this assumption and the data you observe, what can we say about the number of student slots the school supplies at prices greater than $400? 4.Find the…