What specific marketing insights would you use to understand competitive differentiation for pizza chains, based on the Kotler and Keller text?
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What specific marketing insights would you use to understand competitive differentiation for pizza chains, based on the Kotler and Keller text?
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- What will be the economic profit or loss for this monopolistically competitive firm at the profit-maximizing level of output?What would be your response to the statement,“Profit maximization is the only legitimate pricingobjective for the firm”?How would you characterize the nature of competition among small food companies? Are there submarkets with distinct competitive pressures? Are there important substitutes that constrain pricing? Given these competitive issues, how can an organic frozen foods producer be profitable?
- Why does price elasticity of demand play such an important role in Ogligopolistic markets?Answer the question: Aside from advertising, how can monopolistically competitive firms increase demand for their products? What effect would doing this have on the elasticity of the firm’s perceived demand curve? Explain your answers.Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastique's demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC). Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss.
- Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastique's demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC). Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss. PRICE (Dollars per bike) 500 450 400 350 300 250 200 100 50 MC 0 0 ATC MR Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Bikes) Given the profit-maximizing choice of output and price, the shop is earning shops in the industry than in long-run equilibrium. Monopolistically Competitive Outcome Profit or Loss ? profit, which means there are Now consider the long run in which bike manufacturers are free to enter and exit the market. Using your results from above, show the…Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastique's demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC). Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss. Given the profit-maximizing choice of output and price, the shop is making(zero,positive,neative) profit, which means there are(an equal number of, fewer,more) shops in the industry relative to the long-run equilibrium. Now consider the long run in which bike manufacturers are free to enter and exit the market. Which of the following statements are true about both monopolistic competition and monopolies? Check all that apply. Firms are not price takers. Price…Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastique's demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC). Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss. 500 450 Monopolistically Competitive Outcome 400 350 ATC 300 Profit or Loss 250 200 150 100 MC 50 MR Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Bikes) Given the profit-maximizing choice of output and price, the shop is making profit, which means there are shops in the industry relative to the long-run equilibrium. Now consider the long run in which bike manufacturers are free to enter and exit the market. PRICE (Dollars per bike)
- Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastique's demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC). Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss. PRICE (Dollars per bike) 81°F Sunny 500 450 400 350 300 250 200 150 100 50 0 MC 50 100 150 MR ATC 200 250 300 350 400 Demand 450 500 Monopolistically Competitive Outcome Profit or Loss ?The following graph represents a monopolistically competitive firm in long-run equilibrium. Place the black point (cross sign) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Next, place the grey star on the graph to indicate the point where the LRAC reaches a minimum. PRICE PER UNIT (Dollars) 500 450 400 350 300 250 200 150 100 50 MC 0 0 50 LRAC MR Demand 100 150 200 250 300 350 400 450 500 QUANTITY (Units) Monopolistically Competitive Outcome Minimum of the LRAC The long-run equilibrium price is $ (Hint: Use the graph to find the numeric value of the price at equilibrium.) The long-run equilibrium quantity is units. The LRAC curve is at its minimum at a quantity of The long-run equilibrium price is units. the marginal cost of producing the equilibrium output. ?Citrus Scooters is a company that manufactures electric scooters in a monopolistically competitive market. The following graph shows the demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC) for Citrus. Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss. 1 are 500 ATC 300 250 X 200 MC MR PRICE (Dollars per scooter) PRICE (Dollars per scooter) 450 400 350 150 100 50 0 0 200 250 300 350 400 450 500 QUANTITY (Scooters) Given the profit-maximizing choice of output and price, Citrus Scooters is earning 2 3 Now consider the long run in which scooter manufacturers are free to enter and exit the market. 50 100 150 Demand QUANTITY (Scooters) sellers in the industry relative to the long-run equilibrium amount. Monopolistically…