Why is the demand curve facing a firm in an imperfectly competitive industry downward sloping? What are TWO marketing strategies available for a firm in this industry? Explain. Use graphs to explain your answer.
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Why is the demand curve facing a firm in an imperfectly competitive industry downward sloping? What are TWO marketing strategies available for a firm in this industry? Explain. Use graphs to explain your answer.
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- 10. Figure 5 shows the graph of the short-run cost curves for Tim-T-Shirts, a firm operating in a perfectly competitive market. P* denotes the current price for Tim T-Shirts. Based on the information in the graph, which of the following should we expect in the long run? a) New firms will enter the market. b) The number of firms in the market will remain unchanged. c) Gray Sweaters will increase the current price of sweaters. d) There is not enough information to answer the question. Figure 5 Price and Costs P* MC ATC AVC Quantity1. Your company operates in a perfectly competitive market. You have been told that advertising can help you increase your sales in the short run. Would you create an aggressive advertising campaign for your product?Please answer only # 3 & 4 Rebecca owns Louisiana Sugar Company, a manufacturer of sugar. Since there are lots of domestic manufacturers and importers of sugar and it is difficult to practice brand differentiation, the sugar industry is highly competitive. Suppose the demand for sugar increases. (1) What will be the effect on the market price and quantity of sugar in the short run and in the long run? Explain why. (2) What will happen to the economic profits of Louisiana Sugar Company in the short run and in the long run? Explain why. Now suppose that the demand for sugar increases again, In order to protect the US sugar industry, the US government forbids the import of sugar into the United States (3) What will be the effect on the market price and quantity of sugar in the short run and in the long run? Explain why (4) What will happen to the economic profits of Louisiana Sugar Company in the short run and in the long run? Explain why.
- Rebecca owns Louisiana Sugar Company, a manufacturer of sugar. Since there are lots of domestic manufacturers and importers of sugar and it is difficult to practice brand differentiation, the sugar industry is highly competitive. Suppose the demand for sugar increases. (1) What will be the effect on the market price and quantity of sugar in the short run and in the long run? Explain why. (2) What will happen to the economic profits of Louisiana Sugar Company in the short run and in the long run? Explain why.3 The graph below shows the costs and revenue curves for Dollar-Daze, a typical profit-maximizing firm in a perfectly competitive market producing Good X. Answer the following questions based on the graph below d. As the market for Good X moves into the long-run equilibrium, explain what will happen to the price of Good X and why.e. Assume the cross-price elasticity of demand between Good X and Good B is positive, what will happen to the quantity demanded of Good B given the change in the long-run price of Good X in part (d)?2. Profit maximization of a seller in a competitive price-searchermarket Consider Unico Doughnut, a doughnut shop in a competitive price-searcher market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Assume that the shop is operating in the short run. Place the black point (plus symbol) on the graph to indicate the profit-maximizing price and quantity. If the shop is making a profit, use the green rectangle (triangle symbols) to shade in the area representing its profit. If the shop is suffering a loss, use the purple rectangle (diamond symbols) to shade in the area representing its loss. PRICE (Dollars per doughnut) 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0 MC 0 05 ATC Demand 10 15 20 2.5 3.0 3.5 40 QUANTITY (Thousands of doughnuts) MR At the profit-maximizing output and price, the shop's profit is equal to 3 Given the profit-maximizing choice of output and price, there are Proft Maximizing Outcome…
- For “Developing a Sampling Plan for a New Menu Initiative Survey,” page 163 Owners of the Santa Fe Grill realize that in order to remain competitive in the restaurant industry, new menu items need to be introduced periodically to provide variety for current customers and to attract new customers. Recognizing this, the owners of the Santa Fe Grill believe three issues need to be addressed using marketing research. The first is should the menu be changed to include items beyond the traditional southwestern cuisine? For example, should they add items that would be considered standard American. Italian. or European cuisine? Second, regardless of the cuisine to be explored, how many new items (e.g., appetizers, entrées, or desserts) should be included on the survey? And third, what type of sampling plan should be developed for selecting respondents, and who should those respondents be? Should they be current customers, new customers, and/or old customers? Determine the appropriate sample…2. The demand curve facing a competitive firm The following graph illustrates the market for small moving trucks in Oviedo, FL, during UCF's fall move-in week. 100 90 80 PRICE (Dollars per small truck); 5 8 8 70 50 40 30 20 10 0 Demand 0 1 5,50 8 2 3 4 5 6 QUANTITY (Hundreds of small trucks) Supply 9 10 ? Suppose that Zoomba is one of over a dozen competitive firms in the Oviedo area that offers moving truck rentals.6. Deriving the short-run supply curve Consider the competitive market for sports jackets. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. 100 90 80 70 60 ATC 50 40 0 30 20 10 0 COSTS (Dollars) 0 5 ▬ ☐ AVC MC 40 10 15 20 25 30 35 QUANTITY (Thousands of jackets) 45 50
- What are Coca-Cola's competitive advantages?2. The demand curve facing a competitive firm The following graph illustrates the market for small moving trucks in Waco, TX, during Baylor's fall move-in week. PRICE (Dollars per small truck) 100 90 80 70 60 50 8 40 30 20 10 0 0 0 Demand 1 1 2 3 2 3 5 6 7 QUANTITY (Hundreds of small trucks) Suppose that You Yeet is one of over a dozen competitive firms in the Waco area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price YouYeet must take as given is $ Fill in the price and the total, marginal, and average revenue YouYeet earns when it rents 0, 1, 2, or 3 trucks during move-in week. Quantity Price Total Revenue Marginal Revenue Average Revenue (Dollars) (Dollars) (Dollars per truck) (Trucks) (Dollars per truck) Supply curve Supply 9 Average revenue curve Marginal cost curve 10 0 Marginal revenue curve The demand curve faced by YouYeet is identical to which of its other curves? Check all that apply.st.ca/ 2. If you are operating a business in a perfectly competitive market. You can sell as much as at the market price. Why can you not simply increase your profits by selling a highest quantity? Answer: 3. Your company operates in a perfectly competitive market. Your Manager told you that advertising can help you increase your sales in the short run. What kind of advertising campaign you will start for your product and how much gain is expected from an effective advertisement? Answer: 4. Suppose you are running a business and thinking to enter the monopoly market. As per your calculation, you can make a profit by keeping your product price 20% less than the monopolist. Explain, how the monopolist might react to stop you to enter the business? Answer: 5. The real GDP per capita of many countries such as China and Korea are greater than that of the US. Does this indicate that these countries will eventually overtake the US in terms of the growth rate of real GDP per capita? Explain.…