Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506893
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Question
Chapter 12, Problem 7CQ
To determine
The judgment of the shop manager.
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Type the correct answer in the box. Spell all words correctly.
Vivian conducted market research on her company’s products. She found that after the company raised the price of its product by $1.50, the demand in the uptown region remained the same with only minor fluctuations. However, she found that the demand in the downtown region dropped by 20 percent after the price change. How should Vivian take these demands into consideration?
In a situation where demand differs in different areas, Vivian should consider the
demand.
A friend of yours mentions to you that his PIBP
for a shirt is a range of $40-$50. What argument
can you give him to explain it is not wise to have
a range for his PIBP?
Joan is an employee of a manufacturing company. She was
called to the office of her boss one day.
The boss wanted to talk to her about the new technology that
was going to be introduced. While her boss was talking,
Joan's eyes were on the painting on the wall, she was not
sitting straight and she kept her hands in her pocket.
If you were the boss of Joan, would you consider her
actuation as rude? If yes, why? If no, why not?
Chapter 12 Solutions
Microeconomics: Private and Public Choice (MindTap Course List)
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