un x SCC PortalGuard -SCC Portal Lo X Assignments: Microec onomics Chapter 12 HW ect.mheducation.com/flow/connect.html Saved In the News: What's Behind Starbucks' Price Hike? The Coffee Company Will Raise Drink Prices in October, Even as Other Chains Crowd the Market with Similar (and Cheaper) Products Starting on Cctober 3, the prices on lattes, cappuccinos, drip coffee, and other drinks will go up 5 cents at company-operated stores in North America. Starbucks is also jacking up the price of its coffee beans by roughly 50 cents per pound, or an average of 3.9 percent. The timing is certainly odd. For a while now, Starbucks has been struggling with labor disputes. Rivals McDonald's, Dunkin' Donuts, and Canadian restaurant chain Tim Horton's are steaming into its turf.... A Confident Company If Starbucks were really worried about any of these issues, the last thing its senior execs would consider is a price hike. In fact, Starbucks' dominant market position gives it unique pricing flexibility. Every week, the company succeeds in persuading nearly 40 million people to buy pricey espresso drinks, "The company is selling a product that has become part of our daily lives, said Kristine Koerber, an analyst at JMP Securities. "Raising prices by a nickel is not going to meet any resistance." -Stanley Holmes 2015. All ngts reserved Source BusinessWeek, www.businessweek.com, September 22, 2006 Used wth permission of BloombergLP.Copyright < Prev 8 of 10 Next > Salem Commun x O SCC PortalGuard - SCC Portal Lo x Assignments: Microeconomics x Chapter 12 HW newconnect.mheducation.com/flow/connect.html pter 12 HW i Saved Help Sa If Starbucks were really worried about any of these issues, the last thing its senior execs would consider is a price hike. In fact, Starbucks' dominant market position gives it unique pricing flexibility. Every week, the company succeeds in persuading nearly 40 million people to buy pricey espresso drinks. "The company is selling a product that has become part of our daily lives, said Kristine Koerber, an analyst at JMP Securities. "Raising prices by a nickel is not going to meet any resistance." ats -Stanley Holmes eBook Print Source: BusinessWeek, www.businessweek.com, September 22, 2006. Used with pemission of Bloomberg LP Copyright 2015. All rights reserved. eferences (a) By how much could unit sales of coffee beans at Starbucks decline after the 2006 price increase without reducing total revenue? Instructions: Enter your responses as a positive percent rounded to one decimal place. (b) If the price elasticity of demand for Starbucks is 0.20, by how much would coffee bean unit sales have fallen? Instructions: Enter your responses as a positive percent rounded to two decimal places. < Prev 8 of 10 Next > raw cation 00

please fast 29. Suppose Wave detergent is sold in a monopolistically competitive market. If the price of Wave detergent is currently​ $6, and the average cost of producing Wave is​ $4, in the long run we can​ expect:         Question content area bottom Part 1   A. firms to enter the detergent market and sell products similar to​ Wave, shifting the demand curve for Wave to the left.   B. the producers of Wave to go out of business.   C. the producers of Wave to earn economic profits greater than zero.   D. firms to enter the detergent market and sell product similar to​ Wave, shifting the demand curve for Wave to the right. ChatGPT A. firms to enter the detergent market and sell products similar to​ Wave, shifting the demand curve for Wave to the left.

Ilia is driving home from work. She needs to buy gas and notices an Exxon-Mobil station on one side of the street and a Shell station on the other side of the street. Although run by different companies, the two stations sell gasoline at the same price. a. The most likely reason that the price is the same is that _gas stations always make a profit, so they can charge any price they want. _drivers need gas and are willing to pay whatever price a gas station charges. _government regulation requires both gas stations to charge the same price. _consumers view gasoline from different gas stations as perfect substitutes. b. If one station increases its price, _it will be fined by the government. _it will sell more gasoline. _it will make a higher profit. _it will lose customers to the cheaper station across the street.

ls uccess Tips ■ccess Tips NOUT Actumpto Koup the Highest/3 3. Is monopolistic competition efficient? Suppose that a firm produces baseball bats in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. PRICE (Dollars par bat) 80 70 60 20 MO о о 10 20 40 ATC 60 QUANTITY (Thousands of bas) Demand Man Camp Outcome Min Unit Cost Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that optimal quantity. Furthermore, the quantity the firm produces in long-run equilibrium is average total cost. at the the quantity at which…

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PRICE (Dollars per engine) 100 90 80 70 60 40 30 & 2 20 10 MO D 0 10 ATC MR Demand 20 30 40 50 60 70 DO 90 QUANTITY (Thousands of engines) 100 Mon Comp Outcome Min Unit Cost Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that optimal quantity. Furthermore, a monopolistically competitive firm's average total cost in long-run equilibrium is average total cost. at the the minimum