What is a substitute and how does a substitute differ from a direct competitor? Why do new small business owners evaluate substitutes and the potential impact they have in the market?

How does advertising intend to shift demand? How does it intend to change the elasticity of demand?

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What is the effect on Walkers Shoes’ total revenue of doubling the quantity of shoes which it supplies? What is the value of its marginal revenue? How does your answer relate to the value of the price elasticity of demand?

How does the goal of the firm influence the sales maximization and profit maximization decision.

15 ОТ 16 The graph depicts the demand curve before advertising, D0, and the four possible demand curves that results from advertising. Price Which of the four demand curves depicts the two ways that advertising impacts demand? D2 O D1 D2 D3 D4 D4 D1 D3 DO Quantity

​Use the following table for questions  Carving knives Home users Professional Chefs No-name brand $40 $70 High-end professional series $60 $130 ​How much would the firm make in revenue if it prices both its products successfully? Question 35 options: ​$110 ​$120 ​$130 ​$140

Sally runs a vegetable stand. The following table shows two points on the demand curve for the heirloom tomatoes she sells: Price $3.50 $2.25 Quantity demanded per week 150,000 250,000 Sally's marginal revenue from lowering the price of tomatoes from $3.50 to $2.25 is $ 0.375. (Enter your response rounded to two decimal places.) Lowering the price from $3.50 to $2.25 results in an output effect of $ and a price effect of $. (Enter your responses as whole numbers and include a minus sign if necessary.)

Which of the following gives the customers better products that are not offered by other competitors? Select one: a. Competitive advantage b. Branding c. Advertisements d. Marketing Strategy