Essay about assignment 1

639 WordsApr 22, 20143 Pages
Assignment 1 (20 points) Assignment 1: Economics Instructions Save this file in your course folder, and name it with Assignment, the section number, and your first initial and last name. For example, Jessie Robinson's assignment for Section 1 would be named Assignment1JRobinson. Type the answers to the assignment questions below. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your progress. Review Lesson 4 of the Course Overview for instructions about turning in your assignments. Assignment Questions In Section 1, you learned about economic principles. Now, you'll apply what you learned. 1. Choose a…show more content…
But for another example a pizza shop in competition wit a fried chicken shop would be indirect because the products are not the same but they are still competing for sales. 3. Describe at least 3 nonprice competition strategies a company could use to convince customers that its product is better than other similar products. Why would those strategies matter to customers? (1-6 sentences. 3.0 points) It is better quality so it will last longer, it has a better warranty in case anything goes wrong, it functions or looks better than the opposition, the design is future projected. They would matter to the customers because customers care about the quality of whatever product it is they are possibly thinking about investing in. customers also don't want things that are going to out of date in a year. And of course the customer is going to purchase the product depending on how much better they think it is in general including the appearance of the product. 4. Describe a real or made up but possible example of a product that went through a time of scarcity. What was likely to happen to the price of the product when it was scarce, and why? (1-3 sentences. 3.0 points) alcohol during the prohibition. The price skyrocketed. As the penalties for breaking the law increased, so did the demand and price. 5.

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