1. For a firm, the more generic/commodity like is its product, a.The greater will be its profits b.The lower will be its profits c.The higher will be its costs d. We cannot tell 2. Consumers choose which products and services to buy so that they may a.buy the cheapest products independently of their needs b.save money C.maximize their satisfaction d. all of the above

1. For a firm, the more generic/commodity like is its product, a.The greater will be its profits b.The lower will be its profits c.The higher will be its costs d. We cannot tell 2. Consumers choose which products and services to buy so that they may a.buy the cheapest products independently of their needs b.save money C.maximize their satisfaction d. all of the above

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter3: Your Role As A Consumer

Section: Chapter Questions

Problem 5AA

See similar textbooks

Similar questions

Description Which of the habits refer to the mission statement? (a) Think win-win (b) Begin with the end in mind (c) Put first things first (d) Be proactive Define the terms internal customer and external customer. Is the main concern of most consumers the price of the product or service? Explain. List and explain the six most important factors that influence consumer purchases.
the term "prdouct" refers to physical (i.e. tangible) goods rather than services. True or False? Why?
What percentage of consumers believe consumer-generated content (CGC) is the most authentic form of all content?A. 20%B. 40%C. 60%D. 80%E. 90%
V2 What are the factors that will affect the total revenue?justify your answer
Solve for Question (C) How to Maximize Revenue
. According to a consumer sentiment report, buyers are likely to buy cheaper brands or lower variants in discretionary categories and buy expensive brands for staples and household care. This report is based on responses from about 1,300 respondents in metros, tier 1 & tier 2 cities. As a data analyst if you have to organize this data to be used by your company for business analysis in a relational database tables with rows and columns.How will you do it with taking into account what different tables you will form ,different attributes or field require,key field in different tables etc.
key economics of a retail market (mall) in new york ? explain in 2 paragraph
The owner of a small pizzeria is deciding whether to increase the radius of delivery by one mile. What considerations must be taken into account if such a decision is to increase profitability?
The Mustangs Ultimate Frisbee team is selling tickets to an end-of-year BBQ. They sell 500 tickets for $2.00 each. They are planning to increase the price. A survey indicates that for every $0.20 price increase, there will be a drop of 20 tickets sold by the team. a) What is their maximum revenue that they can make? b) What should their selling price be in order to maximize their revenue? c) How many tickets will be sold at this point
*2. The demand for meat pies is given by Qd = 60,000 – 10,000P. The current price for meat pies is $3.50. a) If the price increases, will more or less money be spent on meat pies? b) At what point will revenue on pies be maximized? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.