A customer says to a salesperson 'How much for that television?". What is this an example of? An offer A request for information Acceptance of an offer An invitation to treat
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- Suppose that you are thinking about joining COSTCO. You must pay a membership fee, but once you joined you can buy products at a lower price. Assume you would buy only one good, say, paper towels at COSTCO. After careful consideration you think that you are indifferent between joining and not joining COSTCO. Illustrate your dilemma with a graph that includes two budget lines (with or without COSTCO) and an indifference curve. Make sure that you labelled the axes and all the shapes in your graph.A website offers a place for people to buy and sell emeralds, but information about emeralds can be quite imperfect. The website then enacts a rule that all sellers in the market must pay for two independent examinations of their emerald, which are available to the customer for inspection. How would you expect this improved information to affect demand for emeralds on this website? How would you expect this improved information to affect the quantity of high-quality emeralds sold on the website?Your store sells an item desired by a consumer. The consumer is using an optimal search strategy; the accompanying graph shows the consumer’s expected benefits and costs of searching for a lower price. a. What is the consumer’s reservation price? b. If your price is $3 and the consumer visits your store, will she purchase the item or continue to search? Explain. c. Suppose the consumer’s cost of each search rises to $16. What is the highest price you can charge and still sell the item to the consumer if she visits your store? d. Suppose the consumer’s cost of each search falls to $2. If the consumer finds a store charging $3, will she purchase at that price or continue to search?
- How will the aggressive e-commerce plan implemented by Walmart affect operations at it's retail locations?A salesperson introduces a mobile-data plan to Michael, which allows him to pay HK$200 per month and enjoy 20G of data usage. Michael said he is happy with the plan and is willing to subscribe to it. Note that Michael will use more than 20G of data when it is free-of-charge.Explain the above Michael's decision by using a graph/graphs based on the concept of marginal utility/happiness, consumer surplus and marginal cost.You read about a traveling situation in which some airline passengers seem toget a “fast pass” through security and move effortlessly through the boarding process, while other passengers are waiting in long lines. In this example, the travellers who are moving quickly through the boarding process are probably: a) VIP passengers waiting longer more in an inconvenient lines b) Passengers who value time and convenience and are willing to pay additional fees for the privileges and other services c) Loyal passengers whom they knew beforehand in which line to go to avoid delays and inconveniences d) Government officials who are seated in the executive area
- Please don't give chat gpt answeyA firm is considering building a two-way network that links 12 users. The cost of building the network is $10,000. a. How many potential connection services does this network provide? b. If each user is willing to pay $150 to connect to the network, will the firm profit by building the network? c. If each user is willing to pay an average of $12 for each potential connection service provided by the network, will the firm profit by building the network? d. What happens to the number of potential connection services if one additional user joins the network?For Unit 4 Learning Journal, you will use the marginal utility formula to choose between two products. Catherine is having dinner at the Yellow Restaurant. She wants desert after eating her entree. She is trying to decide between a cookie or a slice of pie. The cost of a cookie is $5 and the cost of a slice of pie is $8. Refer to the Unit 4 Learning Journal Marginal Utility spreadsheet Compute the marginal utility for cookie and slice of pie Compute the marginal utility per dollar What is the utility maximizing choice for a cookie and slice of pie? Explain what the utility maximizing choice means. Discuss how you could use marginal utility to make consumer choices
- Assume you have your car broken down just before the weekend. You value your weekend trip as muchas v and if you have to stay home you get the zero utility. There are two dealerships in your town. Atthe beginning of the day they simultaneously choose a price for repair. Dealers know that when you cometo one of them and observe the price, you can always call to another dealer to make an inquiry about hisprice. The call is costless. The other dealer, however, can be occupied for this day. Assume, this happenswith probability which is a common knowledge (but the dealers do not know whether the other dealer isoccupied or not). Assume zero repair cost for the dealer and find a symmetric equilibrium of the game.What are some examples of loss aversion in everyday life? (i.e how do we experience loss aversion when shopping for groceries?)What are the consequences if consumer acts in the market according to Myopia and ignore its neccessary products?Give a Practical Example.