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- explain variable costs, fixed costs, average variablecosts, average fixed costs, and average total costsYou are in the process of planning a hypothetical airline flight from New York to St. Louis. Visit the websites of three differentairlines and compare prices for this trip. Try travel dates that include a Saturday night layover and those that do not. Try dates lessthan seven days away, and compare, those prices with flights that are more than twenty-one days out. How do you explain thesimilarities and differences you see in these prices?Based on the scenario, how can you define the importance of the price of a product in attractingcustomers?
- You and your two roommates are starting a pet grooming service tohelp put yourselves through college. There are two other wellestablished pet services in your area. Should you set your price higheror lower than that of the competition? Justify your answer.Suppose you have been hired as a marketer by an onlineretailer, such as Wayfair or Amazon, to help develop a newmarketing mix. State one thing you would do to improve theretailer’s position through each of the four strategic elements:product, distribution, promotion, and pricing.Describe "part-worth utility" and explain how it assists in Conjoint Analysis to create a variety of products. Why is profit maximization not the main goal for marketing professionals like you? What else in the business or product would you want to uphold to ensure its long- term welfare? Explain why.
- 1a. Please explain the following terms with examples. Pareto optimality Third-degree price discrimination Principal-agent problemDefine direct costs and indirect costs. Why do managers consider direct costs to be more accurate than indirect costs?1. How do you price physiological, is it low, moderate or high? please explain briefly your answer. 2. How do you price sociological, is it low, moderate or high? please explain briefly your answer. 3. How do you price psychological, is it low, moderate or high? please explain briefly your answer. 4. How do you price life-cyclical, is it low, moderate or high? please explain briefly your answer.