Ping golf clubs, Mont Blanc pens, and Rolls Royce automobiles are the only acceptable products for some people. These products are good examples of which one of the four "Types of Consumer Products" that we discussed in class. convenience products shopping products O specialty products O unsought products
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- Cisco Corp. is exporting to the U.S. market. As Cisco does not have competition with any of the U.S. local firms, its only competitor is one Japanese firm. The Japanese firm instead obtains supplies from a Canadian firm. Based on this information, Cisco Corp. has ____ exposure and the Japanese firm has ____ exposure. A. transaction; translation B. economic; transaction C. economic; translation D. translation; transactionMultiple choice 14. Mark is a Canadian lumberjack whose income increases from $1,200 per week to $1,500 per week. If his demand for restaurant meals rises from 2 to 4 per week then...Select one: a.Ey = 3 b.Ey = 0.5 c.Ey = 2.5 d.Ey = -1 15. Which of the following would help support the argument for legalizing drugs?Select one: a.None of the other choices b.The demand curve for illegal drugs in relatively elastic c.The demand curve for illegal drugs is relatively inelastic d.The demand curve for illegal drugs is perfectly elastic 16. The Philippines Government is thinking of increasing taxes on gasoline and cigarettes in order to raise tax revenue. This would...Select one: a.None of the above are correct b.Be a good idea if gasoline and cigarettes are inelastic goods c.Be a poor idea because people would stop consuming these goods d.Be a good idea if gasoline and cigarettes are elastic goods 17. If Exy > 0 then goods x and y areSelect one: a.Substitutes b.Normal goods c.Inferior goods…Apublic good costs PLN 300. Three people vote on whether or not to deliver this good. The gross utilities from consumption of the public good for these individuals are as follows:Ua=-50,Ub=50,Uc=250.A.Who will pay the Vickrey-Groves-Clarke tax if a majority vote is applied? B.Who will pay the Vickrey-Groves-Clarke tax if the decision to deliver the public good is based on net utility sum?
- If one assumes that automobile transportation costs from South Korea to France surpass the price differential in autos that existed before trade between South Korea and France, then, in similar cases trade is:a. Unattainableb. Probablec. Very profitabled. Marginally profitableChoose the right answers. (A) The infant mortality rate Measures the proportion of children who died between O and 1 year, inclusive. (B) The infant mortality rate Measures the proportion of children who have died and are less than one year old. O C) The infant mortality rate is the percentage of children who have died and are under one year of age (D) The infant mortality rate measures the proportion of children under the age of 5. 2) true or false The gross mortality rate in a country is always consistent with life expectancy in that country.Mom’s Pretzels is a fairly small firm selling gourmet pretzels in a popular mall. As shop owner and operator, you have observed that your daily sales tend to follow a pattern that can be stated as: Q = 600 - 160PP + 1A - 25Ps + 6I where Q = unit sales of pretzels, PP = price of pretzels in dollars, A = advertising expenses, Ps = price of soda pop sold at your stand in dollars, and I = per capita income of customers in thousands of dollars. You are currently charging $1 per pretzel, spending $200 in advertising, charging $1 for a soda pop, and per capita income is $25,000. a. Compute price elasticity, advertising elasticity, income elasticity and cross-price elasticity. b. You are currently paying $.90 to produce a pretzel (including cost for dough cost to bake, and wrapping). Is this the profit-maximizing price? Explain/show your math.
- Which statements are true or false? S1: Multiple equilibria is a condition in which more than one equilibriumexists. S2: These equilibria sometimes may be ranked, in the sense that oneis preferred over another, but the unaided market will not move theeconomy to the preferred outcome.onomics 3. Why is it significant for salespeople to know that value is a subjective concept? (Minimum 45 words) Answer: 4. Explain how partnering is enhanced with high ethical standards. (Minimum 45 words) Answer: 5. Discuss the role of transactional selling in our economy. (Minimum 95 words) Answer: 6. Discuss some of the major marketplace trends, whichhave compelled firms to make large investments in personal selling. (Minimum 65 words) bIn this time of pandemic, the demand of some products increased rapidly. Give examples ofthese products where the demand increased. Did the supply correspond with the increasingdemand of these products? What solutions were made to satisfy the increasing demand of theseproducts?