Please explain the following terms with examples. Pareto optimality Third-degree price discrimination Principal-agent problem
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1a. Please explain the following terms with examples.
- Pareto optimality
- Third-degree
price discrimination
- Principal-agent problem
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Solved in 3 steps
- The Gray Ferrari I t all got started when Robert L. Johnson had dinner at Mr. K’s Chinese restaurant with Michael Jordan of the Washington Wizards and David Falk, the leading sports agent. When the discussion turned to cars, Johnson mentioned his interest in getting a Ferrari. Both Falk and Jordan recommended their respective dealers but Johnson found the going tough. Only a select number of Ferraris are made annually, and the automaker limits how many are sold through U.S. dealers to about 1,000 units. In practice, anyone placing an order would have to wait over two years for delivery for a car that would cost $200,000 to $300,000 depending on the model. A New Jersey dealer had a Ferrari available, but, at $300,000, Johnson felt the price was too high. Michael Jordan’s dealer had a 360 Modena available for $160,000. Although he bought it, it was not exactly what he had wanted because the Modena is not a convertible. Franco Nuschese, the owner of Georgetown’s…Suppose Unilever (an ice-cream manufacturer) acquires TCBY (a frozen yogurt producer). What would you expect to see following this acquisition? A) Lower prices for both the ice cream and the frozen yogurt B) Higher prices for both the ice cream and the frozen yogurt C) Higher prices for ice cream, but lower prices for frozen yogurt D) Higher prices for frozen yogurt but lower prices for ice creamYou own Athleticon, which manufactures athletic wear. Your new contract with Atlanta United, a professional soccer team, allows Athleticon to be the sole suppler of athletic wear with the “Atlanta United” logo. No one lese can manufacture athletic wear with the “Atlanta United” logo. What do you think will be Athleticon’s level of profitability on the sale of “Atlanta United” athletic wear? Explain why. Your contract with Atlanta United only lasts 3 years. It was not renewed. Other firms can now manufacture athletic wear with the “Atlanta United” logo 2. What would you expect to happen to the price of “Atlanta United” athletic wear? Explain why.
- 1. Select the rule which determines the quantity of a rice which a consumer will demand.a) Continue to buy so long as there is no consumer surplus.b) Stop buying rice at the level of demand where the consumer surplus rises above the market price.c) Stop buying rice at the level of demand where the marginal utility falls to the price of rice.d) Continue to buy so long as demand for rice is price elastic. 2. In which of these situations might moral hazard arise?a) Insurance companies fail to calculate the risks of accident correctly.b) A company receives an exemption from pollution control legislation.c) A sports team accepts bribes which affect their performance in a game.d) A group of households makes a collective purchase of flood insurance1. Susanna wants to replace her old LCD TV with the latest model of smart TV. In order to get the maximum value for her money, she plans to spend substantial time and effort in gathering information and making product comparisons before making the actual purchase. In this instance, Susanna is planning to buy a(n) ________ product. A) convenience B) unsought C) special D) shopping E) exclusiveManagers of Best Buy had just implemented an e-commerce platform to expand their business in terms of customer base.Best Buy is a clothing retail store that offers value for money on clothing items for the family. Based on this, complete thetasks that follow.Question 1 Elaborate on the e-commerce model adopted by Best Buy and further explain ANY FOUR (4) benefits of thee-commerce model to the retail company.Question 2 Discuss ANY FIVE (5) popular payment methods for Best Buy to include in the e-commerce platform.
- 2. In this question, we will explore factors that influence growth for a company both growth in sales volume and growth in price. Describe one firm specific strategic factor, one industry specific factor, and one economywide factor that could impact one’s forecast of sales volume. Describe one firm specific strategic factor, one industry specific factor, and one economywide factor that could impact growth in prices as well.7. Markets can be controlled. A.True B. False1. In markets that are small a(n) _______________ may nominate a general sales agent to act on their behalf for a commission Question options: Airline Importer Customer Freight Forwarder
- Define breakeven analysisJenny’s Stores is a retail chain with 150 outlets throughout North and South America. Faced with falling profit margins, the company is contemplating launching its own private brand that would reduce costs, improve margins, and allow it to pass on some of these benefits to its consumers. *** Question | Which of the following, if true, would most strengthen the argument for launching private brands? A) Most customers visiting Jenny’s Stores are loyal to existing national brands. B) The economy has started to improve, and consumer spending is increasing. C) Customers at Jenny’s Store are likely to become more price-conscious over the next few years. D) The company enjoys good relations with the suppliers and manufacturers of the brands that it sells in its stores. E) The stores enjoy high visibility and attract foot traffic well.Case: AGUSTINE SCHOOL PROM Many children of high-income families in Cabanatuan City and Nueva Ecija are sent by their parents to study in exclusive schools in Manila. Unmindful of the costs, the parents maintain the view that real education has a high price tag. The public elementary schools as well as the public high schools are perceived, rightly or wrongly, as not being able to deliver the quality of educational services needed. Even if this is so, enrolment in public schools has swelled to more than 60 students per class. The rule in public schools, except college, is to accommodate everybody. Currently, the opening of Montessori and private elementary schools in the area has provided some relief to parents who want quality education for their children. The older private schools are now competing with the new Montessori and private elementary schools which charge higher tuition fees. Miss Jana Agustin is a teacher at the same time marketing officer to promote the school. She…