Which of the following best describes the principal or direct competitors to Lands' Er the catalog and online clothing retailer? Select one: O a. All other lifestyle brands O b. Other Internet retailers that sell primarily clothing O c. Other retailers that began selling with catalogs O d. All Internet retailers O e. Other clothing retailers, both online and store-only
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- Mr. Salman Saleem is doing a business of Dairy Products in Karachi. His main products are Milk, Yogurt and Eggs. Last month he has sold around 8000 KG of Milk, 5000 KG of Yogurt and 3000 Dozens of Eggs. The average current market price of the Milk is Rs.120/KG; the Yogurt is 200/KG; and the Eggs is Rs.160/Dozen. In order to increase revenue, Mr. Salman is planning to change the pricing strategy for some or all of the products but he is confused and looking for an expert advice. Market research has suggested that the price elasticity of demand for each product is: Milk: (-) 1.0; Yogurt: (-) 1.5; Eggs: (-) 0.5 Being an expert of the subject, you are required to calculate, evaluate and suggest the planned price change on following situations. a. Would a 5% price increase have been better for some or all of the products? Would a 5% price reduction have been better for some or all of the products? Should the company retain their current market price?…Alamo Car Rentals In the early 1990s, Alamo was the most profitable (as a percentage of sales) and fastest growing rental car company in America, despite being only the fifth largest. Its low-cost operating model enabled it to dominate leisure rental markets such as Florida and Hawaii. But Alamo’s management was impatient for growth and had the cash to pursue it. Within the United States, the largest and most lucrative rental car segment was business travel that originated at airports. Alamo figured that even if it could win only a small share of that market by undercutting the rates offered by Hertz and Avis, it could generate a lot of profit given its low overhead costs per car. That was not to be, for reasons that in retrospect were entirely predictable. Alamo succeeded in pursuing individual, budget-conscious business travelers, but not the large corporate accounts that comprised the most volume. Alamo had neither the facilities nor the experience to woo and satisfy business…Give typing answer with explanation and conclusion A. Given the characteristics of perfect competition and monopolistic competition market structures, identify and explain a real-world example for each market structure. B. Discuss the implications of each structure on price determination, output, and long-run profits.
- Candak Corporation produces professional quality digital cameras. The market for professional digital cameras is monopolistically competitive. Assume that the inverse demand curve faced by Candak (given its competitors’ prices) can be expressed as P = 5,000 - .2Q and Candak’s total costs can be expressed as TC = 20,000,000 + .05Q2. Answer the following questions. A. What price and quantity will Candak choose? B. Is this likely to be a long-run equilibrium for Candak Corporation? Why or why not? If not, what is likely to happen in the market for professional digital cameras, and how will it affect Candak?Demand Schedule Assume MC = 0 Price Quantity $24 0 $22 1 $20 2 $18 3 $16 4 $14 5 $12 6 $10 7 $8 8 $6 9 $4 10 $2 11 $0 12 1. If the market is perfectly competitive, what will the market equilibrium price and quantity be in the long-term? Explain how you arrived at that answer. 2. If the market is a duopoly and the firms collude to maximize joint profits, what will market price and quantity be? Explain how you arrived at that answer. 3. If the market is a duopoly and the firms collude to maximize joint profits, what is each firm's total revenue if the firm split the market equally? Explain how you calculated that answer.PART C: MARKET ANALYSIS Pacesetter is a manufacturer of three-ring binders operating in a perfectly competitive industry. The Table below shows the firm's cost and revenue schedule Quantity (cases) Variable Cost Total Cost Marginal Cost Average Variable Cost Average Total Cost Total Revenue Profit (or Loss) 0 $0 $76 1 30 106 $40 2 50 3 134 4 140 5 160 6 114 7 150 8 190 9 316 PART C: MARKET ANALYSIS (i) Complete the Table above by filling in the blank cells. (ii) Based on the above Table, Pacesetter’s profit maximizing or loss minimizing level of output is __________; and the (profit is _________) or (loss is __________) (iii) Should the firm continue to…
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- Table 17-9Only two firms, Acme and Pinnacle, sell a particular product. The table below shows the demand curve for their product. Each firm has the same constant marginal cost of $10 and zero fixed cost. Price Quantity Total Revenues 70 0 0 65 100 6500 60 200 12000 55 300 16500 50 400 20000 45 500 22500 40 600 24000 35 700 24500 30 800 24000 25 900 22500 20 1000 20000 15 1100 16500 10 1200 12000 5 1300 6500 0 1400 0 Refer to Table 17-9. How much less do each of these firms earn in the Nash equilibrium than if they jointly maximize profits? Group of answer choices $250 $500 $750 $10001) Briefly explain how the total revenue for a profit-seeking film is determined 2)Briefly explain what is meant by the term "fixed costs" and provide three examples of same. What determines a firm's level of fixed costs? 3)Contrast the rold of fixed costs and variable costs in economic decisions about future prodiction 4)Briefly compare and contrast the perceived demand curve for a monopolitically competitive firm and a perfectly competitive firm. 5)Briefly explain what quantity a profit maximizing monopolistic competitor will seek. Why not this type of competitive frim is productively efficient?Macmillan Learning In monopolistic competition, advertising has been introduced as a new method to compete that differs from other markets. The following questions are centered around the topic of advertising. What two changes occur when a firm successfully advertises a product within the market? Supply for the product increases and demand becomes more elastic Demand for the product increases and demand become more inelastic O Demand for the product increases and demand becomes more elastic O Demand for the product decreases and demand becomes more inelastic What is the firm's main goal of advertising? Increase the elasticity of its demand curve Move the market closer to its natural, perfectly competitive state Increase product differentiation O Increase the supply of product in the market Which of the following would be arguments against advertising? ✔Provides a barrier to entry in the market ✔Lowers prices of some products May enhance enjoyment of the product Can lead to increased…