You stop by a crafts fair and you notice consumershaggling with vendors over prices. What does thistell you about the competitiveness of this market?Suppose you plan to go to a farmers’ market next.Do you expect to find more or less haggling at thismarket than you did at the crafts fair? Why?
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You stop by a crafts fair and you notice consumers
haggling with vendors over
tell you about the competitiveness of this market?
Suppose you plan to go to a farmers’ market next.
Do you expect to find more or less haggling at this
market than you did at the crafts fair? Why?
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- Food prices in sports stadiums are notoriously high because there is a limit on the numberof vendors that can operate in the stadium, which is a barrier to entry. In 2017, the AtlantaFalcons, an American football team, lowered the barriers to entry by allowing more foodvendors into their stadium. If the market for food in the stadium follows our perfect marketassumptions, what might you expect happened after this change? Do not worry about theunderlying facts of each statement, only whether it makes economic sense given our model.(Select one or more.)(a) The price of food in the stadium decreased because of an increase in supply.(b) The price of food in the stadium decreased because of an increase in demand.(c) The quantity of food sold decreased because of a movement of the supply curve.(d) The quantity of food sold increased because of a movement along the demand curve.(e) Profit per vendor decreased because of lower food prices.(f) Profit per vendor increased because of greater…Which is more important demand or supply in the economic marketing? Or is demand more important than supply? Or is supply more important than demand? CommentExplain, how you would set the price in Japan for a product that sells in the US for $10/unit. How, if at all, does that calcuation change if it retails for $100? $10,000? How do you guard against arbitrage, that is, someone buying it cheaply in one country and reselling it in a more expensive market.
- You own Naughty Pine lumber and sell fence panels in a competitive market. Right now, your selling price is $130 for a fence panel, and you sell 8 panels a day. You are considering changing your price. You estimate that if you raise your price to $152 a panel, you would sell 7 panels a day. On the other hand, if you lower your price to $108 a panel, you would sell 12 panels a day. (a) Draw a graph of the above information. Label your axes, and the curve. Be sure your work is clear. (b) Use the MIDPOINT FORMULA to calculate Ed over the ranges below. Use TWO decimals in your answers. (i)Calculate the price elasticity of demand for a price change from $130 to $152 and daily Total Revenue if you change your price to $152 a panel (ii)Calculate the price elasticity of demand for a price change from $130 to $108 and daily Total Revenue if you change your price to $108 a panel Should you keep your current price, or raise the price, or lower the price?As more and more people bought home computers during the 1990s, the demand for access to the World Wide Web and the Internet increased sharply. At same time, new companies like Earl's began to enter the internet-access market competing with older, more established services such as American Online. Despite a massive increase in demand, the price of access to the Web actually declined. Change in demand? Change in supply? Change in market equilibrium price? Change in market equilibrium quantity?Graph?Identify two products that have either (a) fallen sharply in price or (b) gotten significantly better without price increases. How did these changes come about? Describe how society benefits from this type of market competition.
- Current tuition at Benedict College is around $24, 000 a year. Show what would likely happen to demand for educational services at the school if tuition went up to $40, 000 a year. The Ford F-150 (best selling vehicle in the U.S. for the last three decades) is currently priced at about $40, 000 to $45, 000. Show what would likely happen to the amount of vehicles offered for sale if the vehicle price went up to $52, 000. You have four kids at home and they are somewhat clumsy and spill a lot of milk and other drinks. While at DG you compare some paper towels options. The first option is a roll of towels that contains 43 sq. ft. of paper at a price of $1.75. The second option contains 67.3 sq. ft. of paper at $2.00. Which is the better choice? One of the problems with K-12 education in the U. S. is that there are not enough men (especially men of color) within the classrooms. The rational is that the salaries are too low. Show what…Now assume that both firms are in the market and they choose quantities to supply. Assume also that, in equilibrium, firm 1 supplies 1/4 of the market, while firm 2 supplies the remaining 3/4. Then, in equilibrium, Question 2 options: Firm 1 charges a larger (percentage) mark-up over its costs than firm 2. Firm 1's mark-up is smaller than the mark-up it would charge if it was a monopoly. Firm 1 charges a smaller (percentage) mark-up over its costs than firm 2. However, Firm 1's mark-up is larger than the mark-up it would charge if it was a monopoly. Firm 1 charges a larger (percentage) mark-up over its costs than firm 2. Firm 1's mark-up is larger than the mark-up it would charge if it was a monopoly. Firm 1 and Firm 2 charge the same mark-up (in percent). This mark-up is smaller than the mark-up they would charge as monopolists. Firm 1 and Firm 2 charge the same mark-up (in percent).…In 1896, Colgate dental cream was introduced in tubes similar to those we use now. Today, the Colgate-Palmolive Company’s brand of toothpaste is the best-selling toothpaste in the world (ahead of the Crest brand marketed by Procter & Gamble, which was introduced in 1955). While Colgate and Crest enjoy the lion’s share of the toothpaste market, if you view the oral care shelf at your local drugstore or supermarket, you will find over a hundred different varieties of toothpaste. Colgate alone sells over 40 different varieties that are marketed under names ranging from Shrek Bubble Fruit to Colgate Total Advanced Whitening. The high level of product differentiation in the toothpaste market stems from firms introducing new varieties in an attempt to boost their economic profits. In environments where makers of other brands (such as Crest) can easily enter profitable segments of the market, a profitable strategy is to attempt to quickly cover that segment (introducing Shrek Bubble Fruit…
- In 1896, Colgate dental cream was introduced in tubes similar to those we use now. Today, the Colgate-Palmolive Company’s brand of toothpaste is the best-selling toothpaste in the world (ahead of the Crest brand marketed by Procter & Gamble, which was introduced in 1955). While Colgate and Crest enjoy the lion’s share of the toothpaste market, if you view the oral care shelf at your local drugstore or supermarket, you will find over a hundred different varieties of toothpaste. Colgate alone sells over 40 different varieties that are marketed under names ranging from Shrek Bubble Fruit to Colgate Total Advanced Whitening. The high level of product differentiation in the toothpaste market stems from firms introducing new varieties in an attempt to boost their economic profits. In environments where makers of other brands (such as Crest) can easily enter profitable segments of the market, a profitable strategy is to attempt to quickly cover that segment (introducing Shrek Bubble…Q32 Let's assume we are referring to the Canadian market for Random Access Memory (RAM) storage. If the price of RAM increases: Multiple Choice total revenue for RAM producers will decrease if demand for RAM is price inelastic. the consumer surplus for Canadian consumer will decrease. consumers will buy more because RAM is an inferior good. the consumer surplus of Canadian will increase. total revenue for RAM producers will increase if demand for RAM is price elastic.Many economists argue that rivalry in goods is not a real difference, but just a pricing problem. What do they mean? • If there are too few individuals in a non-rival good, then it can become rivalrous. The way to solve this is raise price and reduce the number of users.• If there are too many individuals in a non-rival good, then it can become rivalrous. The way to solve this is raise price and reduce the number of users.If there are too few individuals in a non-rival good, then it can become rivalrous. The way to solve this is raise price and raise the number of users.• If there are too many individuals in a non-rival good, then it can become rivalrous. The way to solve this is lower price and increase the number of users.