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- What is meant by the term economic efficiency. Explain in detail.How does the goal of the firm influence the sales maximization and profit maximization decision.“An upward – sloping demand curve doesn’t make sense in my business. All I know is that if I raise my prices, revenue doesn’t go up, it goes down. I don’t sell more products, I sell less. “Can you straighten out this business man’s thinking?
- Define supply, demand, prices and marketing. and explain the relationship between these concepts.What kind of business is a travel agency? What problems are solved with the help of a travel agency and how? How does a travel agency fit in the competitive market?Why would good quality second hand cars withdraw from the market? Use economic theory to discuss this
- People usually interchange "brand" and "product" in their daily conversation. As a marketing professional, discuss the difference between a brand and a product. Use appropriate examples from both service and non-service sector.What are the short-run and long-run costs of the production of Walmart?Franchising is widely used in the casual dining and fast-food industry, yet Starbucks is quite successful with a large number of company-owned stores. In 2019 Starbucks had more than 8,500 company-owned stores in the United States. How do you explain this difference? Is Starbucks bucking the trend of other food- service stores, or is something else going on?
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