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Marketing Strategy Planning
Set up by a former University of North Carolina (UNC) student, Morris Gelblum, the firm Sweeps uses UNC, Duke, North Carolina State, and other college students to perform a variety of short-term
The 2017 report of the United Nations Food and Agriculture Organization (FAO) notes that the share of world population that is undernourished rose between 2014 and 2016, following a long period of
In Q&A 13.4, suppose that A = 12 but that profits under the current wage and high output are 14 for Firm 1 and 11 for Firm 2. Which wage would Firm 1 choose?Q&A 13.4In a duopoly market, to
It costs $18 to produce a low-quality stapler and $24 to produce a high-quality stapler. Consumers cannot distinguish good staplers from poor staplers when they make their purchases. Consumers value
The Mini-Case “Adverse Selection and Remanufactured Goods” reports that, for electronic goods sold on eBay, higher seller feedback scores reduce the price differential between new goods and
The only variable input a janitorial service firm uses to clean offices is workers who are paid a wage, w, of $16 an hour. Each worker can clean four offices in an hour. Use math to determine the
Trader Joe’s sells very cheap and popular wine produced by Bronco Wine (Hayley Peterson, “The Real Reasons Trader Joe’s Wine Is So Cheap,” Business Insider, May 6, 2017). When asked why the
Using the information from the previous question, if Alexx and Spenser leave their investments in place for 30 years, with annual compounding of the interest, how much more will Alexx have than
Based on the information in Question 7.2, determine the profit-maximizing uniform price. Does Paradise Cruises earn a higher profit under peak-load pricing or uniform pricing? Compare consumer
Uber makes the following statement on its website: “In . . . cases of very high demand, fares may increase to help ensure those who need a ride can get one. This system is called surge pricing, and
A firm initially has a linear production function q = 10L + 12K. The firm undertakes an organizational innovation that doubles the marginal product of labor but does not affect the marginal product
Ming lives in Seattle and recently bought a $375 ticket to attend a Seattle Seahawks game. He is a huge fan, so even though the ticket is pricey it is well below his willingness to pay of $600.
You won a ticket to a hockey playoff game by having your name drawn from a hat at a charity event. You were excited about going, but on the day of the game, a major snowstorm has hit and conditions
A firm has a Cobb-Douglas production function, q = 2L0.5K0.5. If it faces factor prices of w = 20 and r = 40 and its capital is fixed at K = 100, what are its short-run average fixed cost, average
Many pharmaceutical companies provide lowincome older people with a card guaranteeing them discounts on prescription medicines. As of 2017, such companies included GlaxsoSmithKline, Merck, Pfizer,
Hertz and other car rental companies charge much more to rent luxury cars such as Ferraris and Bentleys than to rent compact cars such as the Toyota Yaris or Chevrolet Sonic. Is this price
Why are electronic textbooks likely to facilitate price discrimination by making it easier for textbook publishers to charge different prices in various countries?
Would it pay a seller to use group price discrimination and nonlinear price discrimination at the same time? Can you think of some examples?
Initially, Microsoft sold its programs Word and Excel separately. Now, it only sells them as a bundle. Assuming that Microsoft was always trying to maximize profit, what does this change in pricing
As in Q&A 10.4, a ski resort faces daily demand given by p = a - Q, where a varies from day to day. Over a three-day period, a takes on the values 80, 100, and 120. The marginal cost is zero. The
Duopoly quantity-setting firms face the inverse market demand function p = 150 - q1 - q2. Each firm has a marginal cost of $60 per unit. What is the Nash-Cournot equilibrium?
In 2018, Chinese authorities announced continued efforts to reduce capacity in the cement industry, often forcing producers to close plants.17 As cement is costly to transport and has significant
In 2018, Delta Air Lines said that it was increasing its fares by 4% because its fuel bill jumped by 33% from the previous year. Other airlines also announced fare increases. Assuming that these
If the firms in a Cournot duopoly merge forming a monopoly, the effect on price, profit, and other variables depends on the trade-off between efficiency and market power. The firms produce identical
One of the hottest trends in 2018 was rental scooters. San Francisco capped the number of scooter companies at six. Thus, a market that was going to be monopolistically competitive became, at least
Given the demand and cost conditions of Question 5.1, suppose that the legal intervention imposed by the government leaves the marginal cost unchanged but imposes a fixed cost. What is the minimal
For the two examples of two-sided markets shown in Tables 12.4 and 12.5, would you expect a change in strategies if the two firms were to merge or collude?Tables 12.4Tables 12.5 eHarmony Balanced
As described in the Managerial Implication “Solving Coordination Problems,” standard setting organizations (SSOs) facilitate agreement over technical standards between the member companies.
The Mini-Case “Nash Bargaining over Coffee” applies the generalized Nash product, NP = (R - dR)a (M - dM)1 - a, to bargaining between retailers and manufacturers over the price of coffee. Assume
Suppose that Alpha Inc., Richardson Industries, and K-Tek are the only three firms interested in a plot of land on the outskirts of town. The lot is being auctioned by a second-price sealed-bid
Ricardo owns a small gift shop on the pier in a popular summer vacation town. The owner of the pier approaches Ricardo with an offer that would grant him exclusive rights to operate a gift shop on
Suppose that the constituent game shown in Figure 13.3 is played exactly twice instead of many times. Would that change the behavior of the incumbent?Figure 13.3 Potential Rival's Incumbent's Profits
Would a labor union gain any advantage related to raising rivals’ costs in bargaining over wages in an industry with two or three firms rather than bargaining with a monopoly producer?
Based on the Mini-Case “Venezuelan Nationalization,” if Venezuela ultimately pays nothing to Exxon in direct compensation, would that mean that Venezuela’s partial expropriation of Exxon assets
In an ultimatum game, the Proposer moves first, making an offer to the Responder. Once the offer is made, the Responder decides to accept or reject the offer. The total amount available is $100 if
The EZ Construction Company is offered a $40,000 contract to build a new deck for a house. The company’s profit if it does not have to sink piers (vertical supports) down to bedrock will be $9,000.
Based on the information in the Mini-Case “Gambling,” provide at least three reasons why many risk averse people gamble in casinos.GamblingMost people say that they don’t like bearing risk.
Using the information in the preceding question, show that both Joachim and Cindy are risk averse. Explain why they favor different projects even though they are both risk averse.Preceding
Joachim’s utility function is U(W) = ln (W), where ln (W) is the natural logarithm of W. Cindy’s utility function is U(W) = W0.5 (the square root function). Which of the projects described in
A risk-neutral plaintiff in a lawsuit must decide whether to settle a claim or go to trial. The defendants offer $140,000 to settle now. If the plaintiff does not settle, the plaintiff believes that
R&D investments are a major source of business uncertainty. Do all risk-averse managers fail to invest in R&D? Why or why not?
Conner runs a rafting company on a local river. He runs two kinds of trips – a wild whitewater experience and a more mellow wildlife tour. If he spends the day only doing whitewater trips, he can
The Mini-Case “Trends in Social Responsibility” lists several themes related to social responsibility in business that have generated recent attention. Is it possible that efforts made by
A local pizzeria buys a used car to make pizza deliveries. It pays $2,000 down and $2,000 a year for two more years. What is the present value of these payments at a 5% interest rate?
You work for a large mineral exploration company and propose buying new state-of-the-art equipment. The equipment is expensive and so is training employees to use it, but it will increase the yield
Q&A 9.4 shows that a concert’s profit-maximizing price may exceed the price that allows the concert to sell out. Redraw the figure if the concert requires a large fixed cost (lighting, the
Nicholas owned no green sweaters, so his Aunt Fern gave him one for his 21st birthday. However, the market price of the sweater was higher than his willingness to pay for it. Draw a diagram showing
Access to Twitter is free, but Brynjolfsson et al. (2018) found that many Twitter users would be willing to pay for access. Draw a demand curve for Twitter. Show the consumer surplus at the current
Would an increase in interest rates make the Shipping With Amazon (SWA) option more attractive or less attractive to Amazon? Show formally using an equation involving interest rates to explain your
As described in the Mini-Case “The Gig Economy,” has the gig economy increased or decreased the extent of vertical integration? Explain briefly. What is the role of technological progress and
Based on the Mini-Case “NetFlix,” did NetFlix undertake backward or forward integration? What were the primary benefits from the integration strategy that it chose?NetFlixNetflix, a movie and
According to stakeholder theory, what are the social responsibilities of managers?
The development of mini-mills was a disruptive innovation in the steel industry. Before mini-mills, steel production had substantial economies of scale and steel companies had to be very large to
According to Bustle.com, San Francisco has the most coffee shops of any American city (as of April 2016) with 2,613, with new shops opening regularly as the population grows. Suppose the city decides
Economists often use the model of perfect competition to analyze the effect of economic shocks in particular industries. Which of the following industries is best approximated by perfect competition:
A firm claims on its website that it has been in the same location for over 50 years and has lower overhead than other firms because it bought the land 50 years ago when it was inexpensive. It also
What is the effect on the short-run equilibrium of a specific subsidy of s per unit that is given to all n firms in a market?
Using the information in panel a of Figure 8.8, determine what happens to David’s quantity demanded and consumer surplus if price falls to p = $1.Figure 8.8 (a) David's Consumer Surplus (b)
Using a graph similar to Figure 8.11, show that increasing output beyond the competitive level decreases total surplus because the cost of producing this extra output exceeds the value consumers
Is a monopoly’s profit affected by whether it chooses price or quantity (assuming it chooses them optimally)? Why can’t a monopoly choose both price and quantity?
AT&T Inc., the large U.S. phone company and the one-time monopoly, left the payphone business at the beginning of 2009 because people were switching to wireless phones. U.S. consumers owning
Using the coffee demand function, Q = 8.56 - p - 0.3ps + 0.1Y, show that sugar is a complement for coffee. You can use a numerical example, algebra, or calculus.
The demand function is Q = 5,000 - 10p, and the supply function is Q = 200 + 6p. Determine the equilibrium price and quantity.
Using the demand function Q = 8.56 - p - 0.3ps + 0.1Y and supply function Q = 9.6 + 0.5p - 0.2pc, determine the amount of any excess demand or excess supply at a price of $4 and explain the mechanism
The estimated monthly U.S. demand function for avocados is Q = 144 - 40p + 20pt where p is the price of avocados and pt is the price of tomatoes, a substitute for avocados. The estimated supply
Ethanol, a fuel, is made from corn. Ethanol production in 2014 was approximately 17 times what it was in 1990 (www.ethanolrfa.org, June 2015). What effect did this increased use of corn for producing
For years, Chinese parents bought imported baby formula because of their concerns about the safety of domestic formula. However, in 2013, a major foreign producer announced that its concentrate might
Bentonite clay, which consists of ancient volcanic ash, has many uses, including manufacturing kitty litter and clarifying wine. A major use is for drilling mud, a material pumped down oil and gas
New York City has licensed street vendors for more than a century. It currently provides only a small number of general vending licenses. The waiting list is very long and, aside from military
In 2012, voters in the state of Washington approved a ballot measure legalizing the recreational use of marijuana. The measure required that consumers pay a 37% tax on sales of recreational
Since 2014, Quebec, Canada, has offered a per-child subsidy (which is a negative tax) on day care for young children that lowers the price to $7 per child. a. What is the effect of this subsidy
Which section of a straight-line demand curve is elastic? Which section is inelastic?
Purdue University provides monthly data on Florida electricity consumption online (https://engineering. purdue.edu/LASCI/research-data/energy). We can use these data to estimate monthly residential
In Figure 3.5 two estimated demand curves are shown. These demand curves result from regression equations in which Mai estimates quantity demanded as a function of price and no other variables.
Using the data in Table 3.1, estimate the cod demand function if we use only the first seven observations.Data from Table 3.1Price, dollars per pound .......................... Quantity, thousand
A medical clinic that surveys patients with a history of heavy drinking is likely to find that patients who have started to experience serious liver problems are more likely to cut back their
Recessions (when consumers’ incomes fall) strongly affect FedEx’s revenue, but have less of an effect on Heinz’s revenue. Both firms’ revenues vary seasonally. What regression specifications
Here are annual revenue data in billions of dollars for the 10-year period 2008–2017 for two wellknown retailers:Amazon: 19.1; 24.5; 32.4; 48.1; 61.1; 74.5; 89.0; 107.9; 136.0; 177.9.Walmart:
Which of the following pairs of goods are complements and which are substitutes? Are the goods that are substitutes likely to be perfect substitutes for some or all consumers?a. An e-book version and
Sanghoon has a utility function over audiobooks, A, and movie downloads, M, given by U = 2AM. Linh has a utility function given by U = AM. Explain why Sanghoon and Linh have the same ordering over
At large employers, 48% of employees earning between $10,000 and $24,999 a year participated in a voluntary retirement savings program, compared to 91% who earned more than $100,000 (www.
Ajay and Florencia each have a budget of $80 per month to spend on downloaded music tracks and live concerts. At the initial prices, Ajay consumes both goods but Florencia buys only downloaded music
Northwestern University neuroscientist Moran Cerf has a simple approach to ordering food at restaurants. Whenever he goes out, he looks at the restaurant’s list of specials and always picks the
Assume that we recruited a different sample of five dogs and attempted to replicate the Quaranta and colleagues (2007) study described in Exercise 13.25. The source table for our fictional
How many and what types of variables are analyzed with a Pearson correlation coefficient? What is the research question that a Pearson correlation coefficient addresses?
How many and what types of variables are analyzed with a regression analysis? What is the research question that a regression analysis addresses?
How many and what types of variables are analyzed with a z test? What do we need to know about the levels of the independent variable? What do we need to know about the population?
How many and what types of variables are analyzed with a single-sample t test? What do we need to know about the levels of the independent variable? What do we need to know about the population?
How many and what types of variables are analyzed with a paired-samples t test? What research design would be used?
How many and what types of variables are analyzed with an independent samples t test? What research design would be used?
How many and what types of variables are analyzed with a one-way within groups ANOVA? What research design would be used?
How many and what types of variables are analyzed with a one-way between groups ANOVA? What research design would be used?
What are the possibilities for the types of variables and research designs that would be analyzed with a factorial ANOVA?
How many and what types of variables are analyzed with a two-way betweengroups ANOVA? What research design would be used?
How many and what types of variables are analyzed with a chi-square test for goodness of fit?
How many and what types of variables are analyzed with a chi-square test for independence?
Based on the decision tree presented in Figure 18-1, what are the possible appropriate statistical tests for when there is at least one ordinal variable? (You only have to list the tests for this
What is the Publication Manual of the American Psychological Association, and why is it useful to researchers writing up the results of a study?
What is JARS, and why is it useful to researchers writing up the results of a study?
In which section of a paper should researchers report information about how they determined their sample size or their planned statistical analyses?
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