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The patterns in demand can seem mysterious at first, but if you familiarize yourself with the ideas contained in customer demand theory, you can make reliable predictions about customer behavior. Many thinkers over many years developed this theory, and it helps anticipate reactions to changes in the way people market products and services."
Source: Johnston, K. (2023). https://smallbusiness.chron.com/customer-demand-theory-37253.html
Based on the scenario above discuss the demand determinants. Provide clear commodity examples in your discussion.
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- Explain two benefits that might. arise from the existence of brand nameEconomics As you read in the articles for Chapter 11, several brands are replacing their brand mascots. In 2021, the well-known Aunt Jemima brand transitioned into Pearl Milling Company. Why do you think it took so long for Pepsico to change the brand's name and image? How are consumers responding? Do you think the new name was well- chosen? Why or why not (be sure to useMicroeconomics 2463 Assignment Part 1 - Chapter 15 The market for toothpaste is a monopolistically competitive market. The graph below depicts the demand and marginal revenue curves for this market and the marginal cost and average total cost curves of a monopolistically competitive supplier. Price $10.50 $9.00 $7.50 $6.00 $4.50 $3.00 $1.50 b. Price at the Q in a. c. TR (PxQ) 20 d. TC (ATC x Q) e. Profit (TR-TC) 40 Name MR 60 1 Using the above chart, identify the profit-maximizing quantity of toothpaste that the monopolistically competitive firm should produce, and the per-tube price that it should charge. a. Quantity (chart is in thousands) .MC. ATC: Demand 120 140 80 100 Quantity (thousands of tubes) f. What will happen in this industry in the long-run based on profits in part e? g. What will happen to the demand curve for this particular firm in the long-run based on part f?
- Amazon May be Sprinting into Athletic Apparel People increasingly wear their workout clothes outside the gym and athletic clothing sales in the United States increased by 15 percent in 2015 and 12 percent in 2016. Amazon wants to get this $44 billion market, which is currently dominated by Nike and Under Armour. How will Amazon’s entry into the athletic clothing market influence Nike and Under Armour? Choose the best answer. Amazon’s entry into the athletic clothing market will 1.(increase, decrease, have no effect) the demand for Nike’s and Under Armour’s clothing. Nike’s and Under Armour’s price will 2. (increase, decrease, have no effect) and the quantity they each produce will 3.(increase, decrease, have no effect). They were making an economic profit before Amazon entered (which is why Amazon entered the market) but Amazon’s entry 4.(raised, decreased, had no effect on) their economic profit.10:43 A docs.google.com Your answer Syukri, Iqmal and Amir run the only shop in Wang Ulu. They sell electrical goods such as televisions, washing machines, etc. However, their objectives are different from each other. Syukri wants to make as much profit as he can, Iqmal wants to sell as many goods as he can without losing money, and Amir wants to earn as much revenue as he can. The graph below illustrates their respective profits. (Note: The length of each square on the Y-axis represents RM100, and the length of each square on the X-axis represents 100 units.) What is the quantity for Syukri? Revenue, Cost MC AC Quantity 100 200 300212592/variants/1301916/take/7/ Question 15 Listen Which of the following describes a unique value proposition of an ice cream business? A Scoopy's will offer the only fluffy waffle cone in Dallas. B C D Scoopy's will be located in the downtown area of Dallas. Scoopy's will offer five different flavors of ice cream. Scoopy's will offer a 50 percent discount when buying two cones. 13 of 18 Total Questions Answered * £ ✰ ✰ All Changes Saved V ( □ *** ANN Continue 10/
- 13. What is the maximum profit for the price(s)you listed for Question 12? (Question 12: How much should Frostee's Doggie Donuts charge to maximize its profit?) Answer to Questions 14 and 15 based on the Cost of Goods Sold increases from $3 to $4 due to higher ingredient costs. 14. How much should Frostee's Doggie Donuts charge to maximize its profit based on the above change? 15. What is the maximum profit for the price(s)you listed for Question 14?The following are excerpts from the article: Stirring the Pot . $80 Coffee Beans – Yikes! Bangor Times. May 22nd, 2016. “ The Third Wave in coffee refers to the growth of small, independent coffee roasters who developed as an alternative to Starbucks when that company grew and disaffected coffee drinkers looked for alternative sources for their caffeinated drinks." "...companies of this type provide a relatively small clientele with great tasting coffees and verified attributes in the sourcing of coffee beans- organic, shade- grown, bird friendly, direct trade (it's better than fair trade), single-farm sourced, etc". "For a Third Wave coffee company, the goal is to satisfy existing consumer interest or create new consumer interest in attributes that its customers believe only that company can offer." "...firms are always trying to create new and better differentiation to set themselves apart from those who have been successfully earning monopoly profits. This very phenomenon is seen as…Refer to the Front Page to answer two questions. FRONT PAGE Pricing Disney+ Disney decided it wanted to provide streaming services directly to customers, rather than renting its library of films and television shows to other streaming services like Netflix. But how successful would a streaming service be? In other words, what did the demand for a "Disney+" streaming service look like? Disney knew that the number of subscribers would depend not just on the attractiveness of the Disney archives, but also on the subscription price. After doing some market research, Disney decided to launch Disney+ at a price of $6.99 a month (or $69.99 per year). When Disney+ was launched on November 12, 2019, 10 million people signed up on the first day-a resounding success!
- 1. Which of the following, in perfect competition, is most likely to shift a market’s supply curve to the right? The number of consumers decreases. The number of suppliers decreases. There is an improvement in production technology. The price of a substitute good increases. 2. Which of the following gives an example of an implicit cost for a bakery? The cost of flour used to make bread Bakeries have no implicit costs because they are monopolistically competitive. The foregone payments that could have been earned by renting out the bakery’s storefront to another firm The wages the bakery pays to its employees 3. A producer knows that the price elasticity of demand for his product is -0.67. He wants to increase quantity demanded by 33%. By what percentage does he need to change the price? -0.221 -2.03 -0.493 0.493The following are excerpts from the article: Stirring the Pot . $80 Coffee Beans – Yikes! Bangor Times. May 22nd, 2016. “ The Third Wave in coffee refers to the growth of small, independent coffee roasters who developed as an alternative to Starbucks when that company grew and disaffected coffee drinkers looked for alternative sources for their caffeinated drinks." “..companies of this type provide a relatively small clientele with great tasting coffees and verified attributes in the sourcing of coffee beans- organic, shade-grown, bird friendly, direct trade (it's better than fair trade), single-farm sourced, etc". "For a Third Wave coffee company, the goal is to satisfy existing consumer interest or create new consumer interest in attributes that its customers believe only that company can offer." ...firms are always trying to create new and better differentiation to set themselves apart from those who have been successfully earning monopoly profits. This very phenomenon is seen as…The following are excerpts from the article: Stirring the Pot . $80 Coffee Beans – Yikes! Bangor Times. May 22nd, 2016. “ The Third Wave in coffee refers to the growth of small, independent coffee roasters who developed as an alternative to Starbucks when that company grew and disaffected coffee drinkers looked for alternative sources for their caffeinated drinks." "..companies of this type provide a relatively small clientele with great tasting coffees and verified attributes in the sourcing of coffee beans- organic, shade-grown, bird friendly, direct trade (it's better than fair trade), single-farm sourced, etc". "For a Third Wave coffee company, the goal is to satisfy existing consumer interest or create new consumer interest in attributes that its customers believe only that company can offer." ...firms are always trying to create new and better differentiation to set themselves apart from those who have been successfully earning monopoly profits. This very phenomenon is seen as…