The market in the media economy is the aggregate of many supply and demand situations involving advertising, content, technology and other media-related firms. A True B False
Q: Price and cost (dollars) 50 40 30 20 ATC 10 MC MR 10 20 30 40 50 Quantity (thousands of households)…
A: We are going to use monopoly pricing concept to answer this question.
Q: C d $160 $195 9 h $255 $230
A: . Total Revenue = Price × Quantity In this given that numbers of customer and prices of different…
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A: As Alex owns the only well in a town so it means he has the monopoly of clean drinking water.…
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Q: 5. The role of brand names and advertising Which of the following statements about expenditures on…
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A:
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Albarran - Chapter 4
The market in the media economy is the aggregate of many
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- Economics Name Date Pd Market Structures SSEMI4 The student will explain the organization and role of business, and analyze the four types of market structures in the U.S. economy. c. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition & pure competition --Use the notes on Verge to fill in the chart Price Setting Power (easy, difficult, (control over price none, a lot, etc.) Market # of firms in industry (many, few, etc.) Differentiated or Ease of Entry Use of Non Price Homogeneous Structure Competition (yes/no) Product/Service etc.) Еxamples Pure or Perfect Competition Monopolistic Competition Oligopoly Geographic- Monopoly Technological- Natural-Question: Your marketing department has identified the following customer demographics in the following table. Construct a demand curve and determine the profit maximizing price as well as the expected profit if MC-$1. The number of customers in the target population is 10,000. Analyze the challenges that the marketing firm will be facing to evaluate customer demand. Group Value Frequency Baby boomers $5 20% Generation X $4 10% Generation Y $3 10% Tweeners $2 10% Seniors $2 10% Others $0 40%QUESTION 5 In recent years, technology has greatly improved our listening experience through better earphones and headphones. Some of the popular brands offering headphones with the latest technology are Suny and Base. Answer the following questions: a. A new company called Company X is planning to enter the market for headphones. Their headphones use the latest technologies and are able to rival many existing popular brands. There are many positive reviews for Company X and it is believed that their arrival will provide consumers more options when choosing a headphone. The arrival of Company X's headphones will probably result in the demand for existing headphones to be more Type I for Inelastic, E for Elastic or N for No changes. b. Company X is experimenting to decide the best price to sell their newest headphones. In a surveyed market, it is estimated that 685 headphones can be sold in a day if it is sold at a price of $366. If prices drop to $312, more headphones can be sold and…
- (KEY QUESTION) Bob is a magazine monopolist. His marginal cost of production (per magazine) is constant at $5. His demand information is as follows: Price ($) QD 50 40 30 10 20 20 15 30 10 50 5 102 2.50 200 a. Calculate the total revenue for Bob at each price. b. Calculate the (approximate) marginal revenue for Bob at each price. c. What is Bob's profit-maximising output level and price? Compare this with the perfectly competitive equilibrium level of output and price. d. (REAL-WORLD APPLICATION) Go to this useful graphics: www.scores.org/graphics/monopoly, and offer YOUR OWN views on the following questions: Is Google a monopoly? Should governments regulate Google? If so, how? (vou can use some other online resources to form vour views)QUESTION 19 It is advantageous for an industry to be designated "strategic," as that often means it can qualify for government subsidies and bailouts. True False In assessing and choosing a firm’s strategy, a manager will usually find that benchmarking is: a. unimportant if there is a well-thought-out strategy. b. a valuable part of evaluating a firm’s capabilities. c. the surest way to dilute strengths and magnify weaknesses. d. likely to be the most successful strategy. How does bounded rationality affect strategic decision making? a. Only with prior experience can managers of multinationals make rational strategy decisions. b. Bounded rationality has no effect on decision making. c. Managers pursue their interests and make choices within the formal and informal constraints in a given institutional framework. d. Relying on informal connections as a strategy is only relevant for firms in emerging economies. Being…2. Consider the iPad, which was introduced by Apple in 2010, and answer the following questions: a. what type of market structure did this initially represent when it was first released? What implications do you think this had in terms of its initial profitability? b. Over the past five years or so, do you think this market has changed in any way? Describe the evolution of this market, and justify your answer by employing theories you have learnt in this unit.
- QUESTION 23 In the 1950s, Walt Disney began to plan the development of a theme park that would eventually become Disneyland. Disney hired an economist to help determine whether the park would be a financial success. This economist surveyed managers of existing amusement parks for advice. Many of these managers A. recommended that the theme park be located in California because population in the state would increase greatly in the future. Disney followed this advice. B. recommended that Disney first build an audience for his park by offering the ABC television network a weekly program that would feature Disney movies, cartoons and original programming. Walt Disney followed this advice. Both the television program and Disneyland were financial successes. C. recommended that Disney not build the park and leave the amusement park business to those who knew what they were doing. D. believed that a theme park would be very successful because the Disney name created a market among children…8. Total revenue from the sale of X is given by the equation R=100Q-2Q2. Calculate the value of of marginal revenue when the point price elasticity of demand when marginal revenue=20Thinking at the Margin 0 1 2 3 4 5 Hours of advertising 300 350 380 400 410 415 Total number of customers If a firm finds that advertising increases the total number of customers, for how many hours should it advertise? Assume that each extra customer spends an average of $10 at the store, and an extra hour of advertising costs the firm $200.
- Economics 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 useSuppose you own a tax preparation services company, with fixed costs of $3,000/month and marginal costs of $25/appt.If the price is $60/appt, 500 appointments would be sold. If the price is $50/appt, 760appointments would be sold. a.)Use these figures to calculate the price elasticity of demand for your services. b.)Calculate the monthly profits and profit margins (profit/revenue) associated with the price of $60/appt and $50/appt. c.)Given these calculations, what price should you charge for your services, $50/apptor $60/appt? ExplainPicture a scenario in which the fashion industry is suffering from monopolistic price gouging and a dwindling demand (due to the existence of sweatshops and environmentally unfriendly business practices). A hypothetical situation such as this is likely to cause high unemployment in the fashion industry. What could the government do to correct this market failure? Including diagrams where/if appropriate)
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