Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506893
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 1, Problem 10CQ
To determine
Explain how if the third team played more, it would win with a bigger margin.
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Mercedes Benz seem to win every time with their social media campaigns. The one that stands out to me was back in 2013 when they created what I still believe to be one of the best Instagram marketing campaigns to date. Mercedes wanted to reach out to the younger audience so they hired five top Instagram photographers to each take the wheel of a new Mercedes CLA. Whoever got the most likes got to keep the car – so they all really worked at it!
By the end of the campaign, Mercedes has received:
87,000,000 organic Instagram impressions
2,000,000 Instagram likes
150 new marketing assets (stunning photos)
Q1. What lessons can you learn from this? Could you put your followers up for a challenge and make it into a competition or campaign?
Q2. Can you do a competition that gets people trying out your product first?
Q3. Think about your target audience. What is a prize they would value?
Q4. Like Mercedes you could recruit bloggers/influencers via social media and get them blogging about your…
If you add more money to the economy, you might expect to see: More suppliers to meet the demand unleashed by the extra cash A move to oligopoly from the free market as big companies become bigger Fewer suppliers to meet the demand unleashed by the extra cash Drmand move to other products; the extra cash won't affect this supply-demand relationship.
3. The relationship between marginal and average costs
Consider the following scenario to understand the relationship between marginal and average values. Suppose Musashi is a professional basketball
player, and his game log for free throws can be summarized in the following table.
Fill in the columns with Musashi's free-throw percentage for each game and his overall free-throw average after each game.
Game
Game Result
Total
Game Free-Throw Percentage
Average Free-Throw Percentage
1
8/10
8/10
80
80
4/10
12/20
3
2/8
14/28
4
2/4
16/32
6/8
22/40
Chapter 1 Solutions
Microeconomics: Private and Public Choice (MindTap Course List)
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- 3. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Bob is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Bob's free-throw percentage for each game and his overall free-throw average after each game. Game Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 1 4/5 4/5 80 80 2. 2/5 6/10 1/4 7/14 4 1/2 8/16 5 4/4 12/20 On the following graph, use the orange points (square symbol) to plot Bob's free-throw percentage for each game individually, and use the green points (triangle symbol) to plot his overall average free-throw percentage after each game. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 100 90 Game Free-Throw Percentage 80 70 NTAGEarrow_forwardPresent an example of a prisoner’s dilemma in your own life. Describe the “cooperative” action for each player that involves trusting the other in some sense. Explain why mutual cooperation will lead to an outcome that is preferred to mutual defection. Describe why there is an incentive for each to defect, or not cooperate, or not be trustworthy. Discuss what might be done to promote mutual cooperation, or what is done.arrow_forwardS 2arrow_forward
- What is the type of game that is involved between OPEC and Russia. Explain .arrow_forwardThe Gulf Cartel and Sinaloa Cartel are the two major cartels in illegal drug trade in Mexico. Although, each of these cartels are better off sharing the market, they have an incentive to try to take the entire market. In which of the following ways is cheating among these cartel members dealt with in this region?arrow_forwardHow does the number of firms in an oligopoly affect the outcome in the market?arrow_forward
- The management of Telsey Corp. gives additional funds to only the team that performed the best in the last quarter. Funds are not given to other teams even when they need them. Which of the following concepts does this scenario exemplify? a) Domination b) Mediation c) Accommodation d) Integrationarrow_forwardSyukri, 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 1 what is the profit for suykri?arrow_forwardPlease I need step by step explanation to understand the solution and the concept of how the numbers in the playoff table are going to calculate in this. Thank You for helping me!arrow_forward
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