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To Explain : Significance of given terms.
Competitive Advertising: Competitive advertising is an advertising that try to convince the customers or consumers that their product is different and much better than the other competitors in the market. Companies use this advertising to gather more customers from their competitor or to keep the customers they already have.
Informative Advertising: Informative advertising is an advertising that satisfy the customers or consumers by providing them information about a product. This type of advertising may have information about the price, quality and characteristics of the product. This advertising can also be competitive in nature.
Bait and Switch: Bait is an advertising technique in which they advertise goods at a lowest price. If the customer gets attracted to the product, they went to buy that from the shop, the salesperson then points out all the negative features regarding that product and then shows them the higher price product by telling all the good features of that - the switch.
Comparison shopping: The process in which customer gathers information regarding the product from different sources and compares the prices from different stores or companies is called comparison shopping. Comparison shopping can be effectively done by reading newspaper, browsing web, talking to friends. Comparison shopping is time consuming as time spend to gather information and then deciding the best place for buying the product.
Warranty: Warranty is defined as the promise which the seller makes to the customer to replace or repair the product purchased by the customer if the product out to be faulty within a certain time period.
Brand name: Brand name is a logo, picture or word put on a product which helps the customer to differentiate it from similar products. Every company has its own brand name. No two companies will have a same brand name. Genetic Brand: Genetic brand are those brands in which there is no specific brand name. It has a general name which leads to the difficulty in knowing that the product is made by which company.
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- Use the following table to work Problems 5 to 9. Minnie's Mineral Springs, a single-price monopoly, faces the market demand schedule: Price Quantity demanded (dollars per bottle) 10 8 (bottles per hour) 0 1 6 2 4 3 2 4 0 5 5. a. Calculate Minnie's total revenue schedule. b. Calculate its marginal revenue schedule. 6. a. Draw a graph of the market demand curve and Minnie's marginal revenue curve. b. Why is Minnie's marginal revenue less than the price? 7. a. At what price is Minnie's total revenue maxi- mized? b. Over what range of prices is the demand for water from Minnie's Mineral Springs elastic? 8. Why will Minnie not produce a quantity at which the market demand for water is inelastic?arrow_forwardDon't give AI generated solution otherwise I will give you downward Give correct answer with explanationarrow_forwardDon't used Ai solutionarrow_forward
- Not use ai pleasearrow_forwardNot use ai pleasearrow_forwardThe Firm's Output Decision (Study Plan 12.2) Use the following table to work Problems 4 to 6. Pat's Pizza Kitchen is a price taker. Its costs are Output (pizzas per hour) Total cost (dollars per hour) 0 10 1 21 2 30 3 41 4 54 5 69 4. Calculate Pat's profit-maximizing output and economic profit if the market price is (i) $14 a pizza. (ii) $12 a pizza. (iii) $10 a pizza. 5. What is Pat's shutdown point and what is Pat's economic profit if it shuts down temporarily? 6. Derive Pat's supply curve.arrow_forward
- Use the following table to work Problems 27 and 28. ProPainters hires students at $250 a week to paint houses. It leases equipment at $500 a week. The table sets out its total product schedule. Labor (students) 1 Output (houses painted per week) 2 23 5 3 9 4 12 5 14 6 15 27. If ProPainters paints 12 houses a week, calculate its total cost, average total cost, and marginal cost. At what output is average total cost a minimum? 28. Explain why the gap between ProPainters' total cost and total variable cost is the same no matter how many houses are painted.arrow_forwardUse the following table to work Problems 17 to 20. The table shows the production function of Jackie's Canoe Rides. Labor Output (rides per day) (workers per day) Plant 1 Plant 2 Plant 3 Plant 4 10 20 40 55 65 20 40 60 75 85 30 65 75 90 100 40 75 85 100 110 Canoes 10 20 30 40 Jackie's pays $100 a day for each canoe it rents and $50 a day for each canoe operator it hires. 19. a. On Jackie's LRAC curve, what is the average cost of producing 40, 75, and 85 rides a week? b. What is Jackie's minimum efficient scale?arrow_forwardPlease solve this questions step by step handwritten solution and do not use ai thank youarrow_forward
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