2. Suppose a production possibilities frontier (or curve) for an economy that produces beef and potatoes. Using terms like "on the curve," "within the curve," and "beyond the curve," indicate the position of an impossible point, an efficient point, and an inefficient point. What would happen to the curve following a severe hurricane? Weight: 15
6. Suppose the income elasticity of the demand for Coca-Cola is 1.75. What would happen to the quantity demanded of Coke if there were an increase in income of 3 percent? Weight: 10
8. Suppose you are the CEO of a big firm. How might information like elasticity be useful to you? What could be the cost of ignoring such information? Do you see any real-life application of the concept of elasticity? Weight: 10© BrainMass Inc. brainmass.com October 24, 2018, 11:46 pm ad1c9bdddf
Markets exist whenever buyers and sellers come together and agree on a price for exchange. In a competitive market, there are many sellers with identical products. In a duopoly, there are only two sellers, and in a monopoly there is only one.
To demonstrate the capacity of an economy to produce two goods, economists often use production possibility frontiers. These graphs show the different combinations of goods that the economy can produce if it fully utilizes all its ...
Discussion of the production possibilities frontier, income elasticity of demand, and price elasticity of demand.
The hot potatoe Pricing Strategy and Channel distribution
Pricing strategy and Channel Distribution.
1. Determine and discuss a pricing strategy (Penetration or Skimming).
2. Determine and discuss pricing tactics (Product line pricing, Value pricing, Differential pricing, or Competing against private brands) to be used for your product.
3. Identify any legal and ethical issues related to the pricing tactics.
4. Prepare a marketing distribution channel analysis identifying the wholesaler, distributor, and retailer relationships.
5. Discuss how the distribution strategy fits the product/service, target market, and overall marketing objectives for the company.View Full Posting Details