Week I Quiz Results/Answers ECO561 1. Revenue increases when * producer surplus increases 2. An increase in the price of an inelastic good * increases revenues 3. Price elasticity of Demand increases when * people become less price sensitive over time 4. The purpose of a market in a market system is to * bring buyers and sellers into contact 5. By specializing in the production of one good‚ a company is able to benefit from economies of scale which increases its revenue. Which
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UNIT 9: VIRUSES‚ VIROIDS‚ & PRIONS Lesson 1 – Characteristics of Viruses Depending on their characteristics‚ viruses may or may not kill the host cell. Viruses are too small to be seen with a light microscope and cannot be cultured outside their hosts. Viruses and Bacteria Compared. | Bacteria | Viruses | | Typical Bacteria | Rickettsias/Chlamydias | | Intracellular Parasite | No | Yes | Yes | Plasma Membrane | Yes | Yes | No | Binary Fission | Yes | Yes | No | Pass through
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Why Did Global Food Prices Rise? For the last 25 years global food prices have been falling‚ driven by the increased productivity and output of the farm sector worldwide. In 2007‚ this came to an abrupt end as global food prices soared. By September 2007‚ the world price of wheat rose to over $400 a ton-the highest ever recorded and up from $200 a ton in May. The price of corn (maize) surged to $175 a ton‚ some 60 percent above its average for 2006. An index of food prices‚ adjusted for inflation
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low price. The IKEA business idea is: ‘We shall offer a wide range of well-designed‚ functional home furnishing products at prices so low that as many people as possible will be able to afford them.’ IKEA targets price-conscious young couples and families who are willing and able to transport and assemble furniture kits. The low-price strategy‚ seeks to achieve a lower price than competitors while maintaining similar perceived product or service benefits to those offered by competitors‚ price is not
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Case 1 (10 Marks) Renuka Machines Manufacturing Corporation (A case on vender rating in material management) Renuka Thomas‚ President of Renuka Machines Manufacturing Corporation (RMMC)‚ is concerned about company’s choice of suppliers for cleaning brushes‚ which are used in the company’s data processing equipment. Renuka occasionally plays tennis with Sheela George‚ President of George Machine Company (GMC)‚ one of the company’s suppliers of cleaning brushes. Recently‚ Sheela complained to
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Price Wars in the Wireless Market 1. Who are the key players in this industry? The key players in the wireless industry are Verizon Wireless‚ AT&T‚ Sprint‚ and T-Mobile. With these four companies controlling 90% of the market‚ there are no other ‘key players’ in the industry. U.S. Cellular is not quite a ‘key player’‚ however they do hold approximately 2.4% of the customer nationwide and must be in the overall picture. In addition‚ the data suggests that
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UNIVERSITI MALAYSIA SARAWAK Assignment EBA 6423 Strategic Marketing Individual Assignment Case 1: Price the Product Name: Martina ak Minggat Matrix no: 12030020 Prepared for: Prof Dr Ernest Cyril De Run CASE STUDY 1: Which option would you choose‚ and why? 1. No. Pricing the entire menu at $1.29 would make things simple for the company and consumers‚ as well as offering the most potential profit per item. However‚ the challenge would be to convince consumers that the $1
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UNDERSTANDING OF THE SITUATION ADP INDUSTRIES CORPORATION Today is an era of conspicuous consumption. It is not just individuals from the elite society who are splurging but even the Filipino middle classes are shelling out cash for premium quality products and services. This evolution in the Philippine marketplace is one of the major reasons why ADP Industries Corporation entered into the picture. ADP Industries Corporation is a 28 years old distribution‚ trading and marketing company in
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AND CONs OF INCREASING OIL PRICE 1. INTRODUCTION In this decade‚ the price of oil has been raised 3 times. The era of President SBY has the record of increasing oil price (premium). The policy was made by SBY has become pro and con between the expert of economic. Some people said that increasing the oil price is just can’t be done because it’s contra with UU‚ but government said that if we don’t raise the oil price it will absorb the APBN because the import oil price is higher and higher time
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A Problem with Price A Problem of Price This vignette is characteristic of what happens when buyers are asleep at the wheel. Sue Jones is a newly promoted buyer that is paying close attention to details of her new job. Sue finds that the companies that have bided in this process are all within about $50 of one another. The strange thing about thus is not the fact that the bids are so close but that the winning bid is not low enough. How does she get her cost down even lower? Sue should focus
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