1 Total unity is best defined by which of the following The total satisfaction received from consuming a particular amount of a product 2 Which best express the law of diminishing marginal unity? The less of a product is consumed‚ the greater is the marginal utility of the product 3 Refer to the above table. What is the marginal utility of the fourth unit? 80 4 If the total utility is increasing‚ then marginal utility: May either be increasing or decreasing‚ but it must be greater than zero
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Monopolistic competition Monopolistic competition is a form of imperfect competition where many competing producers sell products that are differentiated from one another (that is‚ the products are substitutes‚ but‚ with differences such as branding‚ are not exactly alike). In monopolistic competition firms can behave like monopolies in the short-run‚ including using market power to generate profit. In the long-run‚ other firms enter the market and the benefits of differentiation decrease with
Free Economics Perfect competition Monopoly
company’s stated aim‚ according to company executives‚ is to make the company’s products available whenever and wherever a consumer demands it. This calls for an extensive distribution network. Airtel channel structures consist of C & F Agents‚ Whole sellers‚ Distributors‚ mass retailers‚ rural and modern trade. Bharti Airtel Limited‚ a group company of Bharti Enterprises‚ is India’s leading integrated telecom services provider with an aggregate of 80 million customers. Bharti Airtel is structured
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ASSIGNMENT 1 DIPECO03 Basic Economics Question 1 Flow of Goods and Services Flow of Cash EXAMPLES OF TRANSACTIONS ON MARKET FOR GOODS AND SERVICES Question 1(a) and 1(c) EXAMPLES OF TRANSACTIONS ON MARKET FOR FACTOR OF PRODUCTION Question 1(b) and 1(d) Question 2 Consider the market for minivans. For each of the events listed here‚ identify which of the determinants of demand or supply
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relative strength of buyers and sellers and degree of collusion among them‚ level and forms of competition‚ extent of product differentiation‚ and ease of entry into and exit from the market. There are some determents of market structure which are The level of entry and exit barriers Identity of products Control of prices Anonymous A (2012) Perfect competition: if a market structure has these points described its perfect competition: Free entry and exit to market Homogenous products Number of buyers and sellers Information
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price discrimination? Economics PRINCIPLES OF N. Gregory Mankiw Premium PowerPoint Slides by Ron Cronovich © 2009 South-Western‚ a part of Cengage Learning‚ all rights reserved 1 Introduction A monopoly is a firm that is the sole seller of a product without close substitutes. Why Monopolies Arise The main cause of monopolies is barriers to entry – other firms cannot enter the market. Three sources of barriers to entry: 1. A single firm owns a key resource. E.g.‚ DeBeers owns
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Five Ps for strategy Henry Mintzberg (1996) * Mintzberg‚ H. (1996) ’Five Ps for Strategy1 in Mintzberg‚ H. and Quinn‚ J. B. (1996) The Strategy Process‚ London‚ Prentice Hall. Originally published in extended form in California Management Review (Fall 1987). * Human nature insists on a definition for every concept. * Strategy has long been used implicitly in different ways even if it has traditionally been defined in only one. * Explicit recognition of multiple definitions can
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of a physical place which is equipped with a lot of shops and shelves stocked with a wide variety of goods. In economics‚ however‚ a market need not be a physical location. Where you have buyers and sellers of a particular product or service‚ you have a market. A market is any place where the sellers of a particular good or service can meet with the buyers of that goods and service where there is a potential for a transaction to take place. The buyers must have something they can offer in exchange
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Simulation Quasar Following an economic analysis on the company Quasar Computers‚ based in the computer industry to understand pricing strategies and market competitiveness. First‚ identify the pricing strategies and price in each market structures: monopoly‚ oligopoly‚ monopolistic competition and perfect competition. Second‚ we describe the relationship between technology‚ research‚ development and economic efficiency and then justify the investment in these areas to maximize the economic benefits
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The Marketing Mix (4p’s) The marketing mix consists of Product‚ Price‚ Place and Promotion strategies that a firm uses to help them reach their objectives. The marketing mix principles are controllable variables which have to be carefully managed and must meet the needs of the defined target group. All elements of the mix are linked and must support each other. PRODUCT STRATEGIES When an organization introduces a product into a market they must ask themselves
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