How? When? What? The economics of competitive advantage Why?
... costs and profits • Accountants focus on historical records of explicit costs • Economists consider explicit and implicit (opportunity) costs, especially the marginal cost (sunk costs are irrelevant as bygones are bygones) • Zero or normal profit is the minimum/necessary rate of return needed by a c ...
... costs and profits • Accountants focus on historical records of explicit costs • Economists consider explicit and implicit (opportunity) costs, especially the marginal cost (sunk costs are irrelevant as bygones are bygones) • Zero or normal profit is the minimum/necessary rate of return needed by a c ...
Agricultural Economic
... The demand curve is a graph showing the relationship between the price and demand for a product. Normally there is an inverse relationship between the two variables which is the higher the price the lower the demand ...
... The demand curve is a graph showing the relationship between the price and demand for a product. Normally there is an inverse relationship between the two variables which is the higher the price the lower the demand ...
Multiple-choice questions
... c. complementary elasticity d. price elasticity of demand 13. The government unit that wants to achieve “revenue enhancement” will find it considerably more favorable to enact an excise tax on products whose demand is a. highly elastic b. relatively elastic c. highly inelastic d. unitary elastic 14. ...
... c. complementary elasticity d. price elasticity of demand 13. The government unit that wants to achieve “revenue enhancement” will find it considerably more favorable to enact an excise tax on products whose demand is a. highly elastic b. relatively elastic c. highly inelastic d. unitary elastic 14. ...
Solomon_ch02 - Marketing, An American Perspective at Ewha
... • In the microenvironment, competition means the alternatives from which the target may choose • Level 1: competition for discretionary income (for income left after a consumer pays for necessities) • Level 2: product competition in which different products attempt to satisfy the same needs or wants ...
... • In the microenvironment, competition means the alternatives from which the target may choose • Level 1: competition for discretionary income (for income left after a consumer pays for necessities) • Level 2: product competition in which different products attempt to satisfy the same needs or wants ...
How? When? What? The economics of competitive advantage Why?
... costs and profits • Accountants focus on historical records of explicit costs • Economists consider explicit and implicit (opportunity) costs, especially the marginal cost (sunk costs are irrelevant as bygones are bygones) • Zero or normal profit is the minimum/necessary rate of return needed by a c ...
... costs and profits • Accountants focus on historical records of explicit costs • Economists consider explicit and implicit (opportunity) costs, especially the marginal cost (sunk costs are irrelevant as bygones are bygones) • Zero or normal profit is the minimum/necessary rate of return needed by a c ...
Analyzing Customer Profitability, And Activity-Based Pricing
... 2. Cost-plus pricing: a. Leads to profit maximization. b. Is inherently circular for manufacturing firms. c. Is difficult to perform. d. None of the above are correct. ...
... 2. Cost-plus pricing: a. Leads to profit maximization. b. Is inherently circular for manufacturing firms. c. Is difficult to perform. d. None of the above are correct. ...
ECO 232 Microeconomics
... you’ll be given information about. Know the definition of the purchase price of capital. Know the definition of the rental price of capital. How do economists define capital? Chapter 21 (15 questions) Budget constraint (Make sure you don’t get this confused with the definition of indifference curves ...
... you’ll be given information about. Know the definition of the purchase price of capital. Know the definition of the rental price of capital. How do economists define capital? Chapter 21 (15 questions) Budget constraint (Make sure you don’t get this confused with the definition of indifference curves ...
Section 1 Notes
... For society Derived Demand means that the most efficient (least cost) method of production will be used. (Refer to discussion/illustration in class lecture) ...
... For society Derived Demand means that the most efficient (least cost) method of production will be used. (Refer to discussion/illustration in class lecture) ...
THE NATURE OF INDUSTRY
... Monopolistic Competition: Environment and Implications • Numerous buyers and sellers • Differentiated products – Implication: Since products are differentiated, each firm faces a downward sloping demand curve. • Consumers view differentiated products as close substitutes: there exists some willingn ...
... Monopolistic Competition: Environment and Implications • Numerous buyers and sellers • Differentiated products – Implication: Since products are differentiated, each firm faces a downward sloping demand curve. • Consumers view differentiated products as close substitutes: there exists some willingn ...
IFP3805 ECONOMICS Duration: 2 hours 30 minutes
... c) The average revenue equals the marginal cost d) Revenue equals total cost Question 18 In monopoly in long run equilibrium: a) The firm is productively efficient b) The firm is allocatively inefficient c) The firm produces where marginal cost is less than marginal revenue d) The firm produces at t ...
... c) The average revenue equals the marginal cost d) Revenue equals total cost Question 18 In monopoly in long run equilibrium: a) The firm is productively efficient b) The firm is allocatively inefficient c) The firm produces where marginal cost is less than marginal revenue d) The firm produces at t ...
Chapter2
... * Generally speaking: quantity of goods and services demanded will increase as the price decrees. * Demand & Supply are very much related to each other if demand increases, supply will increase, this is in the ideal world. If supply does not go up and the demand is still high, the price will then in ...
... * Generally speaking: quantity of goods and services demanded will increase as the price decrees. * Demand & Supply are very much related to each other if demand increases, supply will increase, this is in the ideal world. If supply does not go up and the demand is still high, the price will then in ...
Ch13 - OCCC.edu
... a. risk-taking – people are rewarded for the risks that they bear while going into business. b. innovation – people are rewarded for new ideas and thoughts. This means that property rights somehow have to be enforced. Ex. New technology or method of production, new location, etc… 3. Firms Constraint ...
... a. risk-taking – people are rewarded for the risks that they bear while going into business. b. innovation – people are rewarded for new ideas and thoughts. This means that property rights somehow have to be enforced. Ex. New technology or method of production, new location, etc… 3. Firms Constraint ...
PART SIX MANAGING INTERNATIONAL OPERATIONS International
... in both the shape and the length of a product’s life cycle. ...
... in both the shape and the length of a product’s life cycle. ...
PART SIX MANAGING INTERNATIONAL OPERATIONS
... in both the shape and the length of a product’s life cycle. ...
... in both the shape and the length of a product’s life cycle. ...
06--Comparative Statics
... Technology, Some suppliers leave the market, or other changes that raise costs ...
... Technology, Some suppliers leave the market, or other changes that raise costs ...
Interactive Graph for Chapter 18—Marginal Analysis
... would produce a second demand curve that will have a steeper slope than the first one. Therefore, consumers would be less price sensitive. A flatter curve would indicate that consumers were more price sensitive, because a smaller price change would yield a greater change in quantity demanded. C. Whe ...
... would produce a second demand curve that will have a steeper slope than the first one. Therefore, consumers would be less price sensitive. A flatter curve would indicate that consumers were more price sensitive, because a smaller price change would yield a greater change in quantity demanded. C. Whe ...
No Slide Title
... a. For the utility-maximizing condition to be met perfectly, all the goods must be completely divisible so that they can be divided meaningfully into dollar amounts b. This divisibility requirement is almost never met in actuality c. The model does predict that consumers will get as close as possibl ...
... a. For the utility-maximizing condition to be met perfectly, all the goods must be completely divisible so that they can be divided meaningfully into dollar amounts b. This divisibility requirement is almost never met in actuality c. The model does predict that consumers will get as close as possibl ...
Bertrand Homogenous Competition with Exogenous Sunk Costs
... – depending on the specifics of the industry e.g first mover advantage…… ...
... – depending on the specifics of the industry e.g first mover advantage…… ...
Econ 101, section 4, S07
... 39. At its current output level, a monopolist's price is $6/unit, it's average total cost is $5/unit, its marginal revenue is $4/unit, and its marginal cost is $3/unit. To maximize profit (or minimize loss) in the short-run, the monopolist should a. maintain its current output level. *. increase its ...
... 39. At its current output level, a monopolist's price is $6/unit, it's average total cost is $5/unit, its marginal revenue is $4/unit, and its marginal cost is $3/unit. To maximize profit (or minimize loss) in the short-run, the monopolist should a. maintain its current output level. *. increase its ...
