...reduce the base cost which will allow us to make more money and to also reduce the selling price to its competitors. In return this will also put us in good standing with our primary target market and will make us the only firm with sole control of the explorer market. The performance objectives for the first period were as followed. The sales of the first period were 13,100, while we only got 8.1% of our primary target market. We understand completely that this isn’t good enough and we are doing everything in our power to fix this so it doesn’t happen again next period. Our goal for next period is to have at least 20% of the market share. We will see it is attainable because of all the changes that we will discuss with you later on this paper. I. Overview a. The brands current primary target segment is explorers. The other competitive brands in the segment are TOPS and LOOP. The brand in a way has a secondary target market which is professionals. The competitors in this segment our TOPS, LOOP, TONE, and our other product ROCK. II. Brand Performance b. The brand did not do so well last period. This is because we are not very profitable. This is because the cost to make the product is too expensive and we are not able to get much contribution from ROLL because of the cost. This product...
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...JOURNAL OF APPLIED ECONOMETRICS J. Appl. Econ. 23: 925– 948 (2008) Published online 7 November 2008 in Wiley InterScience (www.interscience.wiley.com) DOI: 10.1002/jae.1036 ECONOMETRICS OF AUCTIONS BY LEAST SQUARES LEONARDO REZENDE* PUC-Rio, Rio de Janeiro, Brazil; and University of Illinois at Urbana–Champaign, Illinois, USA SUMMARY I investigate using the method of ordinary least squares (OLS) on auction data. I find that for parameterizations of the valuation distribution that are common in empirical practice, an adaptation of OLS provides unbiased estimators of structural parameters. Under symmetric independent private values, adapted OLS is a specialization of the method of moments strategy of Laffont, Ossard and Vuong (1995). In contrast to their estimator, here simulation is not required, leading to a computationally simpler procedure. The paper also discusses using estimation results for inference on the shape of the valuation distribution, and applicability outside the symmetric independent private values framework. Copyright 2008 John Wiley & Sons, Ltd. Received 15 September 2006; Revised 1 July 2008 1. INTRODUCTION The field of econometrics of auctions has been successful in providing methods for the investigation of auction data that are well grounded in economic theory and allow for inference on the structure of an auction environment. Today, a researcher has a number of alternative structural methods, especially within the independent private-values paradigm...
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...~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ AP Econ Quiz 6 ~ Supply & S/D Name: ____________________________ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 1. A supply schedule shows |a. |the "market potential" for a product. |d. |how much consumers would like to buy at different prices. | |b. |how much producers are willing and able to sell at different prices. |e. |All of the above are correct. | |c. |possible combinations of output under different conditions. | 2. If price rises, what happens to quantity supplied for a product? |a. |It increases. |c. |It does not change. | |b. |It decreases. |d. |Quantity supplied is constant, but supply increases. | 3. Along a supply curve, |a. |supply changes as price changes. |c. |supply changes as technology changes. | |b. |quantity supplied changes as price changes. |d. |quantity supplied changes as technology changes. | 4. If new manufacturers enter the gadget industry, then which of the following will most likely happen with gadgets? |a. |the supply will increase |c. |the quantity supplied will increase | |b. |the supply will decrease |d. |the quantity supplied will decrease | 5. An increase in the price of metal raw materials will result in...
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...A Policy Options Brief by the Public Health Law Center January 2009 e Supplemental Nutrition Program for Women, Infants, and Children (WIC): Opportunities to Influence Participant’s Health in Minnesota Suggested citation: Maggie Mahoney, Tobacco Law Center, The Special Supplemental Nutrition Program for Women, Infants, and Children (WIC); Opportunitites to Influence Participants’ Health in Minnesota (2008). December 2008 This publication was prepared by the Public Health Law Center, a program of the Tobacco Law Center at William Mitchell College of Law, St. Paul, Minnesota, with financial support provided in part by Blue Cross and Blue Shield of Minnesota. This policy brief is provided for educational purposes only and is not to be construed as legal advice or as a substitute for obtaining legal advice from an attorney. Laws and rules cited are current as of the policy brief’s publication date. The Tobacco Law Center provides legal information and education about public health, but does not provide legal representation. Readers with questions about the application of the law to specific facts are encouraged to consult legal counsel familiar with the laws of their jurisdictions. Copyright © 2008 by the Tobacco Law Center Table of Contents Executive Summary .............................................................................................................................. 1 Introduction ..................................................................
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...REGULATION FOR CONSERVATIVES: BEHAVIORAL ECONOMICS AND THE CASE FOR “ASYMMETRIC PATERNALISM” COLIN CAMERER, SAMUEL ISSACHAROFF, GEORGE LOEWENSTEIN, † TED O’DONOGHUE, AND MATTHEW RABIN INTRODUCTION Regulation by the state can take a variety of forms. Some regulations are aimed entirely at redistribution, such as when we tax the rich and give to the poor. Other regulations seek to counteract externalities by restricting behavior in a way that imposes harm on an individual basis but yields net societal benefits. A good example is taxation to fund public goods such as roads. In such situations, an individual would be better off if she alone were exempt from the tax; she benefits when everyone (including herself) must pay the tax. In this paper, we are concerned with a third form of regulation: paternalistic regulations that are designed to help on an individual basis. Paternalism treads on consumer sovereignty by forcing, or preventing, choices for the individual’s own good, much as when parents limit their child’s freedom to skip school or eat candy for dinner. Recent research in behavioral economics has identified a variety of decision-making errors that may expand the scope of paternalistic regula- Professor Camerer is the Rea and Lela Axline Professor of Business Economics, California Institute of Technology; Professor Issacharoff is the Harold R. Medina Professor of Procedural Jurisprudence, Columbia Law School; Professor Loewenstein is a Professor of Economics and Psychology...
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...product .These brands are very famous and most of the citizens will buy these product as their prices is reasonable and also because of their famous brand. The key success of this company is that the brand loyalty of the company, heavy promotional activities, international standard and high quality design product, innovation and their effective leadership. Soap is a domestic good that people need to use it every day. The major concern is what brand consumer chooses to use. Will the people choose to use our brand? Most of the soaps can be getting at shopping complex, supermarket, grocery store and etc. People will normally buy at these few places once they need it. The market for this good is very large since it is a domestic good and need for everybody. The soaps can be considered as the products need to be repurchased in a frequent basis. Therefore, our target market is all citizens in Malaysia regardless their age, gender, income level and interest. Consumers’ Motivation to Buy In my opinion, our company is better than the Unilever Company. Although they are famous brands company, but it does not guarantee they are the best in every aspect. Nowadays, there are more and more people who are pay attention and put their effort to protect the environment from pollution, so I believe our product will become one of their considerations. Our company product is 100% natural soap and it is a best choice for health care product. Our soap has whitening function. Skin...
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...lack the financial literacy needed to make financial decisions in their self-interest. A growing number of analysts and politicians are blaming the intersection of low levels of financial literacy with complex, financially-engineered products for the current economic meltdown and have proposed a number of solutions to this problem. These solutions range from mandatory education in personal finance to required simplification of financial products and greatly increased regulation. This paper examines evidence on the effectiveness of personal finance education on both financial literacy and financial behavior. If the problem can be solved through education, it is likely to reduce the perceived need to limit choice in the marketplace for retail financial products. If education is shown to be ineffective, the future of financial product innovation and financial engineering may be greatly limited. Supporting the effectiveness of education in promoting self-beneficial financial behavior is a well-known paper by Bernheim, Garrett and Maki (2001) which linked required high school education in personal finance to higher levels of saving, decades later, in middle age. On the other hand, five national surveys of high school seniors conducted since 2000 by the Jump$tart Coalition (Mandell 2001,...
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...Econ 1 Professor Carter December 12, 2011 Microeconomics In My Daily Life Throughout my life, I have always been reading and hearing about economic issues and concepts, but I never thought about the impacts of economic models on my personal life. Before learning about microeconomic concepts, I always thought that a course in the field of Economics, would teach me theories that only apply to the economy of a nation as a whole and not to an individual’s life. However, there were a lot of concepts throughout this course that I found relative to my personal life. Among all the concepts that I have learned in the Microeconomics course, “Opportunity Cost”, “Sunk Cost”, and “Supply and Demand” have the most impact on my daily life. “Choice and Opportunity Cost” is one of the most important concepts of Microeconomics that I found it relative to my everyday life. Similar to many other students, limited time during the school semester, forces me to make choices about what to study, when to study, and how to estimate the opportunity cost of every choice. Applying opportunity cost concept in my day-to-day life helps me better schedule my study time. For instance, I usually choose to study during weekdays because the opportunity cost of studying on these nights is lower than studying on Friday or Saturday nights, when usually more exciting events are happening. On the other hand, if my alternative on weekend is to stay home and organize my closet and do my laundry, I would...
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...waited in lines outside the book stores to get their first copies of the books. These people known as the ‘Potter heads’ created a huge fandom which included both children and adult alike, despite J.K Rolling original marketing the book for children aged 9-12. Thus, here in this research paper we are analyzing the various aspects and factors causing this bandwagon effect esp. among youth. • Why individuals make irrational choices based on the information they receive from others? • Why people decide to ignore their personal information signals and follow the behaviour of others? • What are the major drivers to propel this behaviour? • What common factors are found among such people? What differentiates them from other sections of population. • What are the pronounced effects to be seen? Are they good or not? Etc. In layman’s term the bandwagon effect refers to people doing certain things because other people are doing them, regardless of their own beliefs, which they may ignore or override. The perceived "popularity" of an object or person may have an effect on how it is viewed on a whole. For instance, once a product becomes popular, more people tend to "get on the bandwagon" and buy it, too. The bandwagon effect has wide implications, but is commonly seen in politics, consumer and social behaviour. This effect is noticed and followed very much by today's youth, where for...
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...Applied Topic #1 Corey Ferrell Principles of Micro-Economics Instructor: James Pirner This paper was prepared by Corey Ferrell for Principles of Microeconomics, ECON 212, on July 28, 2014 Applied Topic: Apple IPhones I have chosen to make my product of interest the Apple IPhone. Smartphones have invaded and replaced many devices, items and functions that required more than the use of these small renowned devices. Smartphones have supplanted several items: Books (Kindle, iBook), daily newspapers, digital and film cameras, dictionaries, scanners, GPS, road maps, voice recorders, grocery list, iPods, radios, etc. and this list is forecasted to continue to grow as smartphones are developed to include more. This will include items such as: loyalty cards, credit and debit cards. (MIT Technology Review) In 2012, 80% of humans own a mobile phone states Anson Alexander, creator of ansonalex.com, and 91.4 million smartphones used in the United States. Even though 5.1 billion mobile were said to be owned in the world, that 1.08 billion are Smartphones. The market share in 2012 involved 4 major competitors: IPhone, Android, Microsoft and Samsung, and all four have a large audience with the 24-30 age group. 2013 showed only an increase in the Smartphone appetite. I will be focusing on the Apple’s IPhone, due to its strong presence in the market along with a nearly market stealing uniqueness. One factor in the number of IPhones sold per year is the idea that demand was so high...
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...Course Hero has millions of student submitted documents similar to the one below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support. 4 Chapter PLANNING BUSINESS MESSAGES Multiple Choice 1. The three primary steps involved in preparing a business message are a. planning, writing, and completing. b. informing, persuading, and collaborating. c. defining the purpose, the main idea, and the topic. d. satisfying the audience's informational, motivational, and practical needs. ANSWER: a; DIFFICULTY: easy; PAGE: 90; TYPE: concept 2. In developing business messages, the stage during which you step back to see whether you have expressed your ideas clearly is the a. planning stage. b. writing stage. c. completing stage. d. feedback stage. ANSWER: c; DIFFICULTY: moderate; PAGE: 91; TYPE: concept 3. In preparing business messages, you should devote about ______ percent of your time to planning. a. 10 b. 20 c. 50 d. 70 ANSWER: c; DIFFICULTY: moderate; PAGE: 91; TYPE: concept 4. Which of the following is not a general purpose common to business communication? a. To inform b. To persuade c. To negotiate d. To collaborate ANSWER: c; DIFFICULTY: moderate; PAGE: 92; TYPE: concept 5. An example of a specific purpose for a business message would be a. to impart information to the audience. b. to inform employees about the new vacation policy. c. to persuade readers to take an action. d. to obtain audience participation and collaboration...
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...Project 1 | ECON 545 – Microeconomic Analysis | Submitted by: Adriana Sabou Email: ady_mierea@yahoo.comCourse: ECON 545Professor: Alex Gialanella | 9/20/2014 9/20/2014 Contents: Page Introduction ……………………………………………………………………………………………. | 2 | Overview ……………………………………………………………………………………………….. | 2 | Relevant Information ……………………………………………………………………………….. | 3 | Determinants of Demand, Supply …………………………………………………………………….. | 4 | Relevant Data ………………………………………………………………………………………….. | 7 | Recommendations……………………………………………………………………………………. | 9 | Economic Justification ……………………………………………………………………………….. | 9 | References …………………………………………………………………………………………….. | 11 | Introduction Overview Cousin Edgar needs to understand/decide if he should invest in buying two gas stations. He must consider the high costs of pursuing this idea on business and to try to recover his costs quickly. If the cost of gasoline is taken as a measuring rod then he needs to understand if he can earn enough to recover the costs of investing. Starting a gas station business can be one of the best decisions Cousin Edgar can make as an entrepreneur. He can either set up new gas stations or buy gas stations for sale. If he decides to buy one then he must have some knowledge about how to buy a gas station and if he is planning to set up new gas stations on his own then he is going to need to do some serious research as to how he can go from start to launch. He needs to consider doing lots of...
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...(B47a) Tutors: Alina Petrescu Jasleen Sindhu Tatiana Boroditskaya Zoe Whang Tel: + 44 (0) 1524594418 (Soo) Email: s.golesorkhi@lancaster.ac.uk k.soo@lancaster.ac.uk Please note that the Departmental Office is open every weekday, 9-11am & 2-4pm. You should consult the Part 1 notice board at regular intervals throughout the term. This is located outside B34 in the Management School. Students should note that the principal method of communicating administrative matters will be via Lancaster e-mail accounts. Also note that there is a Part 1 Economics discussion space (for 101 and 102 students taking the International Business option) that students and staff can access via the following URL: http://domino.lancs.ac.uk/econ/intbus.nsf. If you have queries regarding your Economics studies you can attend one of the drop in sessions in which a member of staff is available to help you with any aspect of the course with which you are struggling. Details of the times and locations of the drop in sessions will be posted on the Part 1 notice board. Course Aims: The aims of the course are to: • introduce students to a variety of international business issues, including international trade, international investment, international labour flows, and the market for foreign exchange. • provide students with an understanding of the relevant theory and concepts on these issues. • train students to analyse complex trade and investment issues in the global...
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...Written Paper - 1 MBA 532: Managerial Economics By Taranpreet Singh Jaggi Wagiha Taylor July, 2010 Managerial Economics is branch of economics that apply micro economics tools like demand and cost, monopoly and competition, the allocation of resources, and economic tradeoffs to help managers in taking better decisions. Managerial economics is the science of directing scarce resources to manage effectively. These may be decisions with regard to customers, suppliers, competitors or the internal working of the organization. It does not matter whether the setting is a business, non profit organization or a home. It is the application of micro economics to the managerial issues (Wikipedia, 2010) Written Paper on — Demand Analysis and Optimal Pricing The term demand signifies the ability or the willingness to buy a particular commodity at a given point of time. Demand is the desire to own anything and the ability to pay for it. In short, the demand function shows, in equation form, the relationship between the quantity sold of a goods or service and one or more variables (Blogspot, 2010). Q = f (P, P0, Y) The demand function does not indicate the exact quantitative relationship between Q and P, P0, and Y. Q = quantity demanded P = price of the product P0 = price of the other product Y = income of the consumer The demand equation can be used to test the changes in any of the explanatory variables. The demand curve is a special sub case of...
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...HOUSING CRISIS OF 2007-2014 Clinical Professor of Law Notre Dame Law School Judith Fox 54 WASHBURN L. J. (forthcoming, 2015) Notre Dame Law School Legal Studies Research Paper No. 1504 A complete list of Research Papers in this Series can be found at: http://www.ssrn.com/link/notre-dame-legal-studies.html This paper can be downloaded without charge from the Social Science Research Network electronic library at http://ssrn.com/abstract=2573203 Electronic copy available at: http://ssrn.com/abstract=2573203 The Future of Foreclosure Law in the Wake of the Great Housing Crisis of 2007-2014 Judith Fox* ABSTRACT As 2014 came to an end so, perhaps, did the worst foreclosure crisis in U.S. history. On January 15, 2015, RealityTrac, one of the nation’s leading reporters of housing data, declared the foreclosure crisis had ended. Whether or not their declaration proves true, the aftermath of the crisis will be felt for years to come. During the crisis it is estimated more than five million families lost their homes to foreclosure. Federal, state and local responses to the crisis changed laws and perceptions regarding foreclosure. Despite these changes, we end the crisis much the way we began---with a nationwide foreclosure system mistrusted and disliked by lenders and consumers alike. This paper examines the responses to the crisis in an effort to determine what worked, what did not, and where foreclosure law should go from here. In the end, it is clear that we need a more...
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