Management Final Exam Brandon Blake Saint Leo University Abstract In this paper, we will discuss the four competitive dynamics in marketing. We will explain the four levels and the part that they play in various scenarios. We will also discuss price elasticity. We will discuss how it can affect the choices a company makes. We will also make suggestions on how the company can improve its sales by using the 4Ps. Finally we will look at two separate alternatives for a company and determine if is better
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Question 1 : Everyone’s Gasoline Problem Gasoline prices are affected by the seasonality that is driven by the demand and supply patterns, as well as the local competition. The demand for gasoline increases during summer as people drive more due to favorable weather conditions. As the demand for gasoline increases, gas prices at the pump increases to earn more profits. From the graph, it is clear that the price of gasoline shot up to $4 a gallon in July 2008 (GasBuddy.com, 2011). This was
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Appendix B Price Elasticity and Supply & Demand Fill in the matrix below and describe how changes in price or quantity of the goods and services affect either supply or demand and the equilibrium price. Use the graphs from your book and the Tomlinson video tutorials as a tool to help you answer questions about the changes in price and quantity. Event | Market affected by event | Shift in supply, demand, or both. Explain your answer. | Change in equilibrium | Frozen orange crops in California
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Provide a quantitative estimate. How do you explain the fact that over that period the amount of batteries sold increased whereas the value of sales declined? b) Using the data supplied for that period show how it can be calculated that the price elasticity of demand for batteries is about -0.46. Interpret this figure and explain what it implies about the behaviour of consumers. c) Account for the increase in sales of zinc carbon batteries in 2009, following a period of decline. d) What
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Nonlapan Burimsittichai Ungkana Lukkanavej Econ545: Project 1 – Microeconomic Analysis January, 26, 2015 Introduction In the previous years we have been experiencing a shortage on the supply of physicians, issue that according to the projections will not be changing any time soon. Given this situation we could probably already answer the question and risk to say that it is a good idea economy-wise to become a doctor, seeing that at least for the next 10 years the supply will not be anywhere
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last unit of cheese added 40 units of utility. Item |Wine |Cheese | |Marginal Utility |50 |40 | |Price |$10 |$4 | |Marginal Utility/Price |5 |10 | | Is Bridget making the utility maximizing choice? Why or why not? No. Bridget is not making the utility maximizing choice. Even though wine adds 50 units of utility, it still does not make up for the price. The marginal utility divided by the price for wine is 5, even though the last unit added 50, she is still spending 10 dollars per unit. While
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Concepts Of Elasticity In economics, elasticity is a measure of the response or sensitivity of one economic variable against change in another. Different elasticities of demand measure the responsiveness of quantity demanded to changes in variables which affect demand. i) Price elasticity of demand - Measures the responsiveness of quantity demanded by changes in the price of the good. This is the most common elasticity measurement. The formula used to determine price elasticity is e = (percentage
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++Managerial Economics Module Question: Q. 5.1 (a) What is elasticity of demand? In economics, the term "elasticity" refers to how much the demand for a product changes when certain other variables change. For example, price elasticity of demand looks at the change in quantity demanded for a good or service when the price of that good or service changes. The simpler formulas for finding elasticity tend to take the percent change in demand and divide it by the percent change in the independent
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EGT: Task 2 Elasticity of demand references the level of reaction that a consumer will display to a price change of a particular product. In general, this term describes a % change in the quantity demanded in response to % change in pricing. The general equation used to calculate elasticity of demand is defined as: (Gillespie, 2010). This number is then compared as a critical threshold. In the case of elasticity of demand, the critical threshold number is 1. If the result is greater than 1
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To raise more revenue, Nobody State University increases its tuition so, this would not increase the revenue but it would decrease the revenue. If one increase then the other would definitely decrease. No it would definitely not result into more revenue to have more revenue Nobody State University would have to decline some enrollments in order to increase the revenue. Most likely Nobody States University will not decline enrollment so the cost of tuition would definitely be increased. Under
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