It estimates product cost by subtracting a desired profit margin from a competitive market price. It makes reference to the competitive market; it is fundamentally customer-focused and an important concept for new product development. From the above identify the concept; explain the definition and process of concept
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Question 4:
(A)The price of a product is determined by market conditions. The company is a price taker rather than a price maker. It estimates product cost by subtracting a desired profit margin from a competitive market price. It makes reference to the competitive market; it is fundamentally customer-focused and an important concept for new product development.
From the above identify the concept; explain the definition and process of concept.
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- One of the main objectives for firms is profit maximization. (a) Explain, using diagrams, how price-setting firms choose the quantity and price that maximise their profits. (b) Compare your answer to part (a) with the profit maximization process in a price-taking firm. E Please select file(s) Select file(s)Critically evaluate any two products (name of the product, specifications of theproduct, manufacturers details etc) of electronics goods or automobile goods and justify which brand product is the market leader in Oman and discuss what are the marketing strategiesrequired to make a good decision to be a market leader.Factor which affects market demand but not individual demand can be: (a) Number of consumers in the market (b) Age and sex composition of population (c) Distribution of income (d) All of the above
- Assume that the purely competitive firm operates as described below: Q TFC TVC TC AC MC P TR MR Profit 0. 3. Graph TR and TC for the firm 2 8. 4 11 15 21 30 8 42 9 60 10 85 (a) Complete all the cost columns. (b) Assume price = $5. Complete the rest of the table. (c) Graph TR and TC on the graph up and to the right. (d) For the market graph below on the right, label demand, supply and the prevailing market price. Label the equilibrium market quantity with q*. (e) For the firm graph below to the left, label the axis. PLOT USING THE DATA IN THE TABLE the demand curve the firm faces, the marginal revenue curve, the average cost curve, the marginal cost curve, and the equilibrium price, quantity. Show the profit. Do all the plots give you the same answer? 6,Sustainable tourism is a long-term commitment. The energy consumption in the tourism industry is usually through accommodation and transport. Energy is marked by all of the following Except a. The use of renewable energy, efficient technologies and other sustainable practices may help to mitigate the high cost and negative effects b. Tourism initiatives which use electricity for cooling, heating, lighting, water heating, cooking and other key services in hotels, restaurants and resorts c. Cost which may have no impact on the tourism sector in terms of profitability d. High costs which may have direct and indirect impact on the tourism sector in terms of profitabilityTopic: Marginal Analysis Study Case Presentation of Data Clearly and logically presented tables/graphs/diagrams/formulas/definitions, that are labelled correctly, used appropriately, and reflect the data presented in Question prompt i.e. Express Data presented in Question prompt Describe/Define any theory/concepts needed for the analysis List any formulas that will be needed for the analysis
- What happens to the firm's supply curve if there is an excess capacity in the production? (a) Price elastic (b) Unit Price Elastic (c) Price Inelastic (d) None of the aboveQuestion 1 Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated machinery for the production of minivans. (d) The price of station wagons rises. (e) A stock-market crash lowers people’s wealth sub section (D) and (E)Question 2 A buyer has to be knowledgeable about the form of competition present in different markets so that s/he is able to plan for purchasing prices. Explain how the different market structures influence supplier’s price determination.
- What is a relevant criterion for the product screening process? Multiple Choice profit potential employee involvement production capacity of competitors the stage of the product life cycle OSpecific Instructions: Identify the factor/s affecting the supply and/or demand for each of the underlined good or service Start from an initial equilibrium market condition (see figure below) and then illustrate the shift/s in the supply and/or demand curve/s Assume equal magnitude of shift in the supply and demand curves. Label all figures and use an arrow to show the direction of the shift. X QMany people believe that businesses that commit fraud cannot last long because (a) the government will shut them down (b)their competition will sue them (c)word will spread and they will lose their customers (d) they will be apprehended and put in jail.