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- So, which of these options are true about the number of sellers in your market - the market for corn? Kim There are many sellers (and, of course, many buyers). James That's correct. Corn is a product produced globally. There are thousands, if not hundreds of thousands, of individual farmers. Нарру Economics Mentor Is the corn that you produce different from your competitors? What kind of product do you sell? Kim Differences exist (heterogeneous) Undifferentiated (homogeneous)Question 1 The market for sunglasses has one dominant firm, Luxottica, and 10 small firms. The total market demand curve is given by Qp = 310- 1.5P. The total market supply curve for the 10 small firms is given by Qs = 10 + 1.5P, and Luxottica has a constant marginal cost of S36 per sunglass. According to the price leadership model, what price will Luxottica choose to sell its sunglasses at, and how many will they produce and how many will the 10 small firms produce together? Price: $ Luxottica Quantity: sunglasses 10 small fims combined Quantity: sunglassesHow profound the impact of advertising is in Microeconomics? Also explain its benefits.
- How does the company set its goods or services apartfrom those of its competitors? Does the company compete on price, quality, service, innovation, or some otherattribute?List the characteristics of products that haveinelastic demand, and give several examples ofsuch products.Which of the following statements about expenditures on advertising is true? If a firm knows its product is of low quality, it will be willing to spend large amounts of money on advertising. When a firm spends a small amount of money on advertising, this signals that the quality of the good is high. O When a firm spends a large amount of money on advertising, advertising can be construed as a signal of quality. Read the following example and determine whether it illustrates a common critique or defense of advertising. Sean sees a commercial for a Brand X clothing company that depicts the wearers of the clothes out having a good time with friends. Although he doesn't particularly need new clothes, the commercial prompts him to buy a Brand X t-shirt. This illustrates a common of advertising.
- What are positional goods? Would you discourage competition for their possession? If so how? If not, why not? Typed answer please. I ll rateHow might the consideration of social and environmental issues present an opportunity to pursue a product differentiation strategy?Economics Remove flag Anna, Bill, and Charles are competitors in a local market, and each is trying to decide whether it is worthwhile to advertise, If all of them advertise, each will earn a profit of $5000. If none of them advertise, each will earn a profit of $8000, If only one of them advertises, the one who advertises will earn a profit of $10,000 and the other two will each earn $2000. If two of them advertise, those two will each earn a profit of $6000 and the other one will earn $1000. If all three follow their dominant strategy, what will Anna do, and how much will she earn? Select one: a. Anna will advertise and earn $5000. b. Anna will advertise and earn $6000. C. Anna will not advertise and will earn $8000, d. Anna will advertise and earn $10,000.
- Two firms dominate the market for surgical sutures and competeaggressively with respect to research and development. The followingpayoff table depicts the profit implications of their different R&Dstrategies.a. Suppose that no communication is possible between the firms; eachmust choose its R&D strategy independently of the other. Whatactions will the firms take, and what is the outcome?b. If the firms can communicate before setting their R&D strategies,what outcome will occur? Explain.Firm B’s R&D SpendingLow Medium HighLow 8, 11 6, 12 5, 14Firm A’s R&D Medium 12, 9 8, 10 6, 8 SpendingHigh 11, 6 10, 8 4, 6The following table presents the valuations that 5 different consumers have for 2 different products. The production costs are $10 per unit of good A and $10 per unit of good B. The firm producing them can choose to price them independently or using a bundling strategy. What is the profit the firm will realize, if it prices optimally? VALUATIONS Product A Product B Consumer 1 5 95 Consumer 2 10 90 Consumer 3 50 50 Consumer 4 80 20 Consumer 5 95 5 ANSWER SHOULD BE 410. I will like if it is right! showing my support. Thank you.What is market integration?