Demand characteristics for the same product

1. A popular restaurant charges lower prices for alcoholic drinks in the late afternoon (4-6pm), but offers no such discounts at lunchtime or on weekends. What is different about demand characteristics for the same product at the same location but at different times on different days of the week? Does this pricing policy tend to increase the restaurant’s revenues?

(hint: think elasticities)

Don't use plagiarized sources. Get Your Custom Essay on
Demand characteristics for the same product
Just from $10/Page
Order Essay

 

 

 

2. 2-  The Commerce Department is considering lifting the ban on the import of Brazilian oranges (the world’s largest producer of oranges) into the United States.  If a significant number of Brazilian oranges are allowed to be imported into the United States, explain the impact on the following:

a. The equilibrium quantity and price of oranges in the US

b. The equilibrium quantity and price of orange juice in the US

c. The equilibrium quantity and price of tangerines in the US (assuming tangerines are a substitutes for oranges)

 

 

 

 

 

3.  Imagine you are an author of a book who gets a royalty payment of 10% of the total revenues from the sale of the book.  You get a phone call from your publisher telling you they are increasing the price of your book from $25 to $30.  Should you be happy about this?  Why or Why not?

a. What assumptions are you making about the change in quantity demanded of the book in your answer?

b. What elements/characteristics of the book will determine whether your assumption is valid?

 

 

4. Between World War I and World War II, the cotton textile industry was one of the most competitive industries in the US.  Cotton textiles were a homogenous product, there were many buyers and sellers and free entry and exit.

 

Research showed that the return on investments in the cotton textile industry was about 6% in the South and 1% in the North (due to higher labor costs).  The average rate of return for ALL manufacturing industries was around 8%.

 

1. What would you expect to happen to the number of firms in the cotton textile industry in the long run? Would firms in the South or the North be equally affected?  Why?

 

After World War II, the US put restrictions on the import of cheaper textile imports.

2. What would you expect to happen to the profitability and number of firms in the US cotton textile industry in the long run? Explain why.

 

In the early 1990’s these trade restrictions were lifted.

3.   What would you expect to happen to the profitability and number of firms in the US cotton textile industry in the long run? Explain why.

 

 

5. This question has 3 parts.  Please answer all of them.

a.        Why are clothes with designer labels so much more expensive than ‘own brand’ clothes from a chain store, even though they may cost a similar amount to produce?

b.       Why do the prices of fresh vegetables fall when they are in season?  Could an individual farmer prevent the price from falling?

c.       If the price of frozen yogurt falls, the price of ice cream is likely to rise.  True or False? Why?

 

 

 

6. Market approval in the US for new pharmaceutical products is a long, arduous, and expensive process. Once approved, patent protection keeps close substitute products from entering for some years.

a.      If the demand for a particular product is stable, what would you predict for the profitability after approval and prior to patent expiration? Why?

b.     What would you predict for the profitability of pharmaceuticals products after the patent expires? Why?

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
error: Content is protected !!
Open chat
1
You can contact our live agent via WhatsApp! Via +1 817 953 0426

Feel free to ask questions, clarifications, or discounts available when placing an order.

Order your essay today and save 30% with the discount code STARS