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Exam (elaborations)

BUSM 2010 Final Exam Questions With Solutions

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  • BUSM

BUSM 2010 Final Exam Questions With Solutions competitive reference point above, at, below pricing constraints demand, availability of close substitutes, single product vs product line, cost of producing/marketing Single Product vs Product line EX: Apple came out with 3 new iphones, hoping t...

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  • October 19, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUSM
  • BUSM
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UpperClass
BUSM 2010 Final Exam Questions With
Solutions

competitive reference point above, at, below




pricing constraints demand, availability of close substitutes, single product vs product

line, cost of producing/marketing




Single Product vs Product line EX: Apple came out with 3 new iphones, hoping to reach

different economic target markets




Cost of producing and marketing have to cover fixed and variable costs first and also try

to make a profit




Pure Competition Characteristics extent of price competition = almost none


extent of product differentiation = none

extent of advertising = little

ex: identical commodity products




Oligopoly Characteristics extent of price competition = some

, BUSM 2010 Final Exam Questions With
Solutions
extent of product differentiation = various, depends on industry

extent of advertising = some

Few sellers who are sensitive to each others prices




pure monopoly price competition = none


differentiation = none

advertising = little

ex: xcel energy, BUT now they have to get approval before raising prices




"For Prescription Drug Makers, Price Increases Drive Revenues" pure monopoly


one seller who sets price for unique product

drug makers have high pricing power, especially on creation of new drugs because of patents




monopolistic competition price competition = some


differentiation = some

, BUSM 2010 Final Exam Questions With
Solutions
advertising = much

may sellers who compete on non price factors




Factors of Demand Curve -consumer tastes


-price of complementary/substitute products

-consumer income




Total Revenue (TR) the total money received from the sale of a product


price x quantity sold




Marginal revenue (MR) the change in total revenue that results from producing and

marketing one additional unit of a product




price elasticity of demand a measure of the sensitivity of demand to changes in price




Price Elasticity of demand = % change in quantity demanded / % change in price

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