100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
BUSM 2010 Final Exam Questions With Solutions $18.49   Add to cart

Exam (elaborations)

BUSM 2010 Final Exam Questions With Solutions

 2 views  0 purchase
  • Course
  • BUSM
  • Institution
  • 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...

[Show more]

Preview 3 out of 24  pages

  • October 19, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUSM
  • BUSM
avatar-seller
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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller UpperClass. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $18.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

62491 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$18.49
  • (0)
  Add to cart