The factors affecting demand other than price such as consumer
tastes and preferences, the level of consumer income, prices for
other related goods, the availability of close substitutes,
expectations of future price changes cause a shift in the demand
curve. Indicate that as well as an example, demonstrating a shift
to the left or right for each one.
If a consumer is injured by a defective product, which of the following types of claims may the consumer bring? (Select two) Strict Liability Malfeasance Misdemeanor Negligence
3. Tastes change so that demand for a product falls. At the same
time tax rates on the product paid by the producers were lowered.
Given that output increased and prices fell as a result, which
change had the largest effect? a It is impossible to tell. b The
change in tastes c The change in taxes. d They were likely about
the same size.
4. Supply decreases in a market and demand increases. The price
in the market will:...
Discuss the significance of the assumption of “identical
preferences and tastes” in the factor endowment theory. Will the
H.O theory collapse if tastes and preferences are different between
the two nations? For the latter question, draw a graph to show it
graphically. Explain
As a student, consider the determinants of demand (e.g. tastes
and preferences, income, price of related goods, future
expectations on price). What two determinants would most impact
your decision to continue to “purchase” education and why?
Beer Drinkers’ Tastes Change with the Season
What a time to be alive—at least according to beer drinkers.
Nearly nine in 10 (88 percent) beer drinkers agree that it’s a
great time to be a beer lover. When looking more closely at what it
is about beer they love so much, 70 percent say they enjoy trying
new types of beer and nearly two in three (64 percent) are fans of
local brews. The latter is especially true of craft...
(a) Globalization of markets is the phenomenon where consumer’s
preferences and tastes across different societies converge into a
global norm. How does this phenomenon lead to the merging of
historically distinct and separate national markets from the
perspective of international businesses?
Answer:
(b) Identify and explain how specific advances in communication
and transportation technologies over the past decades have driven
globalization of markets?
Answer:
(c) How does globalization of markets for a product or service
benefit existing consumers?
Answer:...
A consumer products company is formulating a new shampoo and is
interested in foam height (in millimeters) Foam height is
approximately normally distributed and has a standard deviation of
25 mm. The company wishes to test Ho:u = 175 mm versus H¡:u >
175 mm, using the results of =15 samples.
(a) Find the type I error probability (alpha) if the critical
region is x>185.
(b) What is the probability of type II error if the true mean
foam height...
A consumer products company is formulating a new shampoo and is
interested in foam height (in millimeters). Foam height is
approximately normally distributed and has a standard deviation of
20 millimeters. The company wishes to test H0:μ=175 millimeters
versus H1:μ>175 millimeters, using the results of n
samples. Find the boundary of the critical region if the type I
error probability is α=0.05 and n=16.
Round your intermediate values to two decimal places. Round your
answer to one decimal places (e.g....