Economics of Enterprise Answers

a cereal company wants to know how much influence small children have on cereal choices . as a marketing research expert advice management on what marketing research is and explain the marketing research process you will go through to conduct the research for the organization

the difference between short-run and long-run period of production in economics

If all cost are equal, what 5 things should you measure to make a good decision between trade-offs?

1. The two demand curves in Figure 5-7 in the textbook (p. 123) are linear demands parallel to each other. a. Show that the demand curve for 1986 in Figure 5-7 is more elastic at every price than the demand curve in 1971. (2) In figure 5-1 the elasticity at point 1 along the 1986 demand curve is A/B and the elasticity at point 2 on the 1971 demand curve is A/Bp. Since in both figures the distance A is the same, the 1986 demand curve is more elastic. b. Show that the demand curve for 1986 in Figure 5-7 is less elastic at every quantity than the demand curve in 1971

1. How should you allocate your $10 between wings and sandwiches so as to achieve maximum utility? 2. Verify that the marginal utility per dollar of each good is the same at the utility maximizing bundle. 3. Suppose the price of sandwiches falls to $2. By comparing the marginal utility per dollar of your current purchases of wings and sandwiches, should you purchase more sandwiches, more wings, or does your current bundle still maximize your utility? 4. Assuming you still allocate $10 between the two goods, what amounts of wings and sandwiches maximize your utility at these new prices? 5. From the exercises above, list two price/quantity combinations that lie on your demand curve for wings.

Consumer income and the prices of substitute and complementary products are factors that can affect the

Types of econmy

Define ecomomy 2 types of economy institution 3 functions economy institution 4 importance economy imstitution 5 Describtion and types of somali economy