ZuoTi.Pro
Question

Think about some of the goods you buy: perhaps different kinds of food, clothes, transport tickets,...

Think about some of the goods you buy: perhaps different kinds of food, clothes, transport tickets, or electronic goods.

  1. Are there many sellers of these goods?

  2. Do you try to find the lowest price in each case?

  3. If not, why not?

  4. For which goods would price be your main criterion?

  5. Use your answers to help you decide whether the sellers of these goods are price-takers. Are there goods for which you, as a buyer, are not a price-taker?

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Yes, there are many sellers of the goods mentioned in the above list.

No, the consumer will not like to find the lowest price in case of food, clothes, transport tickets because these are the basic necessities but will like to find the lowest price in case of electronic goods.

This depends on the price elasticity of demand. A person will try to find the lowest price in case of the good with high price elasticity of demand and not in case of good with relatively low price elasticity of demand.

As stated above, price will be main criterion in case of electronic goods.

The sellers are price takers in case of food, clothes, transport tickets market.In case of electronic goods, the sellers are not price takers.

0 0
Add a comment
Know the answer?
Add Answer to:
Think about some of the goods you buy: perhaps different kinds of food, clothes, transport tickets,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 2. Some products compete closely with one another for the consumers' dollars. You may buy one...

    2. Some products compete closely with one another for the consumers' dollars. You may buy one or you may buy the other but you probably won't buy both. These products are said to be _ for each other. For these products, if the price of good Brises, the demand for good A For these products, the demand for good A varies directly with the price of good B. If B gets more expensive, the demand for A increases. If B...

  • You work at a soft drink distributorship that sells at most 100 different kinds of soft...

    You work at a soft drink distributorship that sells at most 100 different kinds of soft drinks. This program will process weekly transactions and allow for a report to be displayed that includes the soft-drink name, ID number, starting inventory, final inventory, and the number of transactions received. There are two data files, data7.txt and data7trans.txt, which hold the initial soft drink information and transactions, respectively. The file data7.txt consists of at most 100 lines where each line contains the...

  • When we talk about whether there is prosperity or not, we are generally talking about the...

    When we talk about whether there is prosperity or not, we are generally talking about the amount of the gross domestic product that goes to each person. Standard of living, meanwhile, refers to the extent to which the economy in a region enables the production of and purchase of goods and services. The financial system, meanwhile, is the group of institutions dealing with savings and borrowing of money, made up of financial markets and financial intermediaries. The stock and bond...

  • Can you me with; Designing an apple Watch Product All of you purchase products and services...

    Can you me with; Designing an apple Watch Product All of you purchase products and services every day, ranging from necessities, such as food, clothing, and shelter, to discretionary items, such as soda, music, and education. And marketers develop many of these products and services with you specifically in mind—just look at the stores in and around campus that cater to you.    Learning Objective. Define a target market and develop an apple watch product. Defining an apple watch Product....

  • Case study Company Case Campbell Soup Company: Watching What You Eat You might think that a well-known, veteran consumer products company like the Campbell Soup Company has it made. After all, when pe...

    Case study Company Case Campbell Soup Company: Watching What You Eat You might think that a well-known, veteran consumer products company like the Campbell Soup Company has it made. After all, when people think of soup, they think of Campbell’s. In the $5 billion U.S. soup market, Campbell dominates with a 44 percent share. Selling products under such an iconic brand name should be a snap. But if you ask Denise Morrison, CEO of Campbell, she’ll tell you a different...

  • Please read the article and answer about questions. You and the Law Business and law are...

    Please read the article and answer about questions. You and the Law Business and law are inseparable. For B-Money, the two predictably merged when he was negotiat- ing a deal for his tracks. At other times, the merger is unpredictable, like when your business faces an unexpected auto accident, product recall, or government regulation change. In either type of situation, when business owners know the law, they can better protect themselves and sometimes even avoid the problems completely. This chapter...

  • On April 20, 2001, Yan Fangjiao, general manager of the Instruments Division of Stone Group Corp....

    On April 20, 2001, Yan Fangjiao, general manager of the Instruments Division of Stone Group Corp. in Beijing, China, received a phone call from Lu Feng, sales representative of the Instruments Division. Feng was calling to ask Yan whether he should sell three Model HP34401A digital multimeters from the Instruments Division to the Industrial Controllers Division and what transfer price should be used if he did want to sell. Yan had to consider the appropriate accounting principles that applied in...

  • Can you answer only question 5and 6 Questions: 1. How could the promotion of UK Hoover...

    Can you answer only question 5and 6 Questions: 1. How could the promotion of UK Hoover have been better designed? Be as specific as you can. 2. Given the fiasco that did occur, how do you think Maytag should have responded? 3. Comment on the following statement: “Firing the three top executives of UK Hoover is unconscionable. It smacks of a vendetta against European managers by an American parent. After all, their only ‘crime’ was a promotion that was too...

  • My question is about the case study “ Comparing Apples and Oranges: which group yuelds the...

    My question is about the case study “ Comparing Apples and Oranges: which group yuelds the best profit?” 1) Using the Excel apreadsheet attached to complete the rooms sold and revenue projections based on the above case study. Case Study: "Comparing Apples and Oranges: Which Group Yields the Best Profit?" ​The Diamond Peak Hotel, one of 45 hotels in the Host Marriott management company, was bustling with business this Thursday afternoon as the hour of the daily revenue meeting drew...

  • Cloud 9 - Continuing Case Sharon Gallagher and Josh Thomas have assessed the internal controls at...

    Cloud 9 - Continuing Case Sharon Gallagher and Josh Thomas have assessed the internal controls at Cloud 9 as being effective at an entity level. This means that, at a high level, the company demonstrates an environment where potential material misstatements are prevented or detected. Answer the following questions based on the information presented for Cloud 9 in the appendix to this text and the current and earlier chapters. You should also consider your answers to the case-study questions in...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT