principles of marketing lecture notes doc

Ngày tải lên: 15/08/2013, 14:26

Ngày tải lên: 17/08/2013, 09:20

... legion of wealthy movie stars, doctors, and stock brokers paying a pittance for palatial dwellings in the more fashionable neighborhoods of Manhattan. Some of these tales were knocked off the ... Run (supply and demand are elastic) Quantity of Apartments 0 Supply Controlled rent Shortage Rental Price of Apartment 0 Rental Price of Apartment Quantity of Apartments Demand Supply Controlled rent Shortage Demand Figure ... Not Binding $4 3 Quantity of Ice-Cream Cones 0 Price of Ice-Cream Cone 100 Equilibrium quantity (b) A Price Ceiling That Is Binding $3 Quantity of Ice-Cream Cones 0 Price of Ice-Cream Cone 2 Price ceiling Demand Supply Price ceiling Shortage 75 Quantity supplied 125 Quantity demanded Equilibrium price Equilibrium price Demand Supply Figure...

Ngày tải lên: 15/12/2013, 11:15

... dropped out of school and who now become unemployed. The minimum wage is a frequent topic of political debate. Advocates of the minimum wage view the policy as one way to raise the income of the working poor. ... requiring sellers of ice-cream cones to send $0.50 to the government for each cone they sell. What are the effects of this law? In this case, the initial impact of the tax is on the supply of ice cream. ... downward), as shown in Figure 6-6. tax incidence the study of who bears the burden of taxation $3.30 3.00 2.80 Quantity of Ice-Cream Cones 0 Price of Ice-Cream Cone Price without tax Price sellers receive 10090 Equilibrium with...

Ngày tải lên: 15/12/2013, 11:15

... to the profits that the firm makes. For example, if Intel sells a total of 1,000,000 shares of stock, then each share represents owner- ship of 1/1,000,000 of the business. The sale of stock ... stock is a part owner of Intel; the owner of an Intel bond is a creditor of the corporation. If Intel is very profitable, the stockholders en- joy the benefits of these profits, whereas the bondholders ... a percentage of the stock’s price. ◆ Price-earnings ratio. A corporation’s earnings, or profit, is the amount of revenue it receives for the sale of its products minus its costs of production...

Ngày tải lên: 15/12/2013, 11:15

... price of milk adjusts so that the quantity of milk supplied balances the quantity of milk demanded. In this way, the invisible hand coordinates the be- havior of dairy farmers and the behavior of ... behavior of people who want to save (the sup- pliers of loanable funds) and the behavior of people who want to invest (the de- manders of loanable funds). We can now use this analysis of the market ... U.S. policymakers view the low level of U.S. saving as a major problem. One of the Ten Principles of Economics in Chapter 1 is that a country’s standard of living depends on its ability to produce goods...

Ngày tải lên: 15/12/2013, 11:15

... percent of nonunion workers, said Barry Bluestone, a labor- friendly economics professor at the Uni- versity of Massachusetts. The conclusion draws no argument even from Prof. Leo Troy of Rutgers ... sides of the debate. Critics of unions argue that unions are merely a type of cartel. When unions raise wages above the level that would prevail in competitive markets, they reduce the quantity of ... percent of his or her former wages for 26 weeks. While unemployment insurance reduces the hardship of unemployment, it also increases the amount of unemployment. The explanation is based on one of the...

Ngày tải lên: 15/12/2013, 11:15

... can profoundly affect the economy. One of the Ten Principles of Economics in Chapter 1 is that prices rise when the government prints too much money. Another of the Ten Principles of Economics is that society ... bank has two kinds of assets: It has $10 of reserves in its vault, and it has loans of $90. (These loans are liabilities of the people taking out the loans but they are assets of the bank making ... of money, it also creates a corresponding liability for its borrowers. At the end of this process of money creation, the economy is more liquid in the sense that there is more of the medium of...

Ngày tải lên: 15/12/2013, 11:15

... deadweight loss of the tariff is the sum of these two triangles. THE EFFECTS OF AN IMPORT QUOTA The Isolandian economists next consider the effects of an import quota—a limit on the quantity of imports. ... price. A tariff raises the price of imported steel above the world price by the amount of the tariff. Domestic suppliers of steel, who compete with suppliers of imported steel, can now sell their ... world price, domestic sellers are better off, and do- mestic buyers are worse off. In addition, the license holders are better off because they make a profit from buying at the world price and...

Ngày tải lên: 24/12/2013, 17:15

... market can often solve the problem of externalities by relying on the self-interest of the relevant parties. Sometimes the solution takes the form of in- tegrating different types of business. ... pollution to 300 tons of glop per year. ◆ Pigovian tax: The EPA could levy a tax on each factory of $50,000 for each ton of glop it emits. The regulation would dictate a level of pollution, whereas ... problem of too few trees and too few bees. The contract can specify the number of trees, the number of bees, and perhaps a payment from one party to the other. By setting the right number of trees...

Ngày tải lên: 24/12/2013, 17:15

... to hold money instead of other assets that offer higher rates of return because money can be used to buy goods and ser- vices. Although many factors determine the quantity of money demanded, the ... tightening of monetary policy risks pushing the economy into a recession, which reduces profits. As a result, stock prices often fall when the Fed raises interest rates. CHAPTER 32 THE INFLUENCE OF ... curve, the theory of liquidity preference expands our understanding of short-run economic fluctuations. THE THEORY OF LIQUIDITY PREFERENCE In his classic book, The General Theory of Employment,...

Ngày tải lên: 24/12/2013, 17:15

... REGRESSIVE TAX PROGRESSIVE TAX AMOUNT PERCENT AMOUNT PERCENT AMOUNT PERCENT INCOME OF TAX OF INCOME OF TAX OF INCOME OF TAX OF INCOME $ 50,000 $12,500 25% $15,000 30% $10,000 20% 100,000 25,000 25 25,000 ... into five groups of equal size, called quintiles. The second column of the table shows the average income of each group. The poorest one-fifth of fam- ilies had average income of $9,880; the richest ... professors each earning $50,000 a year. Before getting married, they each pay a tax of $10,000 (25 percent of $40,000), or a total of $20,000. After getting married, they have a total income of $100,000,...

Ngày tải lên: 21/01/2014, 23:20

... number of workers increases, which reflects diminishing marginal product. Table 13-1 OUTPUT (QUANTITY OF MARGINAL TOTAL COST OF INPUTS NUMBER OF COOKIES PRODUCED PRODUCT COST OF COST OF (COST OF ... graph of these two columns of numbers. The number of workers is on the horizontal axis, and the number of cookies produced is on the vertical axis. This relationship be- tween the quantity of inputs ... product of a worker. The marginal product of any input in the production process is the increase in the quantity of output obtained from an additional unit of that input. When the num- ber of workers...

Ngày tải lên: 21/01/2014, 23:20

... economies of scale at low levels of output, constant returns to scale at intermediate levels of output, and diseconomies of scale at high levels of output. What might cause economies or diseconomies of ... run, _______ includes the cost of cream and sugar, but not the cost of the factory. e. Profits equal total revenue less _______. f. The cost of producing an extra unit of output is _______. 2. Your ... a large number of workers and produces a large quantity of output. In his celebrated book, An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith described an example of this based...

Ngày tải lên: 21/01/2014, 23:20

... produces 2 gallons, it has a profit of $4, and so on. To maximize profit, the Smith Farm chooses the quantity that makes profit as large as possible. In this example, profit is maximized when the ... temporary shutdown of a firm and the permanent exit of a firm from the market. Ashutdown refers to a short-run decision not to produce anything during a specific period of time because of current mar- ket ... and total cost. The first gallon of milk the farm produces has a marginal revenue of $6 and a mar- ginal cost of $2; hence, producing that gallon increases profit by $4 (from Ϫ$3 to $1). The...

Ngày tải lên: 21/01/2014, 23:20

Ngày tải lên: 21/01/2014, 23:20

Ngày tải lên: 21/01/2014, 23:20