To whoever reported my post, I sincerely hope that your kids will never graduate 🙏
Plan C got reported again
Now Plan D is just send me an email
Monday, March 8, 2021
Saturday, March 6, 2021
------------------Contents------------------
2013 Jan. Legato Learning - Introduction to Music
2013 Feb. Connect 4 Education - Music of the World (deleted)
Human Cultural Geography
Introduction to Biology
Introduction to Chemistry
Biological/Physical Anthropology
2013 May My I.T. Lab - Computer Literacy
2013 June Introduction to Health
2013 July Human Sexuality
2013 Aug. Abnormal Psychology
2013 Sep. US History - Out of Many & The American Promise
2013 Oct. Management - Organizational Behavior
2015 Sep. Mastering Astronomy
2015 Oct. Microeconomics & Macroeconomics(Got reported, now all you need to do is open plan B website and change plan"b" to "c" )
2016 Sep. McGraw-Hill Connect - Financial Accounting (plan B, please open this link first before you wonder)
2016 Oct. McGraw-Hill Connect - Managerial Accounting
2016 Nov. Financial Management (Quiz)
2016 Dec. Accounting 3220
2017 Jan. Business Law
2019 July another Connect - Financial Accounting
2013 Feb. Connect 4 Education - Music of the World (deleted)
Human Cultural Geography
Introduction to Biology
Introduction to Chemistry
Biological/Physical Anthropology
2013 May My I.T. Lab - Computer Literacy
2013 June Introduction to Health
2013 July Human Sexuality
2013 Aug. Abnormal Psychology
2013 Sep. US History - Out of Many & The American Promise
2013 Oct. Management - Organizational Behavior
2015 Sep. Mastering Astronomy
2015 Oct. Microeconomics & Macroeconomics
2016 Sep. McGraw-Hill Connect - Financial Accounting (plan B, please open this link first before you wonder)
2016 Oct. McGraw-Hill Connect - Managerial Accounting
2016 Nov. Financial Management (Quiz)
2016 Dec. Accounting 3220
2017 Jan. Business Law
2019 July another Connect - Financial Accounting
Wednesday, May 13, 2020
MKTG #
For a new product concept to be feasible, product developers must have at least the following inputs:
end-user benefit/need and technology
Ergonomics can be best defined as:
studying human characteristics in order to develop appropriate designs.
In the Lean Product Process, the MVP
refers to Minimum Viable Product: the minimum functionality the customer considers viable
In the Build – Measure – Learn Loop, we
recognize outcomes from testing and apply learning to the next iteration of the Loop.
In developing the most effective configuration of bristles for its Oral-B toothbrush, Gillette studied the habits of people in brushing their teeth, making for a more user-friendly design. In this process, Gillette is applying
ergonomics
When using price bundling as a pricing strategy,
“b” and “c” are correct
If three-pronged blivets are characterized by inelastic demand, and the producer raises the price,
total revenue will increase, but demand will decrease
Consumers are likely to be more sensitive to the price of a product or service when:
the consumer is aware of substitutes
According to Gerard Tellis, author of “Beyond the Many Faces of Price,” complementary pricing and price bundling are both pricing strategies to help the firm in
managing the product mix.
In the growth stage of the business life cycle a firm is best advised to pursue
market development strategies.
First quarter analysis of price elasticities of demand for widgets indicate the following: for blue widgets, E = .22, while for red widgets, E = 3.89. From this analysis we can conclude that, most likely,
blue widgets have few, if any, substitutes
Customer lifetime value
is the net present value of future cash flows as projected from a customer relationship.
With prototyping, designers should:
“a” and “b” are correct
In seeking the Voice of the Customer (VOC), product and service managers
conduct surveys and interviews with customer groups
The present value of future cash flows as projected from a customer relationship is a measure called:
customer lifetime value
From the case about EpiPen we learn that:
“a”, “b” and “c” are correct
Differentiation is an effective MVP strategy for entrepreneurs when it is based upon
all of the above are good bases of differentiation
Of the following, the most likely to have an elastic demand curve would be
beachfront vacation resort rentals
About Zappos we learn that:
Zappos’s founder Nick Swinmurn used the MVP process to demonstrate the viability of online shoe sales.
Let’s say a new cell phone service provider, East Bay Wireless, wants to enter the highly competitive mobile phone marketplace in Northern California. As one tool to accomplish this goal, East Bay Wireless executives offer drastically-reduced fees on both phones and services, below competitors’ current rates, to new customer sign-ups. This would be an example of
penetration pricing strategy
In the development of products and services, outliers
may offer differentiated approaches or innovative opportunities in solving problems, and should not be avoided
As a creativity technique for generating ideas, the 5 Whys technique
“b” and “c” are correct
In the context of product and service development, we can say that a pivot
means a change in strategy without a change in vision
Given an interest in authentic Afghan cuisine and the choices below, what should entrepreneurs in starting up a new Bay Area restaurant, do first?
Determine the target customer.
Jeff Links Leashes (JLL) is a business start-up that provides one-day to one-month dog exchange services in major West Coast cities. JLL connects and pairs registered dog owners away on business or vacation with those pre-screened individuals who, for various reasons, have a temporary need for a dog’s companionship or specialized training. An app and companion website helps paring dog owner with dog renter. The revenue streams for JLL come from placement fees charged to the dog owners and service fees billed to those renting the dogs. JLL’s B2C business model could best be described as a
platform model
A(n) _____ is designed to capture the events leading up to a product or service launch, trying to understand the thinking behind decisions made.
after action review
________uses the market’s perception of what a product or service is worth – not the seller’s cost – as the basis for pricing.
value-based pricing
“Oh no! What’s happened to the price of my favorite North Coast cheese? When I last shopped at Safeway, this cheese was a good deal! Now, it’s way over-priced. I’m taking my business to Wisconsin!” Likely, this consumer
has a reference price in mind for cheese, at odds with the current sales price of her favorite cheese
In applying design thinking, ideate most likely would include
brainstorming to suggest improved service features.
The Embrace® infant child warmer is most likely a good example of this principle of universal design:
affordable functionality
In developing the Customer Profile for Value Proposition Design, Jobs include
the things customers are trying to get done in their work or life
From the case about Starbucks we learn that:
all the above are correct.
The early majority in the Technology Adoption Life Cycle model
“b” and “c” are correct.
In the Four Pillars of Pricing, as discussed by Utpal Dholakia,
“a”, “b” and “c” are correct
Global “top brands” like Apple, Google and Coca-Cola are ranked by Interbrand (www.interbrand.com) according, in part, to:
net present values of projected future earnings, from data supplied each year by the brand owners.
end-user benefit/need and technology
Ergonomics can be best defined as:
studying human characteristics in order to develop appropriate designs.
In the Lean Product Process, the MVP
refers to Minimum Viable Product: the minimum functionality the customer considers viable
In the Build – Measure – Learn Loop, we
recognize outcomes from testing and apply learning to the next iteration of the Loop.
In developing the most effective configuration of bristles for its Oral-B toothbrush, Gillette studied the habits of people in brushing their teeth, making for a more user-friendly design. In this process, Gillette is applying
ergonomics
When using price bundling as a pricing strategy,
“b” and “c” are correct
If three-pronged blivets are characterized by inelastic demand, and the producer raises the price,
total revenue will increase, but demand will decrease
Consumers are likely to be more sensitive to the price of a product or service when:
the consumer is aware of substitutes
According to Gerard Tellis, author of “Beyond the Many Faces of Price,” complementary pricing and price bundling are both pricing strategies to help the firm in
managing the product mix.
In the growth stage of the business life cycle a firm is best advised to pursue
market development strategies.
First quarter analysis of price elasticities of demand for widgets indicate the following: for blue widgets, E = .22, while for red widgets, E = 3.89. From this analysis we can conclude that, most likely,
blue widgets have few, if any, substitutes
Customer lifetime value
is the net present value of future cash flows as projected from a customer relationship.
With prototyping, designers should:
“a” and “b” are correct
In seeking the Voice of the Customer (VOC), product and service managers
conduct surveys and interviews with customer groups
The present value of future cash flows as projected from a customer relationship is a measure called:
customer lifetime value
From the case about EpiPen we learn that:
“a”, “b” and “c” are correct
Differentiation is an effective MVP strategy for entrepreneurs when it is based upon
all of the above are good bases of differentiation
Of the following, the most likely to have an elastic demand curve would be
beachfront vacation resort rentals
About Zappos we learn that:
Zappos’s founder Nick Swinmurn used the MVP process to demonstrate the viability of online shoe sales.
Let’s say a new cell phone service provider, East Bay Wireless, wants to enter the highly competitive mobile phone marketplace in Northern California. As one tool to accomplish this goal, East Bay Wireless executives offer drastically-reduced fees on both phones and services, below competitors’ current rates, to new customer sign-ups. This would be an example of
penetration pricing strategy
In the development of products and services, outliers
may offer differentiated approaches or innovative opportunities in solving problems, and should not be avoided
As a creativity technique for generating ideas, the 5 Whys technique
“b” and “c” are correct
In the context of product and service development, we can say that a pivot
means a change in strategy without a change in vision
Given an interest in authentic Afghan cuisine and the choices below, what should entrepreneurs in starting up a new Bay Area restaurant, do first?
Determine the target customer.
Jeff Links Leashes (JLL) is a business start-up that provides one-day to one-month dog exchange services in major West Coast cities. JLL connects and pairs registered dog owners away on business or vacation with those pre-screened individuals who, for various reasons, have a temporary need for a dog’s companionship or specialized training. An app and companion website helps paring dog owner with dog renter. The revenue streams for JLL come from placement fees charged to the dog owners and service fees billed to those renting the dogs. JLL’s B2C business model could best be described as a
platform model
A(n) _____ is designed to capture the events leading up to a product or service launch, trying to understand the thinking behind decisions made.
after action review
________uses the market’s perception of what a product or service is worth – not the seller’s cost – as the basis for pricing.
value-based pricing
“Oh no! What’s happened to the price of my favorite North Coast cheese? When I last shopped at Safeway, this cheese was a good deal! Now, it’s way over-priced. I’m taking my business to Wisconsin!” Likely, this consumer
has a reference price in mind for cheese, at odds with the current sales price of her favorite cheese
In applying design thinking, ideate most likely would include
brainstorming to suggest improved service features.
The Embrace® infant child warmer is most likely a good example of this principle of universal design:
affordable functionality
In developing the Customer Profile for Value Proposition Design, Jobs include
the things customers are trying to get done in their work or life
From the case about Starbucks we learn that:
all the above are correct.
The early majority in the Technology Adoption Life Cycle model
“b” and “c” are correct.
In the Four Pillars of Pricing, as discussed by Utpal Dholakia,
“a”, “b” and “c” are correct
Global “top brands” like Apple, Google and Coca-Cola are ranked by Interbrand (www.interbrand.com) according, in part, to:
net present values of projected future earnings, from data supplied each year by the brand owners.
Sunday, January 5, 2020
Econ_ Chapter 5
If output is produced according to Q = K^(1/2) + 3 L^(1/2), then this production process exhibits:
decreasing returns to scale
The production function for a competitive firm is Q = K^(.5)L^(.5). The firm sells its output at a price of $10, and can hire labor at a wage of $5. Capital is fixed at one unit. The maximum profits are
5.
An American economist visiting India observed that the roads were maintained by large numbers of workers with picks and shovels and other hand tools, while the same work is done in the United States by relatively small numbers of workers and mechanized devices. He correctly concluded that the reason for this difference is that:
workers in the Unites States are paid more than Indian workers
Which of the following conditions is NOT true when a producer minimizes the cost of producing a given level of output?
The marginal products of all inputs are equal.
Which of the following identifies the optimal usage of inputs by a profit-maximizing firm?
Marginal product of labor/price of labor = marginal product of capital/price of capital
Suppose the production function is given by Q = 3K + 4L. What is the average product of capital when 5 units of capital and 10 units of labor are employed
11.
Which of the following production functions displays decreasing returns to scale?
Q = cL^(.2)K^(.5)
The marginal product of labor is defined by the:
change in output divided by the change in labor input usage
The short-run is best defined as the time period in which:
one or more inputs to production are fixed
Whenever average product is declining with increases in input usage:
marginal product is less than average product
The marginal revenue product of labor is equal to the product of:
the marginal revenue per unit of output and the marginal product of labor.
Suppose the marginal product of labor is 8 and the marginal product of capital is 2. If the wage rate is $4 and the price of capital is $2, then in order to minimize costs the firm should use
more labor and less capital.
In order to minimize the cost of producing a given level of output, a firm manager should use more inputs when:
Its price falls.
In the table below, the average product of labor at L = 3 is:
APL=Q/L
In the table below, the marginal product of labor at L = 4 is:
MPL=change in Q / change in L
The law of diminishing marginal returns states that:
the marginal product of a factor eventually diminishes as more of the input is used, holding other inputs fixed
The following table shows the total output per hour produced in a factory at various levels of employment of labor. The firm sells each unit of output at $2 and each worker is paid a wage of $12.
Table 5-1
Refer to Table 5-1. Diminishing returns occurs beyond:
3 Workers
Which of the following correctly describes a production isoquant?
An isoquant is a curve that shows all possible combinations of inputs that can produce a given level of output.
decreasing returns to scale
The production function for a competitive firm is Q = K^(.5)L^(.5). The firm sells its output at a price of $10, and can hire labor at a wage of $5. Capital is fixed at one unit. The maximum profits are
5.
An American economist visiting India observed that the roads were maintained by large numbers of workers with picks and shovels and other hand tools, while the same work is done in the United States by relatively small numbers of workers and mechanized devices. He correctly concluded that the reason for this difference is that:
workers in the Unites States are paid more than Indian workers
Which of the following conditions is NOT true when a producer minimizes the cost of producing a given level of output?
The marginal products of all inputs are equal.
Which of the following identifies the optimal usage of inputs by a profit-maximizing firm?
Marginal product of labor/price of labor = marginal product of capital/price of capital
Suppose the production function is given by Q = 3K + 4L. What is the average product of capital when 5 units of capital and 10 units of labor are employed
11.
Which of the following production functions displays decreasing returns to scale?
Q = cL^(.2)K^(.5)
The marginal product of labor is defined by the:
change in output divided by the change in labor input usage
The short-run is best defined as the time period in which:
one or more inputs to production are fixed
Whenever average product is declining with increases in input usage:
marginal product is less than average product
The marginal revenue product of labor is equal to the product of:
the marginal revenue per unit of output and the marginal product of labor.
Suppose the marginal product of labor is 8 and the marginal product of capital is 2. If the wage rate is $4 and the price of capital is $2, then in order to minimize costs the firm should use
more labor and less capital.
In order to minimize the cost of producing a given level of output, a firm manager should use more inputs when:
Its price falls.
In the table below, the average product of labor at L = 3 is:
APL=Q/L
In the table below, the marginal product of labor at L = 4 is:
MPL=change in Q / change in L
The law of diminishing marginal returns states that:
the marginal product of a factor eventually diminishes as more of the input is used, holding other inputs fixed
The following table shows the total output per hour produced in a factory at various levels of employment of labor. The firm sells each unit of output at $2 and each worker is paid a wage of $12.
Table 5-1
Refer to Table 5-1. Diminishing returns occurs beyond:
3 Workers
Which of the following correctly describes a production isoquant?
An isoquant is a curve that shows all possible combinations of inputs that can produce a given level of output.
Thursday, January 2, 2020
Econ_ Chapter 2/3
The demand for good X is estimated to be Q x d = 10, 000 - 4P X + 5P Y + 2M + A X, where P X is the price of X, P Y is the price of good Y, M is income and A X is the amount of advertising on X. Suppose the present price of good X is $50, P Y = $100, M = $25,000, and A X = 1,000 units. Based on this information, the income elasticity of good X is
0.82.
The demand for answering machines is Q = 1,000 – 150 P + 25 I. Assume that per capita disposable income I is $200. When the price of answering machines is P = $10, the price elasticity of demand is:
–0.33
When the price of sugar was "low", consumers in the U.S. spent a total of $3 billion annually on sugar consumption. When the price doubled, consumer expenditures increased to $5 billion annually. This data indicates that:
The demand for sugar is inelastic.
"Colombia, Brazil Advance Proposal to Withhold 10 Percent of Export Output" ( Wall Street Journal, September 23, 1991, p. B6). A Colombian delegate to the International Coffee Organization said that if all its members withheld 10 percent of export output, the international price would rise 20 percent. This statement implies the price elasticity of demand for coffee is approximately:
-0.50
A manufacturer of infant clothes has found that the demand for its product is given by Q = 100 P –1.25 A 0.5, where P is price and A is advertising expenditures. The price elasticity of demand for these infant clothes is:
–1.25
The formula for the income elasticity of demand can be written as:
When marginal revenue is positive for a linear (inverse) demand function, decreases in output will cause total revenues to
decrease.
The initial price for an item is $5.00, and the quantity demanded is 400 units. When the price is raised to $5.25, the quantity demanded falls to 350 units. The absolute value of the point elasticity of demand is _____.
2.5
Suppose demand is given by Q x d = 50 - 4P x + 6P y + A x, where P x = $4, P y = $2, and A x = $50. What is the quantity demanded of good x?
96.
A firm's demand curve is usually:
more elastic than the market demand curve
The cross-price elasticity of demand for textbooks and copies of old exams is -3.5. If the price of copies of old exams increase by 10 percent, the quantity demanded of textbooks will
fall by 35 percent.
When a firm practices price discrimination in two market segments, the firm:
must be able to identify market segments that have different price elasticities.
Suppose a firm’s profit is given by the equation π = -200 + 80Q - .2Q 2. Which of the following is true?
The firm’s profit-maximizing output is Q = 200.
The demand for fax machines in thousands of units has been estimated to be Q = 1,000 – 1.5 P + 5 L, where P is the price of the machines and L is the average cost of a 10-minute midday call from Los Angeles to New York. At a fax machine price of $400 and a phone call cost of $10, the price elasticity of demand for fax machines is:
–1.33
The demand for a product is more elastic the:
longer the time period covered
If quantity demanded for sneakers falls by 10% when price increases 25% we know that the absolute value of the own-price elasticity of sneakers is:
0.4.
If the income elasticity for lobster is .6, a 25% increase in income will lead to a
15% increase in demand for lobster.
If the price of pork chops falls from $8 to $6, and this leads to an increase in demand for apple sauce from 100 to 140 jars, what is the cross price-elasticity of apple sauce and pork chops at a pork chop price of $6?
-0.86.
For a parking garage of fixed capacity, the owner sets different parking rates for cars that are parked for less than 24 hours (short-term) and for those that are parked for more than 24 hours (long-term). To maximize revenue, the operator should set prices and target the number of places for each segment such that:
the marginal revenues from the segments are equal.
The cross price elasticity of demand between goods X and Y is -3.5. If the price of X decreases by 7%, the quantity demanded of Y will:
increase by 24.5%.
The demand for good X is estimated to be Q x d = 10, 000 - 4P X + 5P Y + 2M + A X, where P X is the price of X, P Y is the price of good Y, M is income and A X is the amount of advertising on X. Suppose the present price of good X is $50, P Y = $100, M = $25,000, and A X = 1,000 units. Based on this information, we know that the demand for good X is
inelastic.
The own-price elasticity of demand for apples is -1.5. If the price of apples falls by 6%, what will happen to the quantity of apples demanded?
It will increase 9%.
Since most consumers spend very little on salt, a small increase in the price of salt will
not reduce quantity demanded by very much.
The demand for good X is estimated to be Q x d = 10, 000 - 4P X + 5P Y + 2M + A X, where P X is the price of X, P Y is the price of good Y, M is income and A X is the amount of advertising on X. Suppose the present price of good X is $50, P Y = $100, M = $25,000, and A X = 1,000 units. Based on this information, the cross price elasticity between goods X and Y is
0.008.
If the price of a good or service increases, what happens to the firm’s demand curve?
There is an upward movement along the demand curve.
The demand for textbooks is Q = 200 – P + 25 U – 50 P beer. Assume that the unemployment rate U is 8 and the price of beer P beer is $2. When the average price of a textbook is P = $100, the price elasticity of demand is:
-0.5
If the marginal cost of seating a theatergoer is $5 and the elasticity of demand is –4, the profit-maximizing price is:
$6.67
El Niño wind patterns affected the weather across the United States during the winter of 1997–98. Suppose the demand for home heating oil in Connecticut is given by Q = 20 – 2 Phho + 0.5 Png – TEMP, where Q is the quantity of home heating oil demanded, Phho is the price of home heating oil per unit, Png is the price of natural gas per unit, and TEMP is the absolute difference between the average winter temperature over the past 10 years and the current average winter temperature. If the current price of home heating oil is $1.20, the current price of natural gas is $2.00, and the average winter temperature this year is 40 degrees compared to 28 degrees over the past 10 years, the price elasticity of demand for home heating oil is:
–0.36
0.82.
The demand for answering machines is Q = 1,000 – 150 P + 25 I. Assume that per capita disposable income I is $200. When the price of answering machines is P = $10, the price elasticity of demand is:
–0.33
When the price of sugar was "low", consumers in the U.S. spent a total of $3 billion annually on sugar consumption. When the price doubled, consumer expenditures increased to $5 billion annually. This data indicates that:
The demand for sugar is inelastic.
"Colombia, Brazil Advance Proposal to Withhold 10 Percent of Export Output" ( Wall Street Journal, September 23, 1991, p. B6). A Colombian delegate to the International Coffee Organization said that if all its members withheld 10 percent of export output, the international price would rise 20 percent. This statement implies the price elasticity of demand for coffee is approximately:
-0.50
A manufacturer of infant clothes has found that the demand for its product is given by Q = 100 P –1.25 A 0.5, where P is price and A is advertising expenditures. The price elasticity of demand for these infant clothes is:
–1.25
The formula for the income elasticity of demand can be written as:
decrease.
The initial price for an item is $5.00, and the quantity demanded is 400 units. When the price is raised to $5.25, the quantity demanded falls to 350 units. The absolute value of the point elasticity of demand is _____.
2.5
Suppose demand is given by Q x d = 50 - 4P x + 6P y + A x, where P x = $4, P y = $2, and A x = $50. What is the quantity demanded of good x?
96.
A firm's demand curve is usually:
more elastic than the market demand curve
The cross-price elasticity of demand for textbooks and copies of old exams is -3.5. If the price of copies of old exams increase by 10 percent, the quantity demanded of textbooks will
fall by 35 percent.
When a firm practices price discrimination in two market segments, the firm:
must be able to identify market segments that have different price elasticities.
Suppose a firm’s profit is given by the equation π = -200 + 80Q - .2Q 2. Which of the following is true?
The firm’s profit-maximizing output is Q = 200.
The demand for fax machines in thousands of units has been estimated to be Q = 1,000 – 1.5 P + 5 L, where P is the price of the machines and L is the average cost of a 10-minute midday call from Los Angeles to New York. At a fax machine price of $400 and a phone call cost of $10, the price elasticity of demand for fax machines is:
–1.33
The demand for a product is more elastic the:
longer the time period covered
If quantity demanded for sneakers falls by 10% when price increases 25% we know that the absolute value of the own-price elasticity of sneakers is:
0.4.
If the income elasticity for lobster is .6, a 25% increase in income will lead to a
15% increase in demand for lobster.
If the price of pork chops falls from $8 to $6, and this leads to an increase in demand for apple sauce from 100 to 140 jars, what is the cross price-elasticity of apple sauce and pork chops at a pork chop price of $6?
-0.86.
For a parking garage of fixed capacity, the owner sets different parking rates for cars that are parked for less than 24 hours (short-term) and for those that are parked for more than 24 hours (long-term). To maximize revenue, the operator should set prices and target the number of places for each segment such that:
the marginal revenues from the segments are equal.
The cross price elasticity of demand between goods X and Y is -3.5. If the price of X decreases by 7%, the quantity demanded of Y will:
increase by 24.5%.
The demand for good X is estimated to be Q x d = 10, 000 - 4P X + 5P Y + 2M + A X, where P X is the price of X, P Y is the price of good Y, M is income and A X is the amount of advertising on X. Suppose the present price of good X is $50, P Y = $100, M = $25,000, and A X = 1,000 units. Based on this information, we know that the demand for good X is
inelastic.
The own-price elasticity of demand for apples is -1.5. If the price of apples falls by 6%, what will happen to the quantity of apples demanded?
It will increase 9%.
Since most consumers spend very little on salt, a small increase in the price of salt will
not reduce quantity demanded by very much.
The demand for good X is estimated to be Q x d = 10, 000 - 4P X + 5P Y + 2M + A X, where P X is the price of X, P Y is the price of good Y, M is income and A X is the amount of advertising on X. Suppose the present price of good X is $50, P Y = $100, M = $25,000, and A X = 1,000 units. Based on this information, the cross price elasticity between goods X and Y is
0.008.
If the price of a good or service increases, what happens to the firm’s demand curve?
There is an upward movement along the demand curve.
The demand for textbooks is Q = 200 – P + 25 U – 50 P beer. Assume that the unemployment rate U is 8 and the price of beer P beer is $2. When the average price of a textbook is P = $100, the price elasticity of demand is:
-0.5
If the marginal cost of seating a theatergoer is $5 and the elasticity of demand is –4, the profit-maximizing price is:
$6.67
El Niño wind patterns affected the weather across the United States during the winter of 1997–98. Suppose the demand for home heating oil in Connecticut is given by Q = 20 – 2 Phho + 0.5 Png – TEMP, where Q is the quantity of home heating oil demanded, Phho is the price of home heating oil per unit, Png is the price of natural gas per unit, and TEMP is the absolute difference between the average winter temperature over the past 10 years and the current average winter temperature. If the current price of home heating oil is $1.20, the current price of natural gas is $2.00, and the average winter temperature this year is 40 degrees compared to 28 degrees over the past 10 years, the price elasticity of demand for home heating oil is:
–0.36
If the marginal cost of making a photocopy is 3 cents and the elasticity of demand is –2, the profit-maximizing price is:
6 cents
El Niño wind patterns affected the weather across the United States during the winter of 1997–98. Suppose the demand for home heating oil in Connecticut is given by Q = 20 – 2 Phho + 0.5 Png – TEMP, where Q is the quantity of home heating oil demanded, Phho is the price of home heating oil per unit, Png is the price of natural gas per unit, and TEMP is the absolute difference between the average winter temperature over the past 10 years and the current average winter temperature. If the current price of home heating oil is $1.20, the current price of natural gas is $2.00, and the average winter temperature this year is 40 degrees compared to 28 degrees over the past 10 years, the quantity of home heating oil demanded is:
6.6 gallons
The following table shows the total revenue and total cost (in dollars) from different sales volumes of the good.
Table 2-1
Table 2-1
Refer to Table 2-1. What is the marginal profit of the firm from the sale of the 3rd unit of the good?
$6
Which of the following correctly defines second-degree price discrimination?
The seller offers different prices and customers choose the one that best suits them.
Which of the following is true of full-cost pricing?
Since fixed costs do not affect optimal price and quantity, full-cost pricing is error-prone.
A manufacturer of infant clothes has found that the demand for its product is given by Q = 100 P –1.25 A 0.5, where P is price and A is advertising expenditures. If marginal cost is $5, the profit-maximizing price is:
$25.00
The demand for space heaters is Q = 250 – P + 2COOL, where COOL is the absolute value of the difference between the average overnight low temperature and 40°F. Assume that the average overnight low is 0°F. When the price of space heaters is P = $30, the price elasticity of demand is:
–0.1
Assume that the price and income elasticities of demand for luxury cars are E P = -0.52 and E Y = 3.2 respectively. In the coming year, car prices are expected to rise by 2 percent and income by 8 percent. Based on this information, sales of cars are expected to _____.
increase by 24.56%
The following table shows the total revenue (in dollars) and total cost (in dollars) from the production and sale of different units of a product.
Table 2-1
Table 2-1
Refer to Table 2-1. What is the profit-maximizing level of output for the firm?
5 units
The income elasticity of demand is defined as the:
percentage change in the quantity demanded divided by the percentage change in per capita income
A market demand curve is likely to shift to the right when:
population increases
A price elasticity of zero corresponds to a demand curve that is:
Vertical
If the own price elasticity of demand is infinite in absolute value, then
demand is perfectly elastic.
The demand function in the above table is Q X d = 100 - 2P X. Based on this information, when Q X = 80, the price, P X, (point A) is
$10.
Since most consumers spend very little on salt, a small increase in the price of salt will
not reduce quantity demanded by very much.
The demand for cough medicine is Q = 10 – 2 P. At a price of $2.50, the price elasticity of demand is:
–1.0
The marginal cost of producing a paperback is half the marginal cost of producing a hardback version sold to consumers at four times the paperback price. If the price elasticity of demand for paperbacks is –4, then the price elasticity of demand for hardcover books is:
–1.6
The price elasticity of market demand primarily depends on the:
availability of substitutes
The price elasticity of demand is -2.0 for a certain firm's product. If the firm raises price, the firm manager can expect total revenue to
decrease.
Suppose the equilibrium price in the market is $10 and the price elasticity of demand for the linear demand function at the market equilibrium is -1.25. Then we know that
marginal revenue is $2.
If the demand for a good is price-elastic, a cut in price
will:
lead to an increase in quantity demanded and an increase in
the firm’s revenue.
The demand for good X is estimated to be Q x d =
10, 000 - 4P X + 5P Y + 2M + A X, where
P X is the price of X, P Y is the
price of good Y, M is income and A X is the amount of
advertising on X. Suppose the present price of good X is $50, P Y =
$100, M = $25,000, and A X = 1,000 units. Based on this
information, goods X and Y are
substitutes.
If price is $25 when the price elasticity of demand is –0.5,
then marginal revenue must be:
–$25
When a demand curve is linear,
demand is elastic at high prices.
Assume that the price elasticity of demand is -0.75 for a
certain firm's product. If the firm lowers price, the firm's managers can
expect total revenue to
Decrease
If the demand function for a particular good is Q = 20 - 8P,
then the price elasticity of demand (in absolute value) at a price of $1 is
2/3.
Given the total cost equation for a firm, the marginal cost
equation can be derived by:
taking the first derivative of the cost function with
respect to quantity.
The quantity consumed of a good is relatively unresponsive
to changes in price whenever demand is:
inelastic.
Suppose that at the equilibrium price and quantity the marginal
revenue is -$15 and the price elasticity of demand for a linear demand function
is -0.75. Then we know that the equilibrium price is
$45.
The constant price elasticity of demand for cigarettes has
been estimated to be –0.5. To reduce smoking by 50 percent, approximately how
much tax needs to be added to a $1 pack?
$1.00
A good whose demand curve shifts to the left as income
increases is a(n):
inferior good
Given that digital music players are used to play music
downloaded from the Internet, a fall in the price of digital music players will
lead to:
an increase in the demand for downloaded songs.
In Russia, as per capita income rises from $1,980 to $2,020,
everything else remaining constant, annual per capita consumption of vodka
falls from 525 to 475 liters; this implies an income elasticity of demand for
vodka of:
–5.0
If a firm’s profit is given by π = -150 + 360Q - 36Q 2,
then its optimal output is:
5 units.
A product’s point price elasticity has been estimated at
-1.5. At the initial price of $20, the quantity demanded was 10 units. If the
firm cuts the price to $17.50, quantity demanded and sold is expected to
increase by _____.
18.75%
A graphical representation of the demand function is called
a:
demand curve
A profit-maximizing firm’s price can be written in terms of
marginal cost and price elasticity of demand as:
P = MC/(1 + 1/h)
If the income elasticity of demand for a good is greater
than one, it implies that:
sales of the good are highly sensitive to changes in
consumers’ income.
When the price of sugar was "low", consumers in
the United States spent a total of $3 billion annually on its consumption. When
the price doubled, consumer expenditures actually increased to
$4 billion annually. This indicates that
none of the statements associated with this question are
correct.
If a firm’s demand function is of the form P = a - bQ, what
is its marginal revenue equation?
MR = a - 2bQ
The demand for a product is given by Q = 600 - 30P. At P =
$15, the firm sells:
150 units.
Suppose the own-price elasticity of demand for good X is
-0.5, and that the price of good X increases by 10%. We would expect the
quantity demanded of good X to
decrease by 5%.
The demand for food (a broad group) is more
inelastic than the demand for beef (specific commodity).
If the cross-price elasticity between ketchup and hamburgers
is -2.5, a 2% increase in the price of ketchup will lead to a
5% 5% drop in quantity demanded of hamburgers.
If a price increase from $5 to $7 causes quantity demanded
to fall from 150 to 100, what is the absolute value of the own-price elasticity
at a price of $7?
1.75.
A profit-maximizing firm sets its price:
where demand is elastic
Suppose the own-price elasticity of demand for good X is
-0.25, and that the quantity of good X increases by 5%. What would you expect
to happen to the total expenditures on good X?
decrease.
Demand is more inelastic in the short-term because
consumers:
have no time to find available substitutes.
Assume that Burger King, a fast food chain, enters into a
franchise agreement. The royalty paid to Burger King by the franchisee is
calculated as a percentage of the franchisee’s revenue. Given that the
franchisee faces a downward-sloping demand curve, which of the following is
likely to be true?
The franchisee’s revenue-maximizing output will be greater
than its profit-maximizing output.
As we move down a linear demand curve, demand becomes:
less elastic
The demand for space heaters is Q = 250
– P + 2COOL, where COOL is the absolute value of the
difference between the average overnight low temperature and 40°F. Assume that
the average overnight low this month is 40°F. When the price of space heaters
is P = $50, the price elasticity of demand is:
–0.25
The demand for cable television hookups is Q =
100 – 10 P 1/2 + 2 I –1,
where P is price and I is per capita income.
Cable TV is a(n):
inferior good
The elasticity that measures the responsiveness of consumer
demand to changes in income is the:
income elasticity.
We would expect the own price elasticity of demand for food
to be:
less elastic than the demand for cereal.
Each week Bill buys exactly 7 bottles of cola regardless of
its price. Bill's own price elasticity of demand for cola in absolute
value is:
zero.
You are the manager of a popular hat company. You know that
the advertising elasticity of demand for your product is 0.25. How much will
you have to increase advertising in order to increase demand by 5%?
20%.
Demand tends to be
more inelastic in the short-term than in the long-term.
Suppose Q x d = 10,000
- 2 P x + 3 P y - 4.5M, where P x =
$100, P y = $50, and M = $2,000. What is the own-price
elasticity of demand?
-0.21.
If the income elasticity for lobster is 0.4, a 40% increase
in income will lead to a:
16% increase in demand for lobster.
The demand for good X is estimated to be Q x d =
10,000 - 4P X + 5P Y + 2M + A X where
P X is the price of X, P Y is the
price of good Y, M is income and A X is the amount of
advertising on X. Suppose the present price of good X is $50, P Y =
$100, M = $25,000, and A X = 1,000 units. What is the
quantity demanded of good X?
61,300.
The demand for answering machines is Q =
1,000 – 150 P + 25 I. Assume that per capita
disposable income I is $200. When the price of answering
machines is P = $10, the income elasticity of demand is:
1.11
If the own price elasticity of demand is infinite in
absolute value, then
the demand curve is horizontal.
Makers of disposable diapers must advertise 5 percent more
to offset completely the 2 percent decline in sales due to heightened
environmental concern. The advertising elasticity of demand is:
0.4
If quantity demanded for sneakers falls by 6% when price
increases 20% we know that the absolute value of the own-price elasticity of
sneakers is
0.3
Wednesday, January 1, 2020
Econ_ Chapter 1
Ann is a manager at a private construction company. David works in the city planning department of the government. Based on this information, which of the following is most likely to be true?
David will make decisions based on benefit-cost analysis.
As a result of historically high gasoline prices in 2008, traffic volume in the United States (measured in terms of billions of miles driven per month) declined significantly. These changes were caused by a _____ of gasoline and _____.
shortage; a decrease in the quantity demanded of gasoline
The price of computers has fallen, while the quantity purchased has remained constant. This implies that the demand for computers has:
decreased, while the supply of computers has increased.
Which of the following correctly explains a probabilistic model?
A probabilistic model shows the possibility of a range of outcomes.
The government is deciding whether it should build a veteran’s hospital in an urban area. It will choose to build the hospital only if:
the total benefits from the hospital exceed total costs.
California imposes strict new regulations on the blending of gasoline that increase production costs. As a result, the:
supply of gasoline will decrease.
Which of the following is true of economic models?
Models are simplified descriptions of processes, relationships, or other phenomena.
Maximizing profit by enumerating the profit outcomes of different courses of action
Becomes increasingly costly as the number of choices increase.
A cosmetics company is conducting a second-year review of one of its newest products. The marketing department expects that the firm will continue to earn profits from the sale of the product in the third year as it did in the past two years. Senior management, however, feels that the profit projections would vary based on other factors such as the price of the competitor's products, the actual level of sales, and the possibility of cost reductions. In other words, the senior management is undertaking
a sensitivity analysis
The market demand curve shows the quantity of a good or service that:
A research study estimates that the direct cost of constructing a bridge connecting two boroughs in a city is $10 million. The revenue from the tolls on the bridge is estimated to be $8 million. The dollar value of pollution from the construction is estimated to be $5 million but the dollar value of the benefit to the city's residents is calculated to be $20 million. The construction of the bridge is most likely to be undertaken by:
the government because the total benefits exceed total costs
J. D. Power, the big management consulting firm, extols the reliability of Dell computers; this causes the:
demand for Dell computers to increase.
A coffee shop decides that it will increase its market share to 55% by the end of the year by lowering the price of a cup of coffee. The price cut will certainly result in an increase in the firm’s share but will lower its profits. Which of the following best explains the firm’s decision?
Revenue maximization
According to the satisficing model of management behavior, the goal of a firm is to:
achieve a satisfactory level of performance against a benchmark.
The economic theory of the firm assumes that the primary objective of a firm’s owner or owners is to:
maximize the value of the firm.
Managerial economics draws upon all of the following EXCEPT:
sociology.
The market supply curve shows the quantity of a good or service that ____, holding other possible influences constant.
firms would sell at various prices
According to the theory of the firm, the management’s ultimate objective is to:
maximize the value of the firm.
Managerial economics can best be defined as the:
analysis of major management decisions using economic tools
The study of behavioral economics shows that decision makers:
are prone to biases, mistakes, and pitfalls.
In evaluating public programs, benefit-cost analysis:
states that a program should be undertaken only if total benefits exceed total costs.
Sensitivity analysis is used by a firm to:
examine how an optimal decision is affected if key economic facts vary.
ConAgra has introduced a lean mixture of cereal and ground beef that is indistinguishable from ground beef but has about the same amount of fat as chicken. As a result, the:
demand for chicken decreases.
Managers make decisions that contribute to the profitability of a firm by:
taking on risks.
Thursday, August 1, 2019
Marketing Q&A
________ are three basic designs used in quantitative research.
Metaphor analysis, survey, and observation
Observation, experimentation, and survey
Survey, interviews, and experimentation
Interviews, focus groups, and metaphor analysis
Focus groups, observation, and survey
________ can simply be described as "How we see the world around us."
Attitude
Knowledge
Understanding
Motivation
Perception
According to Maslow's hierarchy of needs, protection, order, and stability are examples of ________.
social needs
physiological needs
safety and security needs
self-actualization needs
egoistic needs
As sensory input ________, our ability to detect changes in input or intensity ________.
increases; increases
decreases; remains constant
increases; remains constant
decreases; increases
remains constant; decreases
Barry wants a sandwich for lunch. Tom wants a turkey sandwich with lettuce, tomato, and mayonnaise from Subway. Barry has a(n) ________, whereas Tom has a(n) ________.
product-specific goal; objective goal
product-specific goal; generic goal
subjective goal; generic goal
objective goal; subjective goal
generic goal; product-specific goal
Customers have different expectations when they purchase a Lexus than when they purchase a Hyundai. These expectations affect ________.
customer satisfaction
the corporate vision
the market targeting
market segmentation
the value proposition
During a depth interview, which of the following is NOT part of the interviewer's strategy?
Probe the respondent and encourage him/her to talk freely about the product category and/or brand under study.
Establish an atmosphere that encourages the consumer respondent to relax and open up to provide valuable insights.
Give the consumer an opportunity to respond to specific verbal and visual materials.
Provide as much time as possible for the consumer to express his or her thoughts and behaviors.
Talk as much as possible to ensure the consumer gives the answers s/he wants.
Egoistic needs can take either an inward or an outward orientation, or both. Outwardly directed ego needs reflect an individual's need for ________.
self-esteem
personal satisfaction with a job well done
reputation
independence
self-acceptance
In 2009, the Axe brand launched a line of hair care products to complement its existing assortment of body washes and deodorants, hoping to leverage the Axe brand equity to expand into a new category of men's personal care products. This is an example of a manufacturer taking advantage of ________.
perceptual defense
the halo effect
the persistence of first impressions
perceptual blocking
physical appearances
In a ________, 8 to 10 participants are encouraged to discuss their reactions to product and service concepts, or new advertising or marketing communications campaigns.
survey
controlled experiment
depth interview
metaphor analysis
focus group
In product placement scenarios, marketers place an advertised product into a TV show or film by having it used by the cast, integrated into the plot, or associated with a character. In product placements, the product is considered the ________ and the show is the ________.
entertainment; brand
ground; figure
ground; perceptual organization
perceptual block; perceptual organization
figure; ground
Jill gets good grades because her parents will punish her if she doesn't receive at least a 3.5 GPA. Julia gets good grades because she likes the sense of accomplishment she feels when she gets a straight-A report card. Jill's goal is referred to as a(n) ________, whereas Julia's goal is referred to as a(n) ________.
positive object; negative object
approach object; avoidance object
physical object; psychological object
avoidance object; defensive object
avoidance object; approach object
Motivation is produced by a state of tension, which exists as the result of ________.
unrealized desires
environmental forces
peer pressure
unfulfilled needs
satisfied desires
Needs and goals are ________; neither exists without the other.
interactive
mutually exclusive
autonomous
interdependent
independent
Needs that we learn in response to our parents, social environment, and interactions with the environment are called ________ needs.
biogenic
primary
psychological
innate
acculturated
On a questionnaire, a(n) ________ question is one where the respondent merely checks the appropriate answer from a list of options.
undisguised
disguised
closed-ended
exploratory
open-ended
Packaging and warranties are elements of which of the four Ps?
price
place
promotion
product
people
Sigmund Freud's psychoanalytic theory of personality is built on the premise that ________ are at the heart of human motivations and personality.
efforts to avoid anxiety
social relationships
unconscious needs or drives
efforts to overcome inferiority
conscious decision-making processes
Some TV ads change sensory input by using silence or louder sounds in their ads to generate attention. This is a form of advertising used in order to overcome ________.
sensation
preference for competitive advertisements
the just noticeable difference
sensory adaptation
perceptual blocking
The emphasis in the definition of personality is on inner characteristics, which are ________.
those characteristics of an individual that are not readily apparent to others
those characteristics that make one individual similar to others
those characteristics that distinguish one individual from others
those characteristics that constitute the individual's ideal self-image
those characteristics which individuals try to hide from others
The image and unique identity of a product, service or brand in consumers' minds is called its ________.
perception
target
position
imposition
segment
To simplify life, people have a natural tendency to select stimuli from the environment and organize them into groups and perceive them as a unified whole. In a perception context, this is known as ________.
perceptual mapping
closure
grouping
perceptual blocking
figure-ground
Two people driving together may spot a billboard at different times. This means they have different ________.
absolute thresholds
adaptation levels
differential thresholds
just noticeable differences
sensory adaptations
Using sexual imagery to sell a product primarily appeals to Freud's conceptualization of the ________.
ego
self-image
super-id
id
superego
When stimuli are highly ambiguous, an individual will usually ________.
interpret them according to one's own needs, wishes, and interests
consult others as to their meaning
block them out
take extra time to understand the intentions of the source
ignore them
Which of the following is considered an example of consumer behavior?
Jessica prefers to buy her produce from the farmer's market instead of the grocery store.
Javier generally gets gas on Monday mornings on his way to work.
Jeremy generally recycles his old newspapers and cardboard boxes.
Janice prefers to buy name-brand pain relievers like Tylenol and Advil, rather than the store brand.
All of the above are examples of consumer behavior.
Which of the following is most likely to be used to gather descriptive and numerical information?
complaint analysis
qualitative research
quantitative research
motivational research
controlled statistics
Which of the following is NOT true about the effect of expectations and motives on perceptions?
People tend to perceive the things they need or want.
Irrelevant sexuality can distract from the ad's main message.
There is decreased awareness of stimuli that are irrelevant to a consumer's needs.
Stimuli that conflict sharply with expectations often receive less attention than those that conform to expectations.
People see what they expect to see based on familiarity, previous experience, and expectations.
Which of the following is true of JND?
There is no JND for decreased product volume sold in existing packaging.
Making drastic changes to a company's logo to an extent well beyond consumers' JND allows companies to update their image without losing their ready recognition.
Increasing prices below consumers' JND is likely to go unnoticed by consumers.
Making product improvements that far exceed consumers' JND is likely to maximize company revenues.
Decreasing prices below consumers' JND is likely to cause a significant rise in sales.
Which of the following is true of the relationship between consumers' perceptions and their expectations?
Ads with irrelevant sexuality generally lead to better recall of the product advertised due to the attention-getting nature of the sexual content.
What consumers expect to see is completely dependent on their objective, first-hand experience with the particular product or advertising medium.
Individual motivation does not affect perception.
People tend to make observations and arrive at conclusions completely independent of their expectations.
Consumers tend to perceive products and product attributes according to their own expectations.
Metaphor analysis, survey, and observation
Observation, experimentation, and survey
Survey, interviews, and experimentation
Interviews, focus groups, and metaphor analysis
Focus groups, observation, and survey
________ can simply be described as "How we see the world around us."
Attitude
Knowledge
Understanding
Motivation
Perception
According to Maslow's hierarchy of needs, protection, order, and stability are examples of ________.
social needs
physiological needs
safety and security needs
self-actualization needs
egoistic needs
As sensory input ________, our ability to detect changes in input or intensity ________.
increases; increases
decreases; remains constant
increases; remains constant
decreases; increases
remains constant; decreases
Barry wants a sandwich for lunch. Tom wants a turkey sandwich with lettuce, tomato, and mayonnaise from Subway. Barry has a(n) ________, whereas Tom has a(n) ________.
product-specific goal; objective goal
product-specific goal; generic goal
subjective goal; generic goal
objective goal; subjective goal
generic goal; product-specific goal
Customers have different expectations when they purchase a Lexus than when they purchase a Hyundai. These expectations affect ________.
customer satisfaction
the corporate vision
the market targeting
market segmentation
the value proposition
During a depth interview, which of the following is NOT part of the interviewer's strategy?
Probe the respondent and encourage him/her to talk freely about the product category and/or brand under study.
Establish an atmosphere that encourages the consumer respondent to relax and open up to provide valuable insights.
Give the consumer an opportunity to respond to specific verbal and visual materials.
Provide as much time as possible for the consumer to express his or her thoughts and behaviors.
Talk as much as possible to ensure the consumer gives the answers s/he wants.
Egoistic needs can take either an inward or an outward orientation, or both. Outwardly directed ego needs reflect an individual's need for ________.
self-esteem
personal satisfaction with a job well done
reputation
independence
self-acceptance
In 2009, the Axe brand launched a line of hair care products to complement its existing assortment of body washes and deodorants, hoping to leverage the Axe brand equity to expand into a new category of men's personal care products. This is an example of a manufacturer taking advantage of ________.
perceptual defense
the halo effect
the persistence of first impressions
perceptual blocking
physical appearances
In a ________, 8 to 10 participants are encouraged to discuss their reactions to product and service concepts, or new advertising or marketing communications campaigns.
survey
controlled experiment
depth interview
metaphor analysis
focus group
In product placement scenarios, marketers place an advertised product into a TV show or film by having it used by the cast, integrated into the plot, or associated with a character. In product placements, the product is considered the ________ and the show is the ________.
entertainment; brand
ground; figure
ground; perceptual organization
perceptual block; perceptual organization
figure; ground
Jill gets good grades because her parents will punish her if she doesn't receive at least a 3.5 GPA. Julia gets good grades because she likes the sense of accomplishment she feels when she gets a straight-A report card. Jill's goal is referred to as a(n) ________, whereas Julia's goal is referred to as a(n) ________.
positive object; negative object
approach object; avoidance object
physical object; psychological object
avoidance object; defensive object
avoidance object; approach object
Motivation is produced by a state of tension, which exists as the result of ________.
unrealized desires
environmental forces
peer pressure
unfulfilled needs
satisfied desires
Needs and goals are ________; neither exists without the other.
interactive
mutually exclusive
autonomous
interdependent
independent
Needs that we learn in response to our parents, social environment, and interactions with the environment are called ________ needs.
biogenic
primary
psychological
innate
acculturated
On a questionnaire, a(n) ________ question is one where the respondent merely checks the appropriate answer from a list of options.
undisguised
disguised
closed-ended
exploratory
open-ended
Packaging and warranties are elements of which of the four Ps?
price
place
promotion
product
people
Sigmund Freud's psychoanalytic theory of personality is built on the premise that ________ are at the heart of human motivations and personality.
efforts to avoid anxiety
social relationships
unconscious needs or drives
efforts to overcome inferiority
conscious decision-making processes
Some TV ads change sensory input by using silence or louder sounds in their ads to generate attention. This is a form of advertising used in order to overcome ________.
sensation
preference for competitive advertisements
the just noticeable difference
sensory adaptation
perceptual blocking
The emphasis in the definition of personality is on inner characteristics, which are ________.
those characteristics of an individual that are not readily apparent to others
those characteristics that make one individual similar to others
those characteristics that distinguish one individual from others
those characteristics that constitute the individual's ideal self-image
those characteristics which individuals try to hide from others
The image and unique identity of a product, service or brand in consumers' minds is called its ________.
perception
target
position
imposition
segment
To simplify life, people have a natural tendency to select stimuli from the environment and organize them into groups and perceive them as a unified whole. In a perception context, this is known as ________.
perceptual mapping
closure
grouping
perceptual blocking
figure-ground
Two people driving together may spot a billboard at different times. This means they have different ________.
absolute thresholds
adaptation levels
differential thresholds
just noticeable differences
sensory adaptations
Using sexual imagery to sell a product primarily appeals to Freud's conceptualization of the ________.
ego
self-image
super-id
id
superego
When stimuli are highly ambiguous, an individual will usually ________.
interpret them according to one's own needs, wishes, and interests
consult others as to their meaning
block them out
take extra time to understand the intentions of the source
ignore them
Which of the following is considered an example of consumer behavior?
Jessica prefers to buy her produce from the farmer's market instead of the grocery store.
Javier generally gets gas on Monday mornings on his way to work.
Jeremy generally recycles his old newspapers and cardboard boxes.
Janice prefers to buy name-brand pain relievers like Tylenol and Advil, rather than the store brand.
All of the above are examples of consumer behavior.
Which of the following is most likely to be used to gather descriptive and numerical information?
complaint analysis
qualitative research
quantitative research
motivational research
controlled statistics
Which of the following is NOT true about the effect of expectations and motives on perceptions?
People tend to perceive the things they need or want.
Irrelevant sexuality can distract from the ad's main message.
There is decreased awareness of stimuli that are irrelevant to a consumer's needs.
Stimuli that conflict sharply with expectations often receive less attention than those that conform to expectations.
People see what they expect to see based on familiarity, previous experience, and expectations.
Which of the following is true of JND?
There is no JND for decreased product volume sold in existing packaging.
Making drastic changes to a company's logo to an extent well beyond consumers' JND allows companies to update their image without losing their ready recognition.
Increasing prices below consumers' JND is likely to go unnoticed by consumers.
Making product improvements that far exceed consumers' JND is likely to maximize company revenues.
Decreasing prices below consumers' JND is likely to cause a significant rise in sales.
Which of the following is true of the relationship between consumers' perceptions and their expectations?
Ads with irrelevant sexuality generally lead to better recall of the product advertised due to the attention-getting nature of the sexual content.
What consumers expect to see is completely dependent on their objective, first-hand experience with the particular product or advertising medium.
Individual motivation does not affect perception.
People tend to make observations and arrive at conclusions completely independent of their expectations.
Consumers tend to perceive products and product attributes according to their own expectations.
Tuesday, July 9, 2019
Connect - another Financial Accounting, Chapter 9
1.
Dextra Computing sells merchandise for $18,000 cash on September 30 (cost of merchandise is $10,800). The sales tax law requires Dextra to collect 2% sales tax on every dollar of merchandise sold. Record the entry for the $18,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 2% tax on this sale to the state government on October 15.
| Sep 30 | Cashselected answer correct | 18,360selected answer correct | not attempted |
| Salesselected answer correct | not attempted | 18,000selected answer correct | |
| Sales taxes payableselected answer correct | not attempted | 360selected answer correct | |
| Sep 30 | Cost of goods soldselected answer correct | 10,800selected answer correct | not attempted |
| Merchandise inventoryselected answer correct | not attempted | 10,800selected answer correct | |
| Oct 15 | Sales taxes payableselected answer correct | 360selected answer correct | not attempted |
| Cashselected answer correct | not attempted | 360selected answer correct |
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2.
Ticketsales, Inc., receives $4,920,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts.
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3.
On November 7, 2017, Mura Company borrows $190,000 cash by signing a 90-day, 12% note payable with a face value of $190,000. (Use 360 days a year. Do not round your intermediate calculations.)
1. Compute the accrued interest payable on December 31, 2017.
2. & 3. Prepare the journal entry to record the accrued interest expense at December 31, 2017 and payment of the note at maturity.
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4.
Merger Co. has 10 employees, each of whom earns $1,850 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee.
-----------------------------------------------------------------------------------Prepare the March 31 journal entry to record the March payroll taxes expenses. (Round your answers to 2 decimal places.)
5.
Noura Company offers an annual bonus to employees if the company meets certain net income goals. Prepare the journal entry to record a $16,000 bonus owed to its workers (to be shared equally) at calendar year-end.
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On September 11, 2016, Home Store sells a mower for $420 with a one-year warranty that covers parts. Warranty expense is estimated at 6% of sales. On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $29 in materials taken from the Repair Parts Inventory.
-----------------------------------------------------------------------------------Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty repairs. (Round your answers to 2 decimal places.)
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30, 2017. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medicare tax (1.45%), federal income tax withholding, state income tax (1.0%), and net pay for the current pay period. (Use the withholding table in Exhibit 11A.6) (Round your final answers to 2 decimal places.)
Keesha Co. borrows $170,000 cash on November 1, 2017, by signing a 90-day, 12% note with a face value of $170,000.
-----------------------------------------------------------------------------------1. On what date does this note mature? (Assume that February has 28 days) 
Lenny Florita, an unmarried employee, works 52 hours in the week ended January 12. His pay rate is $12 per hour, and his wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. He claims three withholding allowances. Compute his regular pay, overtime pay (for this company, workers earn 150% of their regular rate for hours in excess of 40 per week), and gross pay. Then compute his FICA tax deduction (use 6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table from Exhibit 11A.6.), total deductions, and net pay. (Round your intermediate calculations and final answers to 2 decimal places.)
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