Ranells is a company that offers one-fifth or more ownership in a cruise ship for a price beginning at $225,000. It gives purchasers privacy, convenience, and flexibility as well as saves them time since the ship is available within four hours unless it's. booked by one of the other shareholders. This is most likely an example of a medium-involvement purchase that involves limited problem solving. a high-involvement purchase that involves routine problem solving. a high-involvement purchase that involves extended problem solving. a low-involvement purchase that involves limited problem solving. Oa low-involvement purchase that involves extended problem solving

Ranells is a company that offers one-fifth or more ownership in a cruise ship for a price beginning at $225,000. It gives purchasers privacy, convenience, and flexibility as well as saves them time since the ship is available within four hours unless it's. booked by one of the other shareholders. This is most likely an example of a medium-involvement purchase that involves limited problem solving. a high-involvement purchase that involves routine problem solving. a high-involvement purchase that involves extended problem solving. a low-involvement purchase that involves limited problem solving. Oa low-involvement purchase that involves extended problem solving

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose you run a marketing survey and find you have two types of customers high-value customers willing to pay 16 and low-va consumers willing to pay just 10. Your survey tells you that there are equal numbers of high- and low- value customers. Obviously , have two possible options price high (16) and sell only to the high value group, or price low (10) and sell to everyoneThe costs incurred is 5 per unit and sales only happen to high -value consumers 50 % of the timeWhich price should you choose ? Select the correct response price high price low it depends price both high and low
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A risk-neutral firm produces chemical products, and its objective is to maximize expected profit. There is a risk that there will be an accident during the production process, and dangerous chemical products will be released into the ocean, polluting the water. To reduce the risk of an accident, the firm can choose Low or High investment in safety. Low Investment in Safety_ Cost for firm= $0 Probability of an Accident = 80% Probability of No Accident =20% High Investment in Safety Cost for firm= $150 Probability of an Accident = 20% Probability of No Accident = 80% The Government wants to reduce the risk of an accident, but the Government cannot observe the fir m's investment in safety. Therefore there is a moral hazard problem. However, the Government can observe whether an accident occurred or not. So the government decides to create a fine (penalty): if an accident occurs, the firm must pay a fine F to the Government. If an accident does not occurs, then the firm does not have to…
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When choosing a distribution strategy, which of the following statements are true? There can be many factors that influence the choice of a distribution strategy. A manufacturer should avoid intermediaries and always try to sell directly to the end customer. A national distribution strategy can be easily applied to global markets. For a retailer, it is always more economical to buy the goods directly from a manufacturer instead of hiring a wholesaler. When choosing a distribution trategy, the long-term factors are often much more important than the short-term ones.
2 Scenario Your client, InsureCorp, is an insurance company considering launching an 'income insur- ance' product in the nation of Motherland. Income insurance is a product that fully insures a household against changes in income caused by a major injury or illness. At present, no businesses are selling income insurance products in Motherland. Initial market research suggests that there are 15,000 households in Motherland interested in purchasing income insurance. Your client expects that the fixed cost of launching the income insurance product will be $25,000,000 per year, and that each policy issued to a customer will cost the company an additional $2,000 in sales commissions. 2.1 Your task Your client wants you to analyse the potential market for income insurance and report on the following: What is the maximum price the company can charge a household for an income insurance policy? What is the expected profit (or loss) for the company if it becomes a monopoly provider of income…
A local insurance company offers both home and auto insurance to four types of customers with the reservation prices listed in the figure below. Assume for simplicity that there is only one consumer of each type. Home Auto Bundle Customer A $90 $67 $157 Customer B Customer C Customer D $117 $87 $204 $103 $77 $180 $83 $52 $135 If the firm were to sell home and auto insurance separately, it would charge $83 for home insurance, $52 for auto insurance, and earn a combined revenue of $540. Determine the revenue the firm would receive if it used a pure bundle. Comparing the revenue of the pure bundle to the revenue of selling home and auto insurance separately, we can conclude that the reservation prices of the consumers must: O A. have no correlation B. be positively correlated C. be negatively correlated D. be serially correlated
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