Question Description
Can you help me understand this Economics question?
Tell me what the state government means to YOU.
Explanation & Answer:
1 Paragraph
Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.
Explanation & Answer
Attached.
What does the state government mean to you?
Name:
Professor:
Course:
Institution:
Date:
What does the state government mean to you?
In my opinion, state government is part of a unit of a particular fe...
lbhecebjevgre
(12054)
UC Berkeley
Completion Status:
100%
Review
Review
Anonymous
I was stuck on this subject and a friend recommended Studypool. I'm so glad I checked it out!
Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4
24/7 Homework Help
Stuck on a homework question? Our verified tutors can answer all questions, from basic math to advanced rocket science!
Most Popular Content
explain or summarize the points from 2 resources
explain the points from cochrane guide file and textbook file in your own words and give examples for every point. Cannot ...
explain or summarize the points from 2 resources
explain the points from cochrane guide file and textbook file in your own words and give examples for every point. Cannot just copy the original text; label the each point. mark which points from which resources. Highlight the important points from Cochrane guide.need a A or above.
3 pages
Government And The Economy
According to my own opinion when it comes to government and economy, I would prefer the minimally interventionist governme ...
Government And The Economy
According to my own opinion when it comes to government and economy, I would prefer the minimally interventionist government. When looking at this ...
Features of Monopolistic Competition Microeconomics Essay
Note: The video has Closed Captioning. To activate it, start the video, mouse over the bottom of the video and click on th ...
Features of Monopolistic Competition Microeconomics Essay
Note: The video has Closed Captioning. To activate it, start the video, mouse over the bottom of the video and click on the CC icon, then select from the menu.
This week we shall look at Monopolistic Competition. This is where you, as a consumer, spend most of your time. In Monopolistic Competition, there are many companies selling similar but not identical products. Put differently, the goods are close, but not perfect substitutes.
Because of the relative ease of substitution, companies often compete by advertising, services (for stores), brand names, brand loyalty and product differentiation more than by price. Thus, prices of competing products tend to be close, but not identical as they are in Perfect Competition.
Since this market is where you - as a consumer - spend most of your time and a lot of your money, this week you are going to look at this market in action in your daily life. When you go shopping this week, pay close attention to product prices and what information they tell you about how the products compete.
A grocery store is a good example. Look at the soda aisle and by viewing the prices and the product locations on the shelves, which products are close substitutes, sufficiently differentiated that they have brand loyalty (i.e., a higher price), etc. Do the same with canned vegetables. Or undertake the same observational experiment in another type of store you regularly frequent.
Assignment Summary:
Watch the video above and under the Week 4 Videos, watch all videos.
Then go to a store, as discussed above, and observe. Observation is a well-established method of real world research. It will probably be easier and perhaps more informative if you pick on one product line to observe and observe by brand name. In particular, look for:
product prices,
product packaging (design, colors, logos, etc.); and,
product shelve placement relative to other similar products.
Based on what you observe can you identify:
which products/brand names compete most closely with each other? Are they placed close to each other on the shelves or far apart?
which products/brand names are aimed at cost conscious consumers? Where are these on the store shelves for grocery stores?
which are aimed at higher end consumers? Where are these on the store shelves for grocery stores?
which products/brand names have a narrower market and command brand loyalty? This one could be tricky to figure out.
Share what you find with the class on the discussion board.
What do you think you have learned from this activity?
What have you learned about monopolistic competition?
Post your views to the discussion board and refer to at least two different concepts from this week’s Chapters. Your illustration of concepts MUST include an explanation why you think they are relevant to the week’s topic using specific information from the articles, videos and other research that you have done.
https://youtu.be/9VRxhN7ajcY Video
thanks.. see below for feedbacks1. This weeks discussion was pretty interesting! I decided to go to my local Publix grocery store to check things out. I started in the cereal isle and compared brand name Cheerios Cereal to the generic Publix brand Toasted Oats Cereal. One of the first things I noticed was the difference in packaging and advertising. The Cheerios brand cereal box was bright yellow and the cereal is pictured inside a heart shaped bowl to reference this product as being "heart healthy". The Publix brand Toasted Oats cereal is in a bland white box with a small yellow section at the top of the box, and is pictured in a regular bowl. Comparatively, the two had completely different marketing/advertising strategies. At this particular Publix, the brand name Cheerios cereal was located right beside the Publix brand Toasted oats on the shelf. The pricing was also significantly different. The Cheerios brand 12 oz box of cereal is $5.09 and the Publix Toasted Oats generic 12 oz box of cereal is $2.75. In addition, this weeks BOGO included Cheerios brand cereal 18 oz box, which usually sells for $5.95. The BOGO items are displayed in the front of the store and in the center walkway of the store for better view. In this particular scenario, buying the Cheerios brand cereal would be cheaper due to the BOGO sale. From grocery, to beauty, Publix has their own brand of products located throughout the store, and usually places their brand on the same shelf right beside the name brand item. I also noticed that some of the vitamin/supplements did not have generic options, requiring brand loyalty. This activity made me more aware of how advertising and placement of products effects consumer purchases. My interpretation of monopolistic competition would be multiple small firms, offering similar products, that are fairly easy to enter and have a small amount of price setting power. 2. Monopolistic competition is a market structure where various firms produce and offer differentiated products which are close but not perfect substitutes with each other and highly compete with each other on various factors other than prices. A good example of monopolistic competition are coffee shops. Starbucks and Dunkin Donuts are essentially selling a similar product (coffee) but the coffee is not the exact same from both companies. Not only do these two coffee shops differentiate in prices, but also quality and/or services. The marketing for Dunkin Donuts and Starbucks is also different with Dunkin Donuts having a fun and friendly pink and orange logo while Starbucks has a more upscale logo and “fancier” names to their types of coffees. If you’ve noticed, Dunkin Donuts has more advertising than Starbucks Coffee does. Dunkin uses a more traditional type of advertising while Starbucks creates a connection with customers through their in-store experiences. The barriers to entry for the coffee industry is low with many local pop-up coffee shops adding a more personal experience for consumers, less wait times to receive their products and cheaper prices. I am a fan of both brands; I go to whichever coffee shop has the shortest drive through lines in the mornings. WC: 207 Champagne, C. (2014, August 22). Dunkin' donuts and Starbucks: A tale of two coffee marketing giants. Fast Company. Retrieved October 20, 2021, from https://www.fastcompany.com/3034572/dunkin-donuts-and-starbucks-a-tale-of-two-coffee-marketing-giants. Vaidya, A. byT. A. R. byD., Agarwal, A. byT., by, A., Agarwal, T., Vaidya, R. byD., by, R., & Vaidya, D. (2021, July 6). Monopolistic competition examples. WallStreetMojo. Retrieved October 20, 2021, from https://www.wallstreetmojo.com/monopolistic-competition-examples/.
ECN 206 Grantham University Government and Market Economy Discussion
75-150 words in length The origin of economics as a science dates back to the publication of An Inquiry into the Nature an ...
ECN 206 Grantham University Government and Market Economy Discussion
75-150 words in length The origin of economics as a science dates back to the publication of An Inquiry into the Nature and Causes of the Wealth of Nations
by Adam Smith in 1776. Smith believed a market economy would generally
bring individual self-interest and the public interest into harmony. Based upon those notions of
self-interest and public interest and the bringing of both into harmony,
according to Adam Smith, how would a market economy accomplish that
harmony about which he describes? What is government's place in that
market economy? Think
about society's need to choose amongst competing resources and goals.
How does personal gain affect choices by individuals and government?
Opportunity costs. While we want to do one thing, we can't do others
based upon scarcity and opportunity costs. Resources are finite. What
about incentives as opposed to free offerings? What about trade?
4 pages
Gross Domestic Product. Gdp
Gross national output (GDP) alludes to the cash estimation all things considered and measures all items and administration ...
Gross Domestic Product. Gdp
Gross national output (GDP) alludes to the cash estimation all things considered and measures all items and administrations that have been created in ...
Similar Content
Micro Economics Question
College of Administrative and Financial Sciences
Assignment 1
Microeconomics (ECON101)
Deadline for students: (3/10/2022@...
Macroeconomics Research Paper
Please follow the rules to finish the pape...
R006-FIN5542 Applied Funds Management
help me finish this fins5542 Applied Funds Management...
ECON101 PBSC Why Teams Fail to Deliver on Hoped Results DIscussion
Along with mom and apple pie, teamwork has become a sacred cow to American businesses. Yet, one survey by Mercer Managemen...
Use Stata Performing a performance evaluation per CFA guidelines.
First, be sure you have STATA software. Also, I upload an example may use. Then write one page SUMMARY.Using DAGVX.dta pe...
ECO3351 Troy University The Effect of Income Tax Changes on Economic Development Paper
An original research paper demonstrating your command of the economic way of thinking and your ability to apply it in an o...
20210210165114solutions To Review Test
[Title Here, up to 12 Words, on One to Two Lines] [Author Name(s), First M. Last, Omit Titles and Degrees]...
20180725151707 Trade S July 111
Section A: The Gains from Trade, Distributional Effects, and Developmental Aspects 1. Who (which groups) are the winners a...
Fishing12221
Go Into SCARCITY, Talk About the Supply and Demand of The Fishing Market. The fishing industry is one of the largest indus...
Related Tags
Book Guides
Get 24/7
Homework help
Our tutors provide high quality explanations & answers.
Post question
Most Popular Content
explain or summarize the points from 2 resources
explain the points from cochrane guide file and textbook file in your own words and give examples for every point. Cannot ...
explain or summarize the points from 2 resources
explain the points from cochrane guide file and textbook file in your own words and give examples for every point. Cannot just copy the original text; label the each point. mark which points from which resources. Highlight the important points from Cochrane guide.need a A or above.
3 pages
Government And The Economy
According to my own opinion when it comes to government and economy, I would prefer the minimally interventionist governme ...
Government And The Economy
According to my own opinion when it comes to government and economy, I would prefer the minimally interventionist government. When looking at this ...
Features of Monopolistic Competition Microeconomics Essay
Note: The video has Closed Captioning. To activate it, start the video, mouse over the bottom of the video and click on th ...
Features of Monopolistic Competition Microeconomics Essay
Note: The video has Closed Captioning. To activate it, start the video, mouse over the bottom of the video and click on the CC icon, then select from the menu.
This week we shall look at Monopolistic Competition. This is where you, as a consumer, spend most of your time. In Monopolistic Competition, there are many companies selling similar but not identical products. Put differently, the goods are close, but not perfect substitutes.
Because of the relative ease of substitution, companies often compete by advertising, services (for stores), brand names, brand loyalty and product differentiation more than by price. Thus, prices of competing products tend to be close, but not identical as they are in Perfect Competition.
Since this market is where you - as a consumer - spend most of your time and a lot of your money, this week you are going to look at this market in action in your daily life. When you go shopping this week, pay close attention to product prices and what information they tell you about how the products compete.
A grocery store is a good example. Look at the soda aisle and by viewing the prices and the product locations on the shelves, which products are close substitutes, sufficiently differentiated that they have brand loyalty (i.e., a higher price), etc. Do the same with canned vegetables. Or undertake the same observational experiment in another type of store you regularly frequent.
Assignment Summary:
Watch the video above and under the Week 4 Videos, watch all videos.
Then go to a store, as discussed above, and observe. Observation is a well-established method of real world research. It will probably be easier and perhaps more informative if you pick on one product line to observe and observe by brand name. In particular, look for:
product prices,
product packaging (design, colors, logos, etc.); and,
product shelve placement relative to other similar products.
Based on what you observe can you identify:
which products/brand names compete most closely with each other? Are they placed close to each other on the shelves or far apart?
which products/brand names are aimed at cost conscious consumers? Where are these on the store shelves for grocery stores?
which are aimed at higher end consumers? Where are these on the store shelves for grocery stores?
which products/brand names have a narrower market and command brand loyalty? This one could be tricky to figure out.
Share what you find with the class on the discussion board.
What do you think you have learned from this activity?
What have you learned about monopolistic competition?
Post your views to the discussion board and refer to at least two different concepts from this week’s Chapters. Your illustration of concepts MUST include an explanation why you think they are relevant to the week’s topic using specific information from the articles, videos and other research that you have done.
https://youtu.be/9VRxhN7ajcY Video
thanks.. see below for feedbacks1. This weeks discussion was pretty interesting! I decided to go to my local Publix grocery store to check things out. I started in the cereal isle and compared brand name Cheerios Cereal to the generic Publix brand Toasted Oats Cereal. One of the first things I noticed was the difference in packaging and advertising. The Cheerios brand cereal box was bright yellow and the cereal is pictured inside a heart shaped bowl to reference this product as being "heart healthy". The Publix brand Toasted Oats cereal is in a bland white box with a small yellow section at the top of the box, and is pictured in a regular bowl. Comparatively, the two had completely different marketing/advertising strategies. At this particular Publix, the brand name Cheerios cereal was located right beside the Publix brand Toasted oats on the shelf. The pricing was also significantly different. The Cheerios brand 12 oz box of cereal is $5.09 and the Publix Toasted Oats generic 12 oz box of cereal is $2.75. In addition, this weeks BOGO included Cheerios brand cereal 18 oz box, which usually sells for $5.95. The BOGO items are displayed in the front of the store and in the center walkway of the store for better view. In this particular scenario, buying the Cheerios brand cereal would be cheaper due to the BOGO sale. From grocery, to beauty, Publix has their own brand of products located throughout the store, and usually places their brand on the same shelf right beside the name brand item. I also noticed that some of the vitamin/supplements did not have generic options, requiring brand loyalty. This activity made me more aware of how advertising and placement of products effects consumer purchases. My interpretation of monopolistic competition would be multiple small firms, offering similar products, that are fairly easy to enter and have a small amount of price setting power. 2. Monopolistic competition is a market structure where various firms produce and offer differentiated products which are close but not perfect substitutes with each other and highly compete with each other on various factors other than prices. A good example of monopolistic competition are coffee shops. Starbucks and Dunkin Donuts are essentially selling a similar product (coffee) but the coffee is not the exact same from both companies. Not only do these two coffee shops differentiate in prices, but also quality and/or services. The marketing for Dunkin Donuts and Starbucks is also different with Dunkin Donuts having a fun and friendly pink and orange logo while Starbucks has a more upscale logo and “fancier” names to their types of coffees. If you’ve noticed, Dunkin Donuts has more advertising than Starbucks Coffee does. Dunkin uses a more traditional type of advertising while Starbucks creates a connection with customers through their in-store experiences. The barriers to entry for the coffee industry is low with many local pop-up coffee shops adding a more personal experience for consumers, less wait times to receive their products and cheaper prices. I am a fan of both brands; I go to whichever coffee shop has the shortest drive through lines in the mornings. WC: 207 Champagne, C. (2014, August 22). Dunkin' donuts and Starbucks: A tale of two coffee marketing giants. Fast Company. Retrieved October 20, 2021, from https://www.fastcompany.com/3034572/dunkin-donuts-and-starbucks-a-tale-of-two-coffee-marketing-giants. Vaidya, A. byT. A. R. byD., Agarwal, A. byT., by, A., Agarwal, T., Vaidya, R. byD., by, R., & Vaidya, D. (2021, July 6). Monopolistic competition examples. WallStreetMojo. Retrieved October 20, 2021, from https://www.wallstreetmojo.com/monopolistic-competition-examples/.
ECN 206 Grantham University Government and Market Economy Discussion
75-150 words in length The origin of economics as a science dates back to the publication of An Inquiry into the Nature an ...
ECN 206 Grantham University Government and Market Economy Discussion
75-150 words in length The origin of economics as a science dates back to the publication of An Inquiry into the Nature and Causes of the Wealth of Nations
by Adam Smith in 1776. Smith believed a market economy would generally
bring individual self-interest and the public interest into harmony. Based upon those notions of
self-interest and public interest and the bringing of both into harmony,
according to Adam Smith, how would a market economy accomplish that
harmony about which he describes? What is government's place in that
market economy? Think
about society's need to choose amongst competing resources and goals.
How does personal gain affect choices by individuals and government?
Opportunity costs. While we want to do one thing, we can't do others
based upon scarcity and opportunity costs. Resources are finite. What
about incentives as opposed to free offerings? What about trade?
4 pages
Gross Domestic Product. Gdp
Gross national output (GDP) alludes to the cash estimation all things considered and measures all items and administration ...
Gross Domestic Product. Gdp
Gross national output (GDP) alludes to the cash estimation all things considered and measures all items and administrations that have been created in ...
Earn money selling
your Study Documents