Shortly after Second World War, Heusen created a comfortable, self-folding collar. Prior to the invention, men wore collarless shirts with disposable collars either made of paper or a plastic-like material. In 1919, a U.S. patent was granted for the collar. In 1921, Heusen introduced the revolutionary new collar to the public with immediate and overwhelming success. This invention would be part of the environment for Heusen, the shirt manufacturer. O a. interrelated O b. specific O c. centralized d. covert e. overt
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- When a company offers a new product or service, they estimate how much of that product or service people will want at different prices. This is referred to as the product or service demand. As the price of a product or service increases, the demand usually decreases, and this drives the price down. Companies use the estimated demand to determine how much of a product or service they are willing to supply at different prices. As the price of a product or service increases, companies are willing to supply more of it because they will earn more money. If you graph the demand and the supply curves on the same xy-plane, they will sometimes intersect at the point where the price and the supply are in equilibrium. Consider the scenario below. Yaseen is a local artist who wants to increase the amount of money she earns every month by selling at-home painting kits. These kits will include a photograph of the finished painting, a link and password to Yaseen’s YouTube channel where she will…Michelle owns an independent bookstore and has observed that college graduates read more than people without degrees. She is considering offering a 10% discount on book purchases to customers who have a postsecondary degree. Why might Michelle's plan hurt rather than help her business? People who read more books are likely to have a higher willingness to pay than others. People with higher education typically earn more than others and so may have a higher willingness to pay. High educational achievement is not a difficult-to-change characteristic. Whether an individual has a postsecondary degree is not easily verifiable.During the late 1970s, the most popular form of music in the United States was disco. Sparked by the film Saturday Night Fever, the disco craze swept the country. It wasn’t just the music, it was also the dancing. And no disco dance club was complete without a disco ball: a mirrored ball suspended from the ceiling. The disco ball would be rotating, with spotlights shined upon it, so that lights would appear to be flashing all across the dance floor. During the heyday of disco, a company called Omega Products International (based in Louisville, Kentucky) made 90% of all the disco balls sold in the U.S. Suppose that for some reason disco music and disco dancing become popular again. Thus the demand for disco balls increases. What will happen to the price of disco balls, the supply of disco balls, and Omega’s profits in the short run? Explain your answer. Under what conditions will the increased demand for disco balls enable Omega Products International to make above-normal profits…
- During the late 1970s, the most popular form of music in the United States was disco. Sparked by the film Saturday Night Fever, the disco craze swept the country. It wasn’t just the music, it was also the dancing. And no disco dance club was complete without a disco ball: a mirrored ball suspended from the ceiling. The disco ball would be rotating, with spotlights shined upon it, so that lights would appear to be flashing all across the dance floor. During the heyday of disco, a company called Omega Products International (based in Louisville, Kentucky) made 90% of all the disco balls sold in the U.S. This question has four parts. Please label the parts of your answer clearly as a, b, c, and d. Does the fact that Omega International Products sold 90% of all disco balls in the US indicate that Omega International Products had monopoly power? If your answer is “yes,” then explain why this indicates monopoly power. If your answer is “no,” then explain why this doesn’t necessarily…During the late 1970s, the most popular form of music in the United States was disco. Sparked by the film Saturday Night Fever, the disco craze swept the country. It wasn’t just the music, it was also the dancing. And no disco dance club was complete without a disco ball: a mirrored ball suspended from the ceiling. The disco ball would be rotating, with spotlights shined upon it, so that lights would appear to be flashing all across the dance floor. During the heyday of disco, a company called Omega Products International (based in Louisville, Kentucky) made 90% of all the disco balls sold in the U.S. Of course, for better or worse, the disco craze has long since dwindled into almost nothing. And now Omega Products International is the only producer of disco balls staying alive (ha, ha, ha, ha – that’s a Saturday Night Fever reference, in case you didn’t know). Is a monopoly in disco balls a Good Thing or a Bad Thing for society as a whole? Explain why. For purposes of this question,…In 1973, two American scientists, Herbert Boyer and Stanley Cohen produced the first genetically modified organism in human history - a bacterium. Scientific advances quickly followed in their wake. The first genetically engineered animal (a mouse) was developed in 1974 and the first genetically engineered plant (a breed of tobacco) was developed in 1983. Around the same time, in 1980, the US Supreme Court allowed patenting of genetically engineered organisms. These developments let the genie out of the bottle for the seed industry. Noticing the potential to gain a monopoly position in the seed market, biotech companies began purchasing traditional seed producers and developing genetically modified crop seeds in late 80s. They were so successful in acquiring or merging with the traditional seed companies that soon there were only 6 major producers left in the entire seed industry: Monsanto, Bayer, BASF, Dow, DuPont and Syngenta. a. In the market for corn seeds, Monsanto is close to…
- A century ago this month, the Addison Act was passed in the UK placing a duty on local authorities to take up the gauntlet of providing 500,000 new homes within three years. Typically, housing had been built by private developers with an eye on turning a profit, but the Tudor Walters Report recommended that new homes were not to be cramped terraced houses packed into available space, but rather open and airy, low-density garden suburbs. The report mandated several designs and layouts of generous proportions, with gardens attached to all. In the last decade the number of homes built by both public and private providers combined has averaged only a paltry 159,000 each year. Most new homes are built by about a dozen big housebuilding firms, such names as Persimmon, Bellway, Barratt and Taylor Wimpey. Chasing financial returns tends to lead to a short-term view of shareholdings, seeking immediate gain over longevity and loyalty. The nine key housebuilding firms had a combined turnover of…A century ago this month, the Addison Act was passed in the UK placing a duty on local authorities to take up the gauntlet of providing 500,000 new homes within three years. Typically, housing had been built by private developers with an eye on turning a profit, but the Tudor Walters Report recommended that new homes were not to be cramped terraced houses packed into available space, but rather open and airy, low-density garden suburbs. The report mandated several designs and layouts of generous proportions, with gardens attached to all. In the last decade the number of homes built by both public and private providers combined has averaged only a paltry 159,000 each year. Most new homes are built by about a dozen big housebuilding firms, such names as Persimmon, Bellway, Barratt and Taylor Wimpey. Chasing financial returns tends to lead to a short-term view of shareholdings, seeking immediate gain over longevity and loyalty. The nine key housebuilding firms had a combined turnover of…A century ago this month, the Addison Act was passed in the UK placing a duty on local authorities to take up the gauntlet of providing 500,000 new homes within three years. Typically, housing had been built by private developers with an eye on turning a profit, but the Tudor Walters Report recommended that new homes were not to be cramped terraced houses packed into available space, but rather open and airy, low-density garden suburbs. The report mandated several designs and layouts of generous proportions, with gardens attached to all. In the last decade the number of homes built by both public and private providers combined has averaged only a paltry 159,000 each year. Most new homes are built by about a dozen big housebuilding firms, such names as Persimmon, Bellway, Barratt and Taylor Wimpey. Chasing financial returns tends to lead to a short-term view of shareholdings, seeking immediate gain over longevity and loyalty. The nine key housebuilding firms had a combined turnover of…
- Suppose the National Football League (NFL) wants to make Super Bowl tickets affordable for more football fans. The league therefore sets the price of a Super Bowl ticket below what is generally considered a fair market price. Suppose the price of a ticket for a regular seat at the Super Bowl is set at just $500. People who have tickets, however, can turn resell them online for $2,500 each, or more. If there are no transaction costs associated with online sales of Super Bowl tickets, the true cost to a fan of attending the Super Bowl is:Suppose the National Football League (NFL) wants to make Super Bowl tickets affordable for more football fans. The league therefore sets the price of a Super Bowl ticket below what is generally considered a fair market price. Suppose the price of a ticket for a regular seat at the Super Bowl is set at just $500. People who have tickets, however, can turn resell them online for $2,500 each, or more. If there are no transaction costs associated with online sales of Super Bowl tickets, the true cost to a fan of attending the Super Bowl is: O at least $2,500. O the monetary price paid to obtain the ticket. at most $500. $2,000 less than the opportunity cost of a ticket.In a recent speech, the governor of your state announced: “One of the biggest causes of juvenile delinquency in this state is the high rate of unemployment among 16 to 19 year olds. The low wages offered by employers in the state have given fewer teenagers the incentive to find summer employment. Instead of working all summer, the way we used to, today’s teenagers slack off and cause trouble. To address this problem, I propose to raise the state’s minimum wage by $1.50 per hour. This will give teens the proper incentive to go out and find meaningful employment when they are not in school.” Highlight a possible flaw in the governor's reasoning: Teenagers likely will not increase quantity of labor supplied when the minimum wage increases by $1.50. A higher minimum wage will serve as a higher price ceiling, reducing the quantity of labor supplied by teenagers. A higher minimum wage will serve as a higher price ceiling, reducing quantity demand for labor by firms. A higher…