Economics Essay

Save this file in your class folder, and name it with subsidisation, the section number, and your first initial and last name. For framework, Jessie Robinsons grant for Section 1 would be named JRobinson.Type the answers to the assignment questions below. Use cut sentences unless the question says otherwise. You will have more than one day to remove an assignment. At the end of each day, be sure to save your progress. polish up Lesson 4 of the Course Overview for instructions about(predicate) turning in your assignments.Assignment QuestionsIn Section 1, you learned about economic principles. Now, youll apply what you learned.1. use up a well- sleep with company that you know of, and answer the following questions about ita. Is this mainly a harvest-festival-based or service-based business? (1.0 points) it is mainly a harvest-time based company.b. What type of good or service is this company ruff known for? (1.0 points it is a nutrient service company so it is known for th e food.c. What makes the company different from its competitors? (1-3 sentences. 3.0 points) this company is known for there lineament of unfaltering food. The food is prep atomic number 18d frequently more fresh than other companies much like this one. This company also tends to have more of a disgorge of foods to pick from.d. wherefore do you take this company became prospered? spot at least one reason. (1-5 sentences. 2.0 points) I think this company became successful because it was non the first company like it and people like to be able to grab something quickly and go so fast food works well.2. Choose a different well-known company that you know of, and describe its direct and indirect competitors. Describe at least 2 direct competitors and 2 indirect competitors. (1-5 sentences. 4.0 points) a indirect competitor would be for example if someone opens a shop marketing Malay strain while the opposite street another person is marketing the analogous sieve but then c omes along a person selling Chinese fried rice. Although the person who is selling the Chinese fried rice and the two other competitors are selling Malay rice, the person selling the Chinese fried rice is considered an indirect competitor. But for another example a pizza shop in competition wit a fried chicken shop would be indirect because the harvest-homes are not the same but they are still competing for sales.3. Describe at least 3 nonprice competition strategies a company could use to convince clients that its harvest-tide is better than other similar products. Why would those strategies matter to customers? (1-6 sentences. 3.0 points) It is better quality so it will last longer, it has a better warranty in case anything goes wrong, it functions or looks better than the opposition, the design is future projected. They would matter to the customers because customers attending about the quality of whatever product it is they are possibly mentation about investing in. customer s also dont want things that are going to out of date in a year. And of course the customer is going to purchase the product depending on how much better they think it is in general including the appearance of the product.4. Describe a real or made up but possible example of a product that went through a time of scarcity. What was likely to happen to the price of the product when it was scarce, and why? (1-3 sentences. 3.0 points) alcohol during the prohibition. The price skyrocketed. As the penalties for breaking the law increased, so did the demand and price.5. Describe a product you know of that has elastic demand. Why is the demand for this product elastic? Explain. (1-3 sentences. 3.0 points) a stock in a micro cap company or a gas pharmaceutic company. Its factors are that the government proposing a law that is in favor of te industry, media, and just regular speculation.