w w ap eP m e tr .X w STANDARDS BOOKLET FOR BUSINESS STUDIES om .c s er GCE Advanced Subsidiary and Advanced Level Business Studies 9707 CONTENTS PAGE Introduction 1 Questions and Responses 3 Appendix 1 Question paper 9707/1 and Mark Scheme 41 Appendix 2 Question paper 9707/2 and Mark Scheme 47 Appendix 3 Question paper 9707/3 and Mark Scheme 55 INTRODUCTION The AS/A level (9707) Business Studies examination papers are based
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sole trader company); firms are interdependent‚ al will watch what the competitors do and act accordingly (when Wong created the "Bonus" card‚ it did not even passed a week when Santa Isabel created the "Más Más" card); the existence of the kinked demand curve (which we will see what it is on question b); there are barriers to entry‚ this means it is difficult for other firms to enter the industry; non price competition‚ as companies cannot compete by prices‚ therefore they have to compete with the
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Microeconomics and Biz Strategy References: Pindyck&Rubinfeld. Chap.1 What are the firm’s important functions and strategies ? 1. Selling need to know consumers purchasing behavior for example‚ what if the price increases: price elasticity of demand marketing/product positioning strategies Topics 3-5 lectures 2. Production Supply function/producers output decision how to produce? Firms output decision: Short run vs LR For example‚ should the firm continue producing even though
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structure in Tesco ’s case is oligopoly meaning there is a small number of large producers ’ (Britton et al 2005‚ p221) whereas a perfect competitive market would mean that it would be characterised as being price takers dependant upon supply and demand. Tesco is the market leader in the UK and 5 international countries (Tesco 2006). Due to the fact that they are in an oligopoly market‚ Tesco ’s decisions would be mainly influenced by the decisions that their other few competitors‚ such as Sainsbury
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vulnerable to changes in the business cycle then others‚ the extent of which depends on the income elasticity of demand for the firm’s products. For example the car industry and firms producing new cars will be sensitive to the GDP as the demand for the products (the new cars) is highly income elastic‚ in a boom period demand will increase as consumers income would have as well whereas in a recession‚ demand will fall as people will have less money‚ an example of this is the current recession‚ UK new
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ECO 561 Week 1 Discussion Question 1 comprises: Different products have different elasticities. Heart medication‚ for example‚ is inelastic and corn is elastic. All firms can increase the volume of goods or services sold by cutting prices; however‚ elastic products are much more price sensitive than inelastic products. Find a product that has not already been selected and describe the price elasticity. How much control might an organization have over pricing based on a product Economics
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Question 1 The primary objective of a for-profit firm is to ___________. Selected Answer: Correct Answer: 5 out of 5 points maximize shareholder value maximize shareholder value Question 2 5 out of 5 points The flat-screen plasma TVs are selling extremely well. The originators of this technology are earning higher profits. What theory of profit best reflects the performance of the plasma screen makers? Selected Answer: Correct Answer: innovation theory of profit innovation theory
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customer needs; e.g. of Hispanics‚ African Americans‚ Asian‚ etc. to be able to supply to their specific needs. I believe demographics are vital to fulfilling customer needs‚ satisfaction and a greater economic return for the retailer. Week 2 Demand‚ Supply and Market Equilibrium About a month ago I purchased a HP printer since my son knocked down my last printer accidently. I tried to get it replaced since it was under warrantee but they didn’t make my old model anymore. My printer was only
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The Government introduces a high rate of tax on petrol. This tax may have negative effects on many drivers. Should the Government repeal or relax the tax? Contents 1. Introduction……………………………………………………………………………………………………………….1 2. Findings………………………………………………………………………………………………………………………2 3. Conclusions…………………………………………………………………………………………………………………4 4. Recommendations………………………………………………………………………………………………………4 5. References…………………………………………………………………………………………………………………..5 Introduction
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study its price elasticity of demand and relate it to revenue. Say how the REVENUE of the product increases or decreases because of the ELASTICITY. The elasticity of demand measures the responsiveness of the quantity demanded of a good‚ to change in its price‚ price of other goods and change in consumer’s income. Accordingly elasticity of demand is of three types: Price elasticity of demand Income elasticity of demand Cross elasticity of demand Price elasticity of demand: it is the ratio
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