<span>A market refers to people with unsatisfied wants and needs who are willing and able to buy a product or service. The market is made up of people who want and need to purchase a product or service, those in the 'market' for a item will search out the best quality, best price, and best way to achieve the product or service they need. The market is a big place that holds many different options for consumers to find exactly what they are looking for.</span>
Answer:
$60600.
Explanation:
Differential Costs:
Materials costs = $62,000 - $27,000
= $35,000
Processing costs = $33,000 - $33,000
= $0
Equipment rental = $28,400 - $10,800
= $17,600
Occupancy costs = $27,400 - $19,400
= $8,000
Sum of all differential cost = $35,000 + $0 + $17,600 + $8,000
= $60,600
Therefore, the differential cost of Alternative B over Alternative A, including all of the relevant costs is $60600.
In short, Starbucks's success can be attributed to its marketing, the environment of its establishments, and its social popularity. Starbucks has managed to present itself as an honest, morally decent, and trendy coffee house that appeals primarily to a millennial audience. Regarding their locations, Starbucks franchises offer an upscale, urban feel that is not offered by many other coffee chains. Another reason is Starbucks embracing social progress and pop culture in their advertising and business design and practices. Finally, the ingredients used in Starbucks coffee are often marketed as premium and upscale, which falls into the advertising used to convince consumers that their product is worth more, even though that objectively, their product is comparable to products that cost significantly less. In short, it is not so much the product that is being paid for, but the name and social stigma/popularity around it, and this is why people do not hesitate to pay more for Starbucks's product.
The value dimension that the behavior of the people of country x relates to is <u>b. people of country x</u> have a low indulgent vs. restraint ratio.
<h3>What is the difference between indulgent and restrained societies?</h3>
According to Hofstede's Cultural Dimensions, an indulgent society values the satisfaction of human needs, desires, and pleasures above societal norms.
On the other hand, a restrained society curbs their desires, withholding pleasures that align with societal norms.
Thus, since the people of country x tend to save their income rather than spend on luxuries, the relevant value dimension is a low indulgent vs. restraint ratio.
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The per-unit economic profit at the profit-maximizing output is $112 if the product price is $283.
<h3>How do we calculate profit-maximizing price?</h3>
The rule for calculating a profit-maximizing perfectly competitive firm is to produce the level of output where Price equals the Marginal Revenues= Marginal cost.
Hence, the economic profit is calculated by Total Revenue - (Explicit Costs + Implicit Costs) because it entails the difference between the revenue received from the sale of an output and the costs of all inputs.
Therefore, the per-unit economic profit at the profit-maximizing output is $112 if the product price is $283.
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