To effectively positioning a product or brand, companies take four steps: (1) ; (2) discover how target customers rate competing products or brands with respect to critical attributes; (3) discover where the company's product or brand is on these attributes in the minds of potential customers; and (4) reposition the company's product or brand in the minds of potential customers.

Recently, verizon wireless ran a pricing trial in order to estimate the elasticity of demand for its services. the manager selected three states that were representative of its entire service area and increased prices by 5 percent to customers in those areas. one week later, the number of customers enrolled in verizon's cellular plans declined 4 percent in those states, while enrollments in states where prices were not increased remained flat. the manager used this information to estimate the own-price elasticity of demand and, based on her findings, immediately increased prices in all market areas by 5 percent in an attempt to boost the company's 2016 annual revenues. one year later, the manager was perplexed because verizon's 2016 annual revenues were 10 percent lower than those in 2015"the price increase apparently led to a reduction in the company's revenues. did the manager make an error? yes - the one-week measures show demand is inelastic, so a price increase will decrease revenues. yes - the one-week measures show demand is elastic, so a price increase will reduce revenues. yes - cell phone elasticity is likely much larger in the long-run than the short-run. no - the cell phone market must have changed between 2011 and 2012 for this price increase to lower revenues.

Suppose that: 1. malaysia requires 1 hour of labor to produce 1 pound of rice and 2 hours of labor to produce 1 pencil; 2. indonesia requires 2 hours of labor to produce 1 pound of rice and 4 hours of labor to produce 1 pencil; 3. each country has 10,000 hours of labor to allocate between the production of rice and pencils; and 4. in autarky, malaysia consumes 5,000 pounds of rice and 2,500 pencils. which country has an absolute advantage in rice production? in pencil production? which country has a comparative advantage in rice production? in pencil production? will trade between the two countries be mutually beneficial?

Question 55 ted, a supervisor for jack's pool supplies, was accused of stealing pool supplies and selling them to friends and relatives at reduced prices. given ted's earlier track record, he was not fired immediately. the authorities decided to give him an administrative leave, without pay, until the investigation was complete. in view of the given information, it would be most appropriate to say that ted was: demoted. discharged. suspended. dismissed.