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List the different types of market structures that big data benefits the least and benefits the most. While data collection may benefit the business community, discuss the potential concerns for consumers that arise with the proliferation of big data

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Jarrod Robel
Jarrod RobelLv2
2 Jun 2018

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Related questions

During the reading of research data collection tool, I select the scanner data system due to the saving and targeted coupons first hand and saving money on discounted items and various products throughout the store The drawback is when potential customers refuse or do not wish for their shopping patterned is being tracked they may withdraw from the card system. Which marketers may not fully know what the consumers may want? The benefits are that consumer who uses the scanner data system they will capitalize on upcoming are current sales or reduced items before non-customer cards holders have.

You have been hired as a business analyst by Big Daddy’s Quik-ee Mart. Big Daddy has collected demand data on 3 products that he sells: Gasoline, Milk and Little Mama’s Chocolate Cookies™. The data is presented in the tables on the next page. Currently all three of these products are priced at $3.50 per unit. Big Daddy would like you to use this data and your knowledge of the price elasticity of demand to make suggestions about pricing strategies that might increase revenues for the Quik-ee Mart.

There is one problem. When Junior (Big Daddy’s son) collected the data, he forgot to label the columns in the spread sheet, so now there is no way to tell which data goes with which of the 3 goods.

Big Daddy is very well known in the local community, so performing well on this job will guarantee you many more consulting jobs in town. Even though there is an important piece of information missing you must still try to help Big Daddy.

Use the data to calculate the arc elasticity of demand for each product using each pair of prices and quantities. (That is, calculate the arc elasticity between $2.00 and $2.50, between $2.50 and $3.00, etc.).

Given what you know about the price elasticity of demand, can you now guess which set of data belongs to which product? Explain your reasoning.

Assuming that you are correct in your guesses, provide some sales and marketing advice to Big Daddy. What sort of pricing changes could Big Daddy implement to increase total revenue?

Format of your answers:

You should present your conclusions and suggestions to Big Daddy in the form of a memo. Remember when drafting the memo that Big Daddy is a busy business executive. Give him your suggestions, and explain your reasoning, succinctly and in as non-technical terms as possible. Attach an appendix that includes your completed data tables with the arc elasticities, along with a sample calculation showing how the elasticities were found. The appendix can also include any other background material you feel is relevant and include references to any external resources you may have consulted in preparing your report.

Extra Credit:

In addition to the price elasticity of demand, Chapter 3 discusses several other demand elasticities. Might any of these be relevant to this problem? Explain. If possible, suggest additional data that Junior could collect to add to this analysis and what findings you would expect (again, based on your knowledge of gasoline, milk and cookies).

Data for Good 1

Price

Quantity Demanded

Arc Elasticity

$2.00

280

-

$2.50

260

-0.3333

$3.00

240

-0.44

$3.50

220

-0.56521

$4.00

200

-0.7143

$4.50

180

-0.8947

Data for Good 2

Price

Quantity Demanded

Arc Elasticity

$2.00

230

-

$2.50

225

-0.0989

$3.00

220

-0.1236

$3.50

215

-0.1494

$4.00

210

-0.1765

$4.50

205

-0.2048

Data for Good 3

Price

Quantity Demanded

Arc Elasticity

$2.00

510

-

$2.50

413

-0.9458

$3.00

315

-1.4808

$3.50

218

-2.3659

$4.00

120

-4.3491

$4.50

23

-11.5315

*I was able to calculate all of the math (hopefully correct), but am having issues with the guesses; economics has always really stumped me and I seriously get confused about inelasticity and cpuld really use some help figuring that out. I'm also a little confused by what he means by memo, my professor is really vague most of the time.

This assignment will enable you to:

Create graphs and tables to illustrate costs and revenues for firms in different market structures

You have learned about the market structures of pure competition, monopoly, monopolistic competition, and oligopoly. In this assignment, you will apply this learning to create cost and revenue graphs for businesses in these different market structures.

Think of four businesses, each operating in one of these market structures. Then, do the following:

Create the revenue data for each business. Be sure to include all the data that could have an impact on the business' operations and profits.

Determine the cost data for each business, both in the short and long run. Again, be sure to include all types of costs that can influence the operating and profit maximization decisions of the business.

Create any supporting data that you require, and list the assumptions that you make for each business in the short and long run.

Analyze the costs of each business for the short run and the long run. What conclusions can you draw about the business' operations and profits in the short and long-run?

Plot the revenue and cost data for each business on a graph. You need to do this for the short and long run, thus creating eight graphs in all.

Determine the price, output, and profit/loss for each business in the short and long run.

Analyze the graphs and briefly describe the similarities and differences between the short and long-run operations of each business.

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