Managerial Economics Questions in a case where Jim is haggling with a car dealer

This assignment is about Managerial Economics Questions in a case where Jim is haggling with a car dealer, along with another customer, over the sale price of a used car. Managerial Economics Questions: Sale Price of a Used Car Jim is haggling with a car dealer, along with another customer, over the sale price of a used car. When he entered the store, the storekeeper was already haggling with the other customer. His bargaining position would improve if             a.         The other customer leaves             b.         He receives an offer from a competing car dealer Managerial Economics Questions             c.         He can make it clear that he will leave if his offer isn’t accepted             d.         All of the above QUESTION 2 If, during the negotiations between the union and the management, a lockout occurs, it would be because             a.         The management is trying to convince the union that it would stick to its strategy             b.         The union believes the management’s threat             c.         All of the above             d.         None of the above QUESTION 3 The VP in charge of product launches hypothesizes that a particular product would not be profitable, then killing a potentially profitable product is a             a.         Type II error             b.         Type III error             c.         Type IV error             d.         Type I error Managerial Economics Questions QUESTION 4 You put your product on 20% off sale market A but leave it unchanged in market B. Sales in A increase from 840 to 1040 units per week while sales in B rise from 770 to 830. The Difference-in-difference estimate of the effect of the price change is:             a.         120 units             b.         80 units             c.         100 units Managerial economics deals with the application of the economic concepts, theories, tools, and methodologies to solve practical problems in a business. In other words, managerial economics is the combination of economics theory and managerial theory. Read more on Managerial Economics Questions: Sale Price of a Used Car here