A company is deciding between 2 foreign firms to provide its call center services.A factor-rating method is used.Factors are rated on a scale of 1-10,with 10 being the best score.
A: If the factors are weighted equally (respective weights of .3333),which firm is preferred?
B: Suppose a consultant recommended that Factor 2 be twice as important as Factor 1,while Factor 3 should be four times as important as Factor 1.Which firm is best now using a weighted method? (Round your weights to the nearest four decimal places. )
Definitions:
Monopolistic Competition
A market structure in which many firms sell products that are similar but not identical, allowing for significant control over pricing and some degree of market power.
Monopolistically Competitive Industry
An industry characterized by many firms offering products that are similar but not identical, allowing for some degree of market power.
Demand Curves
Graphs showing the relationship between the price of a good and the quantity of that good that consumers are willing to buy at different prices.
Short-Run Profits
Profits earned by a firm during a period when at least one factor of production is fixed, focusing on immediate or near-term financial gain.
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