1) "Krispy Kreme Doughnuts Inc. reported its profit fell 56% in its second quarter despite an 11% increase in revenue."Explain how it is possible for a firm's revenue to increase at the same time its profits decrease.

2) During 2003, General Motors cut the prices of its car models.As a result, GM earned a profit of only $184 per car, compared to the profit of $555 per car it had earned in 2002.Does the decline in GM's profits per car indicate that cutting prices was not a profit-maximizing strategy?Briefly explain.

3) How can a firm differentiate themselves?

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