absolute. ii. Technology drives consumers relentlessly toward the same common goals - alleviation of life's burdens and expansion of discretionary time and spending power. iii. Cultural preferences follow one of two paths: they eventually lose relevance to economic decision making, or they diffuse to other groups and become the substance of global trends. b. In Holt, et al's How Global Brands Compete, the authors introduce the 'dimensions of global brands' and the 'global consumer segments' . Identify and discuss these 'dimensions' and 'segments' as their answer to global brand competition. c. Lastly, what is globalization - what's all the fuss? 5. On Application of Managerial Economics - A Scenario a. Situation - You are the manager and need to increase profitability. Defend the following arguments with your knowledge from our readings and discussions - be descriptive and thorough in your response. Increasing revenues is more favorable than simply reducing costs - why? Decreasing costs and increasing revenues is most favorable - why? Why is a competitive market so important for both the producer and the consumer? Explain