Tom did a competitive analysis of his company’s outdoor soap product, interviewed distributors for helpful insights on the competitor’s soaps, looked at the market trends, and spoke with the product manager about the changes he saw that the market required. What critical step did Tom forget to do?

The first thing Tom should have done was to identify his top competitors.    

Explanation:

Here are the following steps to carrying out competitors analysis:

    2. Identify your Strengths and how they help you take advantage of your  

    Opportunities

    3. Identify Threats and how your strengths would help you minimize them

    4. Enumerate your weaknesses and how you'd combine your strenghts and opportunities presented by the competitors weaknesses to reduce them.

Cheers!

d. the economy will face inflation.

answer: marginal utility of the fourth brownie is 0.

explanation: marginal utility is the addtional utility gained from the consumption of one more unit of a good. it is given by,

so, marginal utility at the 4th unit will be given by

since, the values are not given here, you can simply find marginal utility at fourth unit by subtracting total utility at 3rd unit from total utility at 4th unit.