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A firm has estimated the following demand function for its product:
Q = 100 - 5 P + 5 I + 15 A
Where Q is quantity demanded per month in thousands, P is product price, I is an index of consumer income, and A is advertising expenditures per month in thousands. Assume that P=$200, I=150, and A=30. Use the point formulas to complete the elasticity calculations indicated below.
(i) Calculate quantity demanded. (ii) Calculate the price elasticity for demand. Is demand elastic, inelastic, or unit elastic? (iii) Calculate the income elasticity of demand. Is the good normal or inferior? Is it a necessity or a luxury?
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George Company sells one product at a price of $20 per unit. Variable expenses are 60 percent of sales, and fixed expenses are $20,000. The amount of sales required to break even is:
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break-even analysis i would like to also know how each step was obtained.sprint nextel is one of the largest digital
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abccompany employs a periodic inventory system and sells its inventoryto customers for 25 per unit. abc company had the
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