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All the information relates to long term market adjustments.
(a) Using the concept of cross price elasticity of demand, does your firm have market power in respect to Lemon Heaven Soda? Why or why not?
(b) Explain the relationship between Cola Magic and Lemon Heaven Soda.
(c) Explain what affect a 10% increase in the income of the targetmarket would be on the demand for the Cola Magic?
(d) Your firm's accountant argues that because the demand for the Cola Magic is price elastic, the firm should drop its price. Briefly discuss this recommendation indicating if you would support this recommendation or not. What other factor(s) would have to be taken into account when giving your recommendation to management.
Make sure response explains how optimal firm behavior will lead to scale and substitution effects. Also explain the importance of the diminishing marginal returns assumption. also please try to explain as much as you can the more explainations the..
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How does analysis of demand contribute to business decision making give your answer with reference to the responsibilities of a sales manager?
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