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Pick one of their products and calculate about the price elasticity of demand and the income elasticity of demand for that product. Justify your guess about how elastic the demand is with things you know about the product (for example, the demand for a product is likely to be very price elastic if there are many substitutes). Based on your estimate of price elasticity of demand what would you recommend as far as raising or lowering the price to enhance sales? (TR test). Finally, identify some complements and substitutes for the product. How strong do you think the cross-price elasticities are likely to be? Based on what you have written, if you were selling this product, what measures, prices, or data would you try to keep track of if you wanted to predict how your sales might change over time? Explain the nature of cost, fixed and variable, explicit and implicit and sunk cost for your business. USE THE INFO BELOW TO SOLVE Here is an example (see attached or below) from the Pub where the cost of a menu item increased, so we had to pass that cost along to the Customer: Salmon Burger Cost Selling price Food Cost % Units sold Oct-13 $1.60 $4.20 38.1% 176 May-14 $2.09 $4.20 49.8% 14-Oct $2.09 $5.75 36.3% 141 AS you can see, raising the selling price from $4.20 to $5.75 helped our food cost but decreased the sales of this item from 176 in October 2013 to 141 in October of 2014.
Every single state separately as unemployment rate, participation rate, change in vacancies, employment growth or decline etc. All data needs to be based in either 2013 annual report, or 2014 first half year.
suppose that due to whatever reason reserve demand changes and you forecast the reserve demand to now be rd 270 - 30
Suppose that the cost of living increases, thereby reducing the purchasing power of your income. If your money wage doesn't increase, you may work more hours because of this cost-of-living increase. Is this response predominantly an income effect ..
how much does the economy have to grow potential output is 3.5 and the unemployment rate is 7.3 in 2014 to bring the
At what output is the average variable cost (AVC) at a minimum and if the market price of the firm's output is $7.5 per unit, should the firm produce or shut down?
proper health and nutrition is of critical importance to the growth and development of young children yet many american
derive an equation to find end of year future sum f that is equiv to a series of n beginning-of-year payments b at
according to kluver what are the ramifications of technology and globalization on global communication?compare kluvers
What are the possible reasons for the price rise mentioned in the news article? Use demand and supply models to illustrate what has happened in the egg market. Make sure that you clearly state any underlying assumptions in your analysis.
Why might a profitable motel shut down in the long run if the land on which it is located becomes extremely valuable due to surrounding economic development What kinds of costs are involved in making a decision to shut down
Starting with the reaction functions of duopolists A and B, find the Cournot solution by substituting equation (1) into equation (2) and solve for QB then QA.
explain why long distance phone service was originally a natural monopoly, how did the growing number of satellites change the cost structure of the long distance phone service, why might it be efficient to have competition in long distance phone ..
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