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Read the articles by Dravone and Gandal; Schepp; and Craft on different products and how the demand for them has been estimated, either correctly or incorrectly. Now read Appendix 4A Applications of Supply and Demand found in your text. Select one of the companies discussed. Explain how you might estimate the demand for the product used in the Appendix 4A discussion. Be specific and include a description of the variables you would use and why you would use them. Be sure to discuss how you would collect the data on the variables you need. Is your demand curve price elastic, inelastic or arc elastic and why? Now discuss how income elasticity and cross price elasticity for a substitute might be valued. Are they elastic, inelastic or arc elastic with respect to income and your substitute? What would be an appropriate revenue strategy for your product if the price of your substitute dropped 30%? Defend your answer and cite your sources.
During the period 1973-1975, the United States experienced a deep recession with a simultaneous sharp rise in the price level. Would you conclude that the recession was the result of a supply shock or a demand shock? Illustrate, using AD-AS analysis.
Suppose medical care is consumed only in units of a homogeneous quantity, for instance, office visits which are priced at $40 per visit. The available insurance plan carries a $200 deductible and has a coinsurance rate of 20%. Graph the out-of-pocket..
An agribusiness firm may undertake three alternatives: The Stinson family owns a farm in Amarillo, Texas. Three alternatives for how to use the farm:
Given the following annual information about a hypothetical country, answer questions a through d
In Komino City, the taxi industry is regulated by the Government Taxi Authority. A company can only supply taxi services, in Komino City, if it is issued a licence by the Government Taxi Authority. Suppose that the Government Taxi Authority issues on..
You’ve just decided to add a new line to your manufacturing plant. Compute the expected loss/profit from the line addition if you estimate the following: There is a 70% chance that profits will increase by $100,000. There is a 20% chance that profits..
the shape depends partly on how much time consumers have to adjust a change in prices. Over a short period the demand curve is fairly steep because a few adjustments can be made.
Comment on the following statement: “If John McCain had won the 2008 election everything would have been different.” What would have been different? Would that be a good or bad thing? Would anything be the same? What if Mitt Romney had won the 2012 e..
Assume that a manufacturer faces a Cobb-Douglas production function, q= 40K^0.5L^0.5 where q is output per period, L is labor, K is capital
Which of the following argues against Federal Reserve Bank independence?
Assume that the market for Coca-cola in your area is perfectly competitive, with Demand P= 11-0.1Qd and supply P= 1+ 0.1Qs. Each firm that sells Coca-cola is indentical, with Total Cost TC= 1+0.5Q+2Q? Identify the consumer and producer surplus on the..
An outer beltway is being planned for Nashville, Tennessee. The cost of this project is estimated to be $250 million. Benefits are expected to be $25 million per year. Annual maintenance costs are estimated to be $1 million. If the life of the beltwa..
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