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You just opened a flower shop and are trying to understand pricing issues. You were told that elasticities are very important in determining prices and what products to supply, so you decide to investigate this concept. You call your friend, an economics professor, and ask, "What is the price elasticity of demand? What determines it? What is elastic and inelastic demand?" To really understand it, compute the following price elasticities of demand: The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. The price of a pack of cigarettes increases by 10% and there is a 5% drop in the quantity demanded. Of the above examples, which is more elastic, and which is the least elastic? Why? Answer the following questions: Why is elasticity an important concept for a business? Bridge tolls Beachfront properties Gourmet coffee Gasoline Cell phones Now that you are an expert on elasticities, what do you think would be the best time of year to raise prices of flowers, and why? What do you think the elasticities are in the flower business?
Among different market structures, which one do you believe provides the highest possible return for a new company as well as why.
q. a charitable university benefactor has decided to donate a large amount of money for student scholarships. the money
If you move to a larger house in 10 years and pay off the loan, what is your effctive annual interest rate? d) If you are transferred in 3 years, what is your effective annual interest rate?
say you are the manager of a perfectly competitive firm selling a product. your business is making a loss because total
q1. a monopolist has demand and cost curves given byqd 10000 - 20ptc 1000 10q .05q2a. find the monopolists
Consider the following multiplicative demand function where QD = quantity demanded, P = selling price, and Y = disposable income:
Corruption, the Merriam Webster dictionary (n.d.) defines corruption as the "impairment of integrity, virtue, or moral principle, or inducement to wrong by improper or unlawful means (as bribery). Many argue that corruption is a major problem in busi..
Ordinary least- squares method or the two- satge least squares method for estimating industry demand for rutabagas.
A major state university in the South recently raised tuition by 12%. An economics professor at this university asked his students, "Due to the increase in tuition, how many of you will transfer to another university.
q1. if michael has 48 to spend on cola and pretzels what combination should he purchase in order to maximize his
Illustrate the effect of each of these proposed policies in a demand and supply diagram of the gun market. For each question, show the price paid by consumers, th eprice received by producers an dthe quantity of guns sold.
The manufacturer's managers are convinced that they could make more sales if they could convince the retailers to carry a full line of products. How could the manufacturer induce its retailer to carry a fuller line of products
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