instead of a decrease and it was an increase instead of a decrease; would that mean that the demand would increase and will result in a increase in demand for electric guitars?
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instead of a decrease and it was an increase instead of a decrease; would that mean that the demand would increase and will result in a increase in demand for electric guitars?
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- what are the factors that car supply will increase in futureWhat does the elasticity of demand for luxuries tend to be? greater than 1 greater than 0 but less than 0.5 less than 1 equal to 0 equal to 1 exactly 0.5How do I calculate total revenue with an increase or decrease in price? Known factors are price elasticity of demand, income elasticity, and cross-price elasticity.
- What would the gasoline price elasticity of supply mean to UPS or FedEx?a. Why do suppliers want to create more inelastic demand relationships in the products that they sell? b. When the price of cellphone charges rises from $480 to $600 a month, the quantity demanded decreases from 204 million to 196 million subscribers. Calculate the price elasticity of demand for cellphone charges. Is the demand for elastic or inelastic? Would the demand for Flow charges be more elastic or less elastic than the demand for overall cellphone charges? Why?Which product likely has a more in elastic demand, a movie ticket or lifesaving medication? Why?
- What are the factors affecting the demand for digital cameras?a. Why do suppliers want to create more inelastic demand relationships in the products that they sell? b. When the price of cellphone charges rises from $480 to $600 a month, the quantity demanded decreases from 204 million to 196 million subscribers. Calculate the price elasticity of demand for cellphone charges. Is the demand for elastic or inelastic? Would the demand for Flow charges be more elastic or less elastic than the demand for overall cellphone charges? Why? c. When the price of rice falls from $100 to $80, the quantity demanded of rice increases from 10 to 25, the quantity demanded of potatoes decreases from 20 to 15, and the quantity demanded of chicken increases from 18 to 35. i. Calculate the cross elasticity of demand for potatoes with respect to rice.ii. Calculate the cross elasticity of demand for chicken with respect to rice.iii. Of what use are these two cross elasticities of demand to the owner of abusiness that sells potatoes and chicken?what would a 10% increase in the price of movie tickets mean for the quantity of demanded of a movie theater the price of elasticity was the man of 0.1?
- Explain how price elasticity affects potential demand for a product.How would the following changes in price affect total revenue? That is, would total revenue increase, decline, or remain unchanged? Price falls and demand is of unit elasticity.You run a hotel and you have determined that if you lower the price of your rooms 15% you will be able to rent 20% more rooms each month What is your price elasticity of demand for hotel rooms? If you want to maximize your revenue from renting out hotel rooms, what, if any changes should you make to the price?
