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Would the imposition of a
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- Explain the effectiveness of ciling price policyGiven the covid environment what do you think the elasticity for Mask was prior to April 2020 versus after April 2020 explainAssume the demand being perfectly inelastic and supply suddenly doubles due to innovative technique of Illustrate in a well labelled graph, the changes in the equilibrium price, and quantity, and also is it advisable to do so from supplier point of view.
- A recent survey shows that the shunning of French products has bought about 35 percent decrease in the sales within a month. Suppose, in September 2020, the market for Garnier hair color a French product was at equilibrium with an equilibrium price 1050 and equilibrium quantity of 12,000. Analyze the impact of a prohibition on the demand of Garnier hair color for the month of October 2020 and illustrate it graphically. Also, explain why or why not the demand has changed?What are the pros and cons of imposing a price ceiling on face masks? Please explain?Under what elasticity condition would the following be true? "Increasing the mimimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage"
- Energy markets, such as the market for natural gas and electricity, have been known to be characterized by inelastic demand. However, recent research discussed in the August 25, 2022 issue of The Economist, indicates that while the responsiveness of quantity demanded in response to price changes indeed is “inelastic” (i.e., the absolute value of price elasticity of demand is still less than 1), the percentage change in quantity demanded in response to a change in price is much larger than earlier research indicated. Answer these narrative questions. No graphs are needed. What does “inelastic demand” formally mean? In addressing this part of the question, please make sure to explain the concept of the price elasticity of demand using a simple formula and by providing a short narrative. Policymakers are encouraging people to conserve energy in response to the growing energy crisis. Discuss the positives (pros) and negatives (cons) of providing subsidies to consumers in this situation…In time of this pandemic, would a price ceiling be an effective solution to the high prices of masks offered by suppliers (being that a mask can be seen as a necessity )Based on this graph,Calculate the total revenue from 200 pairs of shoes if there is a price ceiling.
- In 4-6 sentences, discuss how understanding the concept of price elasticity of demand is useful for a business owner/firm operating in any market structure.The following graph gives two points (A and B) along a hypothetical demand curve for seitan. PRICE (Dollars per pound) 12 11 10 9 3 2 1 0 0 70, 3 I B A Demand 10 20 30 40 50 60 70 80 90 100 110 QUANTITY (Thousands of pounds of seitan) ? Using the midpoint method, the price elasticity of demand for seitan between point A and point B is approximately for seitan is between points A and B. This indicates that demandWhat is price discrimination? Explain how the theories of elasticity, if used, can help suppliers make decisions on product prices.