Discuss how may the concept of elasticities affect our country’s preference for commercial spaces and malls versus public parks and playgrounds. How does this choice impact the richness of our civic lives? Answer the question using 100-150 words only.
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Discuss how may the concept of elasticities affect our country’s preference for commercial spaces and malls versus public parks and playgrounds. How does this choice impact the richness of our civic lives? Answer the question using 100-150 words only.
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- PRICE (Dollars per unit) 350+ 225 175) 50 0 Region Between Y and Z Between W and X Between X and Y Z True False X 28 36 QUANTITY (Units) For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic. I 56 W Demand True or False: The slope of the demand curve is equal to the value of the price elasticity of demand. Elastic Inelastic Unit Elastic. Why do suppliers want to create more inelastic demand relationships in the products that they sell? 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? 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. Calculate the cross elasticity of demand for potatoes with respect to rice. 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 a business that sells potatoes and chicken?HOW DO YOU RESPOND TO PRICE ELASTICITY? People have unlimited needs and wants for their personal satisfaction and because of that the prices of products easily get changed. Everyone is affected with the new normal in the market. The prices of products have become very expensive since the outbreak of the pandemic, not only in our locality, but in the whole world. If your income or the income of your family is not enough to purchase the basic commodities needed by your family, what goods would you buy, instead? What economic or marketing strategies would you apply? How would you respond to the price changes of these commodities?
- Dashboard for Online Pricing Online the timing and tailoring of prices to specific models of products is the key to successful pricing in online markets. And “Thanks to the ready availability of data in online markets, a pricing manager can easily approximate the elasticity of demands for the different products it sells online.” Assuming a 10 percent decrease in price increases sales by 25 percent, calculate the price elasticity of demand? If the wholesale price of the online product is $50 and sells at a price comparison site that charges $.50 per click and boasts a conversion rate of 5 percent (an average of 20 clicks are needed to generate a sale). What price should you charge for the product? What is the optimal markup on cost? The authors assert that price sensitivity is affected by (1) product life cycles, and (2) numbers of competitors. In fact, “when the number of competing sellers doubles, a firm’s elasticity of demand is expected to double (and you should be able to…Price elasticity of demand estimates come up often when taxes are being placed on goods. Why do you think knowing the price elasticity of demand is important for policy? Despite large taxes on cigarettes (and the predicted decrease in consumption), the tobacco industry has seen steadily rising profits. What can explain this? What do you think would happen to the price elasticity of demand as e-cigarettes become more popular and available?It is a rainy day in the village and we are selling Umbrellas. Here is the following data we have on demand. At a sale price of $10, demand is 130 Umbrellas. At a sale price of $12, demand is 110 Umbrellas. (a) Using the percentage method and $10 as your base value, what is the price elasticity of demand for Umbrellas? (b) At a price of $8, by how many dollars would revenue fall by? (c) Would it increase revenue to raise your price to $16? [
- The demand for ceiling fans can be modeled as D(p) = 25.02(0.992) thousand ceiling fans where p is the price (in dollars) of a ceiling fan. (a) Locate the point of unit elasticity. (Round your answers to two decimal places.) The point of elasticity occurs when p = $ and D(p) = thousand ceiling fans. (b) For what prices is demand elastic? For what prices is demand inelastic? (Round your numerical answers to two decimal places.) Demand is inelastic for < p < Demand is elastic for p ? ✓Given the demand and supply function for a product as Q = 1500 - 3P (Demand) Q = 1100 + 2P (Supply) (i) Find the equilibrium Price and Quantity of the product. (ii) If a GST of $50 is imposed on the product, find its effect on the equilibrium Price and Quantity. (iii) Who is more elastic, the consumer or the seller? With the help of demand and supply curve draw a suitable diagram to show the effect of GST on the equilibrium Price and QuantityThe figure to the right illustrates the demand for taxi rides in a large city. Suppose the price per ride is initially $35 but then falls to $25 due to a recession. What is the price elasticity of demand for taxi rides? Using the midpoint formula, the price elasticity of demand is. (Enter your response rounded to two decimal places.) Demand is unit-elastic inelastic elastic C Price (dollars per taxi ride) 60- 55- 50- 45- 40- 35- 30- 25- 20- 15- 10- 5- 0+ 0 A B D 40,000 80,000 120,000 160,000 200,000 240, Quantity (taxi rides per day)
- (a) If the price of a good increase from $3.50 to $4.25, leading to a fall in quantity demanded from 25 to 15 units, what is the price elasticity of demand for the good at this price range? Interpret the value. (b) Explain why it is important for the business owner to understand the meaning of the elasticity value.Supply and demand :What are some products with high price elasticity of demand and why?Explain the economic concept of elasticity. Apply it to at least one real-world example in detail.
