Following the increase in price of a 250g bag of coffee from £2.35 to £2.65 in a local supermarket, weekly sales of tea increase from 8.5 kg to 11.5 kg. From this we can conclude that:
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Following the increase in price of a 250g bag of coffee from £2.35 to £2.65 in a
local supermarket, weekly sales of tea increase from 8.5 kg to 11.5 kg. From this
we can conclude that:
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- Following the increase in price of a 250g bag of coffee from £2.35 to £2.65 in a local supermarket, weekly sales of tea increase from 8.5 kg to 11.5 kg. From this we can conclude that: a) The price elasticity of demand for tea is -2.76, so that consumer’ demand for tea is highly elastic. b) The income elasticity of demand among consumers is 10, confirming that tea, but not coffee, is a luxury good. c) The cross-price elasticity of demand is 2.5, confirming that tea is a substitute for coffee. d) The price elasticity of demand for coffee is -0.4, so that the demand for coffee is price inelastic.You are an analyst. Your friend started a new business of selling masks. She knows that you have adequate knowledge of economics and business, and hence, asked for your help in making some important business decisions. From the data obtained from her, you computed the Price Elasticity of Demand (PED) of Masks, and found PED in February was 1.8 (absolute value), and PED of Masks in April was 0.7 (absolute value). (a) What type of good mask is in the month of April in terms of elasticity? (b) The market price of the mask in June was 10 taka per unit and revenue earned in June was 150 taka. How many masks were sold in June? (c) In 2(b), you found the quantity demanded masks in June. You received the data for August and observed that the price in August was 25 per unit and the quantity demanded of masks in August is 7. Calculate the Price Elasticity of Demand (PED) for masks from June to August.• RCO Manufacturing is an electronics manufacturer and retailer. Its main products are Computers, PCs and calculators. Market research has suggested that the price elasticity of demand for each product is: Ultrabook: 1.5; PC : 2.5; calculator: 0.6 In an attempt to improve revenue the managers of the firm have decided to increase all prices by 10%. 1. You have been asked to evaluate the planned price increases. Would a 10% price reduction have been better for some or all of the products?
- a new study suggests that eating wild salmon reduces your chances of developing heart disease. At the same time, the government adopts a new regulation that increases the cost of catching wild salmon. Based on these changes we would expect the equilibrium quantity of the wild salmon sold to. increase decrease remain unchanged it is impossible to sayTABLE 12.1 | Two Stage Least Squares Estimates of the Demand for Cigarettes Using Panel Data for 48 U.S. States Dependent variable: In(Qfte) – In(Qfte) cigarettes Regressor (1) (2) (3) In(Peisarettes) - In(Pçigarettes -0.94** -1.34** -1.20** i,1995 i,1985 (0.21) (0.23) (0.20) In(Inc;1995) – In(Inc;1985) 0.53 (0.34) 0.43 (0.30) 0.46 (0.31) Intercept -0.12 -0.02 -0.05 (0.07) (0.07) (0.06) Both sales tax and Instrumental variable(s) Sales tax Cigarette-specific tax cigarette-specific tax First-stage F-statistic 33.70 107.20 88.60 Overidentifying restrictions J-test and p-value 4.93 (0.026) These regressions were estimated using data for 48 U.S. states (48 observations on the 10-year differences). The data are described in Appendix 12.1. The J-test of overidentifying restrictions is described in Key Concept 12.6 (its p-value is given in parentheses), and the first-stage F-statistic is described in Key Concept 12.5. Individual coefficients are statistically significant at the *5%…A store that sells maize meal discovers that when the price of 1kg maize meal is R24 per kilogram, the quantity demanded is 306 kgs per week. When the price decreases to R21 per kg, then the sales increase to 340kgs per week. Use this information to answer questions 3.1.1 and 3.1.2 below: 3.1.1. Determine the price elasticity of maize meal using the arc method (5) 3.1.2 Discuss the relationship between the price elasticity of maize meal and the total revenue the store received from the sales. Advise the store on an appropriate pricing strategy.
- Hello- How can estimate the demand for the second year of operations based on the following information? Thank you. Val Sam is developing a business plan for starting Pizza business in Waltham. Sam specializes in pepperoni pizza. Based on the secondary data he has found out that there are 20,000 families in the area and about 20% of these families are strict vegetarians. He believes that he can get 10% of the market share of the potential customers. His research reveals an average family consumes 10 pizzas per year. Dough costs $5 per pizza and annual lease for the plant is $16000 . Sam is planning to introduce his Pepperoni pizza at $8 and raise the price by $2 in the second year. Price elasticity of demand for pizza is 0.50You are an economist. Your friend started a new business selling masks. She asked for your help in making some important decisions. From the data obtained from her, you computed the Price Elasticity of Demand (PED) of Masks, and found absolute PED in February was 1.26, and since then the absolute PED of Masks declined by 30% in June. (a) Based on the PED of June, you would advise your friend for an increase/decrease/unchanged in the price - Insert one word answer (increase/decrease/unchanged) (b) The market price of the mask in July was Tk15 per unit. The total revenue earned in July was Tk300. You received the data for August and observed that the price now in August is Tk26 per unit and the quantity of masks sold in August is 9 units. Calculate the absolute value of Price Elasticity of Demand (PED) for masks from July to August. Do not convert into percentage. Give your answer in 2 decimal places. Eg. If you get PED = -0.253 then submit 0.25You are an economist. Your friend started a new business selling masks. She asked for your help in making some important decisions. From the data obtained from her, you computed the Price Elasticity of Demand (PED) of Masks, and found absolute PED in February was 1.86, and since then the absolute PED of Masks declined by 55% in June. (a) Based on the PED of June, you would advise your friend for an increase/decrease/unchanged in the price - (b) The market price of the mask in July was Tk20 per unit. The total revenue earned in July was Tk300. You received the data for August and observed that the price now in August is Tk28 per unit and the quantity of masks sold in August is 12 units. Calculate the absolute value of Price Elasticity of Demand (PED) for masks from July to August.
- Assume that a retailer sells 1000 six packs of Pepsi per day at at $3./6pk. You, as an economic analysis , estimate that the cross price elastcity between pepsi and coca cola is 0.4. If the retailer raises the price of coca cola by 10%, how would sales of pepsi be affected, ceteris paribus, whyKoeler et al. (2004) estimate that the U.S. Tobacco Settiement between major tobacco companies and 46 states caused the price of cigarettes to jump by 45e per pack (21%) and overall per capita cigarete consumption to fal by 8.3%. What is the elasticity of demand for cigarettes? The price elasticity of demand for digaretes (e) is (Enter a numeric response using a real number rounded to three decimal places)Completely analyze the following demand equation for Suzuki cars: Qx = 5.2 -0.62Px - 1.08Py + 0.781 (2.44) (-2.63) (2.79) (4.96) n = 55; R² = 0.926; figures in brackets are t'statistics Where: Qx = quantity of Suzuki cars demanded. Px = price of Suzuki cars. Py = price of fuel. I = disposable income.
