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- Think back to a purchase that you made recently. How would you describe your thinking before you made that purchase?According to the previous discussion, what factors influence the price elasticity of demand for cigarettes? What other factors not mentioned in the article might influence the price elasticity of demand for cigarettes?Suppose you could buy shoes one at a time, miter than in pain. What do you predict the cross-price elasticity for left shoes and right shoes would be?
- Does the image of a retail outlet affect the image ofthe brands it carries? Do the brands carried affectthe image of the retail outlet?If you wanted to increase demand for your restaurant butare unable to lower prices or increase advertising, whatsteps might you take?The Krampf Lines Railway Company specializesin coal handling. On Friday, April 13, Krampf hadempty cars at the following towns in the quantitiesindicated: Town Supply of Cars Morgantown 35 Youngstown 60 Pittsburgh 25 By Monday, April 16, the following towns will needthe numbers of coal cars listed: Town Demand for Cars Coal Valley 30 Coaltown 45 Coal Junction 25 Coalsburg 20 Using a railway city-to-city distance chart, the dis-patcher constructs a mileage table for the preceding towns. The result is shown in the table on this page.Minimizing total miles over which cars are movedto new locations, compute the best shipment of coalcars.
- In Class, 10–25 Minutes for Teams For each of thefollowing products, determine at least three differentprices that might be charged. Then survey each of theindividuals within your group to find out how much ofeach product they would buy at each price point foreach of the products. For each product, calculate theprice elasticity of demand to determine whether thedemand is elastic or inelastic.a. Cheese pizzas per monthb. Movie tickets per monthc. Concert tickets per yearWhich of these products would demonstrate the most elasticity in a middle-income household? a. Fruit juice b. Toothpaste c. A dining room table d. A newspaper e. Brown bread5. Sam’s income band has been provided below for the past 5 years and he wants to understand about the elasticity of Income for the products he purchased. Year Income Product A Product B 2013 10,000 400 200 2014 12,000 500 300 2015 17,000 2100 1400 2016 17,500 2200 2200 2017 20,000 4,000 2400 1.Calculate the income elasticity for the year 2014,2015,2016 and 2017 for both the products A and B. Comment on what elasticity it is in each year
- At a specific point on the demand curve for backpacks, the elasticity of demand is calculated to be 0.5. a. At that point we would describe demand as inelastic b it the price of backpacks fel by 10%, the quantity demanded would rise by 5% would e v and revenue for the backpack industry cif the price of backpacks rose by 20% the quantity demanded would fall by 10% would t vand revenue for the backpack industryWhat are product that is elastic and explainwhat is the elasticity of demand and how do I calculate it/