You are a division manager at Toyota. If your data analytics department estimates that the semiannua demand for the Highlander is P = 150,000 - 1.5Q, what price should you charge in order to maximize revenues from sales of the Highlander?

You own a company selling wristwatches. This is its inverse demand equation: Q = 10 - (P/ 60) Part A: Suppose the current market price is $120 per watch. The pandemic has caused major supply shortages and the price is expected to rise to $300 per watch next month. Calculate the price elasticity of demand for this expected change in price (from $120 to $300). Show your steps. Part B: Your store manager has informed you that revenue from the next month would not be maximized with this expected price of $300. Should you agree with your manager or not? i.e. would it make more sense to raise price beyond $300 per watch in order to increase revenues further? Provide a detailed reasoning.

What is meant by a product that is a “Close Substitute” for another product? A) The product is generally purchased in combination with the other product B) Another product that provides value similar to the product being observed C) Another product provides a completely different value to the consumer D) None of the above

How does the price elasticity of demand for the iPhone compare to the price elasticity of demand for cell phones as a broader category? Analyze the factors that might influence the elasticity for each, such as the availability of substitutes, degree of necessity, and brand loyalty. We encourage you to express your unique perspective and ideas in a brief, concise format, ideally within one or two paragraphs. Don't worry about finding the 'correct' answer; instead, focus on how you can apply the concepts of microeconomics to analyze and understand everyday situations. Your individual reasoning and interpretation are what we're most interested in exploring.

You sell two different goods: printers and toner cartridges. The price elasticity of demand for the printers is -3.4, and you earn a revenue of RM15,000 per month from the good. You earn a revenue of RM5,000 per month from the toner cartridges. The cross price elasticity of demand for both of the goods is -2.5. If you decide to decrease the price of the printers by 5%, calculate your new total revenues for both of the goods. [Anda menjual dua barang berbeza: pencetak dan kartrij toner. Keanjalan harga permintaan untuk pencetak adalah -3.4, dan anda memperoleh jumlah hasil sebanyak RM15,000 sebulan memperoleh jumlah hasil RM5,000 sebulan untuk kartrij toner. Keanjalan permintaan silang bagi kedua-dua barang adalah -2.5. Sekiranya anda membuat keputusan untuk menurunkan harga pencetak sebanyak 5%, hitung jumlah hasil baharu anda untuk kedua-dua barang tersebut.] (c) untuk barang tersebut. Anda

A seller believes he is pricing optimally. Her current unit margin rate is 10 percent. What must the actual price elasticity of demand equal if she is right?

For the following demand function: Q(P) = 2015 - 31P Calculate the price where the quantity demanded falls to zero