排 統 直 As the size of a network rises, network effects O lead to unchanging price elasticity of demand along a demand curv O exhibit increasing returns. are associated with fixed rather than variable costs. O exhibit diminishing returns. rch %23
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- The demand function for SkanDisc 2GB thumb drives is given by p- 4(x + 3) e"/a where p is the wholesale unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. Compute the price, p, when x 6. Do not round your answer. Price, p- 36e dollars Use implicit differentiation to compute the rate of change of demand with respect to price, p, when x- 6. Do not round your answer. Rate of change of demand, x' x thousands of units per dollar Compute the elasticity of demand when x - 6. Do not round your answer. Elasticity of Demand-You decide to sell pairs of running shoes. Assume that the quantity demanded is alinear function of the price. It is known that if you charge $40 per pair of shoes, thenyou will be able to sell 400 pairs of shoes in a month. If you charge $60 per pair ofrunning shos, then you can sell 300 pairs of shoes in a month. It is also known thatyour monthly fixed cost is $100 and pairs of shoes cost $20 per shoe to produce. Findwhat price you should charge for a pair of shoes in order to maximize profit in amonthout of 20 Question 18 of 20 > As the size of a network rises, network effects O are associated with fixed rather than variable costs. lead to unchanging price elasticity of demand along a demand curve. O exhibit increasing returns. O exhibit diminishing returns. LAPTOP LOGIN acer USERNAME: studen: PASSWORD: Broware
- The elasticity of resource demand is calculated as: % Chage in resource quantjty/% Change in resource price If a calculation of Resource Demand Elasticity returns a quotient that is less than 1, then O Resource demand elasticity is relatively elastic, indicating there is a lack of resource substitutability O Resource demand elasticity is relatively elastic, indicating there is an ease of resource substitutability Resource demand elasticity is relatively inelastic, indicating there is a lack of resource substitutability Resource demand elasticity is relatively inelastic, indicating there is an ease of resource substitutabilityCreative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned. however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(I) the concept of elasticity of demand, (2) why raisingprices without undetstanding the elasticity would bea bad move. (3) your recommendations for measurement. and (4) the potential impact on profits for elasticand inelastic demandCreative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned, however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(1) the concept of elasticity of demand, (2) why raisingprices without understanding the elasticity would bea bad move, (3) your recommendations for measurement, and (4) the potential impact on profits for elasticand inelastic demand
- For the demand equation, express the total revenue R as a function of the price p per item. q=-5p+1000 R(p) = Sketch the graph of the resulting function. O No Solution Help 20 90000 80000 70000 60000 50000 40000 30000 20006 10000 20 40 60 50 100 120 140 160 180 200 220 240 260 280 -1/000+4 51 WebAssign. Graphing Tool Determine the price p (in dollars) that maximizes total revenue. p = $ Graph Layers After you add an object to the graph you can use Graph Layers to view and edit its properties.The price elasticity of demand for a product is estimated to be -2.3. At the initial price of $20, the quantity demanded was 10 units. If the firm increases theprice to $22.50, quantity demanded is expected tobyO A. decrease: 28.75%6O B. increase; 12.596O C. decrease: 18.75%O D. increase: 17.25961)lf the price of a product increases by 10 % and demand decreases by 25%. It is the situation of: A) Relatively elastic demand B) Unitary elastic demand C) Relatively inelastic demand D) Perfectly elastic demand 2. Which one of the following is average total cost (ATC) if the output is 100 units and total cost is RO 30000? A) 300 B) 30100 C) 150 D) 3100
- 4. You have been hired as a consultant to estimate the demand for various brands ofcoffee in the market. You are provided with annual price data for two years by U.S.state and the quantities sold. You want to estimate a demand function for coffeeusing this data. What problems do you think you will encounter if you estimatedthe demand equation by OLS?FoisPas, a French restaurant in Westwood, has decided to increase the price of its Sunday brunch from $30 to $34. Following this price increase, the number of reservations on a typical Sunday dropped from 60 to 55. Which statement is correct? O FoisPas was initially maximizing revenues, as demand was unit-elastic at the initial price O The total costs faced of FoisPas on a typical Sunday must have increased for sure O The price increase led to a decrease in total revenues as demand was elastic at the initial price O FoisPas faces a horizontal demand curve O The price increase had a positive impact on total revenue as demand was inelastic at the initial priceAssuming you are the managing director of a firm that produces three goods: A, Band C. The price elasticity of demand for A is 1.2, for B it is 1.00 and for C it is 0.75.It is known that he firm is experiencing serious cash flow problems and you have toincrease total revenue as soon as possible. If you were in a position to set the pricesfor these goods, what would be your pricing strategy for each product