Is the demand for a particular brand of car, like a Chevrolet, likely to be more or less price-elastic than the demand for all cars? It's likely to be more/less price-elastic because of the availability of substitues/complements
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Is the demand for a particular brand of car, like a Chevrolet, likely to be more or less
It's likely to be more/less price-elastic because of the availability of substitues/complements
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- Suppose you are a business owner. Discuss how you would use various demand elasticities (own-price, cross-price & income) in your decision making process.Which of the following items would have a low price elasticity? A Yacht Gasoline Dinner at an expensive restaurant A new Mercedes BenzWhy do suppliers want to create more inelastic demand relationships in the products that they sell?
- Suppose the accompanying table contains data on how many Veggie Delite sandwiches Subway is willing to sell each day at two different prices. Calculate the daily price elasticity of supply when the price increases from $5.00 to $7.50. Please round to the nearest hundredth. Price(per sandwich) Quantity supplied(sandwiches per day) $5.00 200,000 $7.50 210,000 a. Daily price elasticity of supply for Veggie Delite sandwiches = b. The daily price elasticity of supply for Veggie Delite sandwiches is relatively Elastic or Inelastic Now consider how responsive Subway’s supply of Veggie Delite sandwiches is to changes in price on an annual basis instead of a daily basis. c. Compared to the daily value, the annual price elasticity of supply for Veggie Delite sandwiches is likely to be more Inelastic or Elastic and the annual supply curve is likely Flatter or Steeper to be than the daily supply curve.How would you expect the elasticity of demand for each of the following products to compare with the price elasticity of demand for standard car tires? Explain your answer. a. Snow tires (not necessary, but handy on snowy days) b. School bus tires (purchased with tax dollars on a fixed schedule) c. Bicycle tires (which require a smaller portion of a consumer's income than car tires) d. Tires made by the most reputable company (more of a luxury than a necessity)Assume a seller of Philly Cheesesteak sandwiches finds out that the elasticity of demand for their product in Tucson is 1.8. What is the best explanation of why this elasticity is what it is? Question 3 options: There are very few close substitutes for Philly Cheesesteak sandwiches in Tucson There are many close substitutes for Philly Cheesesteak sandwiches in Tucson Philly Cheesesteak sandwiches are considered a necessity in Tucson Philly Cheesesteak sandwiches are a category and therefore have a more inelastic demand. Philly Cheesesteak sandwiches are a very small part of a Tucsonan's budget
- What does the price elasticity of supply for a theme park look like?How price elasticity of demand is important in determining pricing strategies.A news website reported (Feb. 17, 2020) that ridership of Karachi Metro Bus declined after a fare increase: “There were nearly four million fewer riders in December 2019, the first full month after the price of a token increased Rs. 25 to Rs.150, than in the previous December, a 4.3 percent decline.” i) Use these data to estimate the price elasticity of demand for Karachi Metro Bus. ii) According to your estimate, what happens to the Karachi Metro Bus’s revenue when the fare rises? iii) Why might your estimate of the elasticity be unreliable?
- George has been selling 5,000 T-shirts per month for $8.50. When he increased the price to $9.50, he sold only 4,000 T-shirts. What is the demand elasticity? If his MC is $4 per shirt, what is his desired markup and what is his initial actual markup? Was raising the price profitable?George has been selling 7,000 T-shirts per month for $7.00. When he increased the price to $9.00, he sold only 6,000 T-shirts. Which of the following best approximates the price elasticity of demand? -0.6769 -0.6154 -0.3077 -0.5538 Suppose George's marginal cost is $4 per shirt. Before the price change, George's initial price markup over marginal cost was approximately . George's desired markup is . Since George's initial markup, or actual margin, was than his desired margin, raising the price wasWhich product likely has a more in elastic demand, a movie ticket or lifesaving medication? Why?
