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- You have data on Meena's quantity demanded for craft beer and theirincome. According to this data when Meena's income falls by 7% theassociated change in their quantity demanded for beer is 11%. You don'tknow if it is an increase or decrease in quantity demanded. From pastresearch you know that craft beer is a normal good for Meena. Use thisinformation to calculate Meena's income elasticity of demand.If the price of a product decreases by 10 percent and the quantity demanded increases by 5 percent, then O the producer should lower the price further to sell more and further increase total revenue. the producer should raisc the price, but not as high as it was, to increase total revenue. O the produucer should raise the price higher than where it was to experience higher total revenue. O the producer should change the price back to where it was before the change.After a destructive hurricane in Southeast Texas, gasoline prices around the country increased dramatically. Demand did not decrease much primarily because O there is a long time period under consideration O there are very few substitutes for the product. O there is a small amount of this product. O the cost of the product is a rclatively small percentage of onc's income
- the pilge elasticity of cemand for a product is05. then a price cut fromn $3.00 to $2.70 wll Multiple Choice leBook, increase the quantity demanded by about 50 percent. decrease the quantity demanded by about 5 percent. 33好好好洛影 B888868 increase the quantity demanded by about 5 percent. increase the quantity demanded by about 20 percent. 15What is a consumers wishedfor level of performances?The demand for a product is more elastic if the product represents a small portion of the individual's budget. O more elastic if it is over a short time horizon. O more elastic if there are many substitutes for product. O more elastic if there are few substitutes for product. E P tv MacBook Pro 30 F7 F8 F6 FS %24 & %2* 7
- The price elasticity of demand is more likely to be inelastic if Othere are a lot of substitutes available. O the price of the product is a large fraction of income. Othere is a long time frame involved. O the product is a necessity.If a product has an income elasticity of demand of -2.5 (minus 2.5), and buyers' incomes decrease by 50%, then: O purchases of this product will fall by 50%. O purchases of this product will fall by 2.5%. O purchases of this product will increase by 125%. O purchases of this product will increase by 150%. O purchases of this product will increase by 20%.Creative 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 demand
- Creative 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 demandExhitbit SD.2 Sz B D1 D2 Quantity Refer to Exhibit SD.2 for the market of healthy food. One of the following factors causes the shift from D, to D2, cating low-fat food may have bccome popular. O consumers begin to cxercisc morc to keep them fit. O consumer tastes for low-fat food may have risen. O consumcr tastes for high-fat food may have falloen. C 券point a,b,c,d,e in total revenue, which points will decrease and which will be infinty. TABLE 5-3 Ano change Point D. E Elasticity 1.25 0.3 1.0 0.2 2.1 Refer to Table 5-3. At what points would a priceincrease be accompanied by anincreasein total revenue? EdSEE MORE QUESTIONS