It's the year 2023 and you are the manager at a local brew pub here in Fayetteville. You are one of many local breweries in town; there customers have many options of where to spend their beer money. You want to increase revenue and decide to raise the price of a pint The table below shows the sales of beer from week 1 and sales in week 2 after you raised price. Table 1. Sales Data for Weeks 1 and 2 Week Week 1 Week 2 Price ($ per pint) $6.00 $8.00 Sales (Pints) 2,500 1,100 Using the information in the above table, what was the change in total revenue from week 1 to week 2 when you changed your price? answer without a dollar sign and indicate a decrease in revenue, if applicable, by including a negative (-) sign)
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- Problem 04-06 At point A on the demand curve shown below, how will a 1 percent increase in the price of the product affect total expenditure on the product? Price (S/week) 7 6 5 4 3 2 1 Demand 0 2 4 6 8 10 12 14 16 18 20 Quantity (units/week) Instructions: Enter your response rounded to the nearest whole number. Total expenditure will (Click to select) by about [ %Type the correct answer in the box. Spell all words correctly. Vivian conducted market research on her company’s products. She found that after the company raised the price of its product by $1.50, the demand in the uptown region remained the same with only minor fluctuations. However, she found that the demand in the downtown region dropped by 20 percent after the price change. How should Vivian take these demands into consideration? In a situation where demand differs in different areas, Vivian should consider the demand.Think about a product or service that has undergone a dramatic increase in popularity in recent years, such as electric vehicles (EVs) or streaming services. Discuss how changes in consumer preferences and technological advancements have influenced the demand for this product or service. How have companies responded to this increase in demand? Have there been any shifts in the supply curve due to changes in production capacity or costs? How have these changes affected pricing and competition in the industry? Can you predict how supply and demand for this product or service might evolve in the future?
- You have estimated that the price elasticity of demand for chai at your cafe is 0.9. If you lower the price of chai by 30% you should expect sales to rise by %. Type your numeric answer and submitYou are an Economics consultant at Economics 4U, a small consulting firm that helps its clients to use Economics knowledge for better business decision-making. You have been approached by a new client, Mr. PD Smith, a product manufacturer, to conduct research on the price elasticity of demand, income elasticity of demand and the price elasticity of supply for his product category. The manufacturer would like to obtain a better understanding of the concept of elasticity and how to use this knowledge to make better strategic decisions about his product. Present your findings in a report that provides the following information: Price elasticity of demand Identify the price elasticity of demand coefficient for the product (based on your own research) and what it reveals about the product. Also identify and discuss the factors that have determined that particular elasticity coefficient. Use a graph to illustrate the relevant category of price elasticity of demand.(+- 2 pages)You are an Economics consultant at Economics 4U, a small consulting firm that helps its clients to use Economics knowledge for better business decision-making. You have been approached by a new client, Mr. PD Smith, a product manufacturer, to conduct research on the price elasticity of demand, income elasticity of demand and the price elasticity of supply for his product category. The manufacturer would like to obtain a better understanding of the concept of elasticity and how to use this knowledge to make better strategic decisions about his product. Present your findings in a report that provides the following information. Price elasticity of supply the price elasticity of supply coefficient (based on your own research). Point out the factors that have determined this particular elasticity coefficient. Use a graph to illustrate the relevant category of elasticity of supply
- You are an Economics consultant at Economics 4U, a small consulting firm that helps its clients to use Economics knowledge for better business decision-making. You have been approached by a new client, Mr. PD Smith, a product manufacturer, to conduct research on the price elasticity of demand, income elasticity of demand and the price elasticity of supply for his product category. The manufacturer would like to obtain a better understanding of the concept of elasticity and how to use this knowledge to make better strategic decisions about his product.Present your findings in a report that provides the following information: • Introduction Explain the purpose of your report and identify the product you have chosen (Provide a brief explanation of the product category if it is one that is not well known).(+- ¼ page)You are an Economics consultant at Economics 4U, a small consulting firm that helps its clients to use Economics knowledge for better business decision-making. You have been approached by a new client, Mr. PD Smith, a product manufacturer, to conduct research on the price elasticity of demand, income elasticity of demand and the price elasticity of supply for his product category. The manufacturer would like to obtain a better understanding of the concept of elasticity and how to use this knowledge to make better strategic decisions about his product. Income elasticity of demand Identify the income elasticity of demand for the product (based on your own research) and explain what the elasticity coefficient reveals about the product.Present your findings in a report that provides the following information:You are an Economics consultant at Economics 4U, a small consulting firm that helps its clients to use Economics knowledge for better business decision-making. You have been approached by a new client, Mr. PD Smith, a product manufacturer, to conduct research on the price elasticity of demand, income elasticity of demand and the price elasticity of supply for his product category. The manufacturer would like to obtain a better understanding of the concept of elasticity and how to use this knowledge to make better strategic decisions about his product. Present your findings in a report that provides the following information: • Introduction Explain the purpose of your report and identify the product you have chosen (Provide a brief explanation of the product category if it is one that is not well known). (+- ¼ page) • The Concept of Elasticity Explain the general concept of elasticity and how it can be applied to improve the decisions made about a product.Price elasticity of demand…
- When same units are demanded at a higher price, it shows: (a) Increase in demand (b) Expansion in demand (c) Decrease in demand (d) Contraction in demandAnswer the next question on the basis of the following demand schedule. Price $6 33525 1 Quantity Demanded 1 2 3 4 5 6 Which of the following is correct? Multiple Choice Although the slope of the demand curve is constant, price elasticity of demand goes from elastic to inelastic as we move from high to low price ranges. Although the slope of the demand curve is constant, price elasticity of demand goes from Inelastic to elastic as we move from high to low price ranges. Although the demand curve is convex to the origin, price elasticity of demand is constant throughout. A steep slope means demand is relatively inelastic, a flat slope means demand is relatively elasticYou are a manager of an advertising company. The company is running short of funds, so you decide to increase revenue. should you increase or decrease the price of funning ad? explain