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Payless Shoe Source sees a 35 per cent increase in sales of its athletic shoes
during a 1 week, half-price sale.
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- Bob of Bob's Burgers used to charge $2.20 for a certain hamburger and sold 4000 units. When he increased the price by $1, he sold 3000 units. Calculate the hamburger's price elasticity of demand using the technique in the PowerPoints and text. You will use this information again in the next question.Enter only numbers, a decimal point, and/or a negative sign as needed. Round all intermediate steps to four decimal places and your final answer to two decimal places.Term used to describe demand that can be accuratelycalculated to meet the need of a production schedule,for example.A toy manufacturing firm makes a toy $5 and decide a markup of 3$. Calculate the selling price.
- 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-In 2019, a ski resort increased the prices it charged for one-day ski passes and season passes. If someone buys a season pass, he can ski as many days as he wishes. The table below provides information on the prices and the number of passes sold in 2018 and 2019. Type of Pass One day Season Price in 2018 x 34000 $60 $1,200 Number of Passes Sold in 2018 5,000 250 Price in 2019 $80 $1,400 Given the information in the table, we know that the revenue earned from selling day passes changed by $ 52000 , and the revenue earned from selling season passes changed by $ Number of Passes Sold in 2019 3,100 190 From the answers to Part 1, we know that the demand for day passes is elastic demand for season passes is inelastic and theexclusive Yoghurt manufacturer sells 4,000 gallons per month at a price of GHS 40 each. When the price is reduced to GHS 30 sales increase to 6,000 gallons per month.Calculate the price elasticity of demand for the Yoghurts over this price range.Is demand elastic, unit elastic or inelastic?Calculate the change in revenue due to the change in price.
- A negative income elasticity of demand for a commodity indicates that as income falls, the amount of the commod- ity purchased (a) rises, (b) falls, (c) remains unchanged, or (d) any of the above.Elasticity at point D to EThe price elasticity of supply of baking flour is 0.8 when there is an increase of price from RM16 to RM18 per kilogram. How many percent change of suppliers that supply baking flour in the market with the new price?
- 2c statements is true or false and explain if the demand for laptops has a price elasticity of -5 and an income elasticity of 2.5, then a price cut of 1% is necessary to offset a 1% income dropIf the short-term own price elasticity for a product is estimated to be -0.6, then long-term own price elasticity is expected to be?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