Suppose the state of Florida responds to the demands of nature lovers and bans all billboards along the roads and highways. What effect would such a ban have on the prices of motels, restaurants and other services previously advertised on billboards? Would such a ban increase the amount of time travelers take to find a place to eat or sleep?
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- How does the principle of supply and demand affect the pricing strategies of car rental companies during peak tourist seasons?Viking Publishing House observed that in the recent years books on nature conservation and climate change have been very popular. As a matter of fact, Jane Goodall's latest book, "The Book of Hope: A Survival Guide for an Endangered Planet" has been a best-seller and Viking estimates the following demand curve for the book: P= 150 -Q In this equation, P is the price of the book and Q denotes yearly sales in thousands of books. In other words, 20,000 books would be expressed as Q = 20. Viking estimates that it incurs a cost of $40 for printing and shipping of each book and pays a $10 royalty to Jane Goodall for each book sold. Calculate the profit-maximizing OUTPUT and PRICE for this book. Also, calculate the TOTAL а. PROFITS. Show all calculations. No calculations, no points. b. Viking's CEO, Mr. Brian Tart, receives a yearly bonus from the company based on the size of the total revenue generated by Jane Goodall's book. Mr. Tart believes that his bonus is going to be satisfactory only…Suppose that improved technology lowers the cost of manufacturing skis. What effect would this have in the market for skis?
- Match the following situation to the best description in the pull-down menu: Less of a product is offered for sale because of a decrease in its price v (Click for List) increase in demand decrease in quantity demanded decrease in demand increase in supply increase in quantity supplied decrease in supply decrease in quantity supplied increase in quantity demandedHow would marginal utility and market demand be affected by a rise in the price of a contemporary good?If one gas station reduces its prices, must other gas stations match the price reduction? Why or why not?
- Many new restaurants have opened in Collegetown in recent years. Given this change in supply, what type of demand would result in a larger drop in prices for restaurant meals?Coca Cola - Be sure to evaluate the non-price determinants of demand in this section. Which factors have an impact on consumer responsiveness to changes in the price of your company’s goods and/or services? Would you consider the company’s goods and/or services to be price elastic or price inelastic? Why? Tip: How to insert a graph into your presentation. You can either right-click to save an image to your hard drive and then import it into the PowerPoint presentation or take a screenshot of the browser window and paste that image into PowerPoint. Be sure to cite the source(s) from which the information is based. Recall: The Non-price determinants of demand Consumer tastes and preferences Consumer income (normal or inferior good?) Expected future consumer income Market population and demographics Expected future prices of the goodsIn 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. Number of Passes Number of Passes Type of Pass Price in 2018 Price in 2019 Sold in 2018 Sold in 2019 One day $60 5,000 $80 4,200 Season $1,200 250 $1,400 225 Given the information in the table, we know that the revenue earned from selling day passes changed by $ ,and the revenue earned from selling season passes changed by $