User Account

All Pages

Calculate the elasticity and type of good lobster

Assignment Help Business Management
Reference no: EM131723263

Use the Mid-Point formula to calculate the elasticity for each of the following cases:

NOTE: Write out the formulas before solving the problems. Solution without appropriate formula will be considered wrong.

CASES:

A. The price of a certain cough syrup decreased from $10 to $5 a bottle, which caused the quantity demanded to increase from 700 bottles to 1000 bottles per day. Is demand elastic, inelastic, or unitary.

B. The quantity of a certain shirt demanded decreased from 75,000 to 10,000 units per month as a result of an increase in price from $18 to $19. Is demand elastic, inelastic, or unitary?

C. The price of a certain computer game increased from $32 to $40 which caused the quantity demanded to decrease from 5,000 to 3,000 per year. Is demand elastic, inelastic, or unitary?

D. You know that Krystal's consumption of Lobster rises from 150 pounds to 200 pounds a year because her income increased from $15,000 a year to $24,000 a year.

Calculate the elasticity and identify the type of good Lobster is to Krystal.

Reference no: EM131723263

Questions Cloud

Choose the appropriate hypotheses : For a 2009 Honda Insight, the average mpg usage for a sample of 7 tanks of gas was 39.9 with a standard deviation of 2.0.
Describes the components of an audit : Describes the components of an audit. Describes how each component works together to improve the claims submission process.
Explain the role that culture plays in the formation : Explain the role that culture plays in the formation and maintenance of relationships.
What adjustment could be made to improve loan project return : Morbet Corporation is a new business client for First Commerce National Bank and has asked for a one-year, $10 million loan at an annual interest rate.
Calculate the elasticity and type of good lobster : Calculate the elasticity and identify the type of good Lobster is to Krystal.
Define business strategic objectives : Business Strategic Objectives - From the information in the Case Study, list the three strategic objectives
Write about the effects of bipolar ii disorder on families : The topic is the Effects of Bipolar II Disorder on Families. Write about the Effects of Bipolar II Disorder on Families in detail.
What is the target for the federal funds rate : Under a Taylor rule, what is the target for the federal funds rate if inflation is 1 percent, the target for inflation is 2 percent
Lower the unemployment rate : If real GDP grows at a 3 percent rate over coming years, how long will it take to lower the unemployment rate by 1 percentage point

Reviews

Write a Review

Business Management Questions & Answers

  Caselet on michael porter’s value chain management

The assignment in management is a two part assignment dealing 1.Theory of function of management. 2. Operations and Controlling.

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. Due to increase in the preference for light beer drinkers, Chris Prangel wants to introduce light beer version in Mountain Man. An analysis into the la..

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. An analysis into the launch of Mountain Man Light over the present Mountain Man Lager.

  Analysis of the case using the doing ethics technique

Analysis of the case using the Doing Ethics Technique (DET). Analysis of the ethical issue(s) from the perspective of an ICT professional, using the ACS Code of  Conduct and properly relating clauses from the ACS Code of Conduct to the ethical issue.

  Affiliations and partnerships

Affiliations and partnerships are frequently used to reach a larger local audience? Which options stand to avail for the Hotel manager and what problems do these pose.

  Innovation-friendly regulations

What influence (if any) can organizations exercise to encourage ‘innovation-friendly' regulations?

  Effect of regional and corporate cultural issues

Present your findings as a group powerpoint with an audio file. In addition individually write up your own conclusions as to the effects of regional cultural issues on the corporate organisational culture of this multinational company as it conducts ..

  Structure of business plan

This assignment shows a structure of business plan. The task is to write a business plane about a Diet Shop.

  Identify the purposes of different types of organisations

Identify the purposes of different types of organisations.

  Entrepreneur case study for analysis

Entrepreneur Case Study for Analysis. Analyze Robin Wolaner's suitability to be an entrepreneur

  Forecasting and business analysis

This problem requires you to apply your cross-sectional analysis skills to a real cross-sectional data set with the goal of answering a specific research question.

  Educational instructional leadership

Prepare a major handout on the key principles of instructional leadership

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd