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Question 1: When bottlers increased the price of canned soda from vending machines by 15%, sales dropped by 25%. Calculate the price elasticity of demand for canned soda.
Question 2: At the same time as the price increase for soda, sales of potato chips dropped by 20% while sales of bottled water increased by 15%. Assume the price of chips and water did not change. Calculate the appropriate cross price elasticities.
Question 3: Given your answer in part A, what do we expect to happen to the soda bottler's total revenue after the price increase? Explain your answer.
Describe which basic responsibility you think is most important for effective business communication. Why?
Describe the effect of consumer expectation of a future price fall on the demand of a commodity.
Write a letter of proposal to a local retailer to carry a specific product or provide a specific service. Gather data from friends, family, coworkers and other target market consumers to justify the need for the product in this specific retail locati..
If unemployment rate is 5.5% and underemployed, unemployed and discouraged workers is 8.4%. What is % of underemployed and discouraged. Is it as easy as just 8.
This week, you have a car to sell. You want to purchase a new vehicle and the dealer is offering you, well, almost nothing for the car you have now. So you’re going to sell it outright. Describe the competitive positioning you face and are going to t..
Using a source of international statistics (OECD, IMF, or their respective Central Bank's Statistical Database), compare the percentage change in the following economic data for Japan, Germany, Canada and the United States for the last five years: 1...
To continue growth in sales by providing information on product demand, markettrends, competitors' action and technological developments.
Assume a competitive firm faces a market price of $60, a cost curve of C = 0.003q^3 + 25q + 750, and a marginal cost of curve of: MC = 0.009q^2 + 25. The firm's profit maximizing output level (to the nearest tenth) is ___units, and the profit (to the..
Sam and Dan are twins who like playing tricks on each other. Sam is deciding wheter to take Dan's blanket. Sam has a utility of 0 if he doesn't tale Dan's blanket. Draw the game tree. For what values of X would we observe Sam taking Dan's blanket in..
Assume the government purposely incurs a budget deficit that is financed by borrowing. As a result, interest rates rise and the amount of consumption spending declines.
Both Canada and the U.S. can produce agricultural products. Let's say that the U.S. produces 35 billion pounds of vegetables in a year or 26 billion pounds of beef. Canada can produce 26 billion pounds of beef per year or 28 billion pounds of vegetab..
If JMJ Industries realizes a profit of $4 per unit sold, what is the fixed cost portion of their production costs? Their variable costs are $1.50 per unit, and they sell 1,000 units per year at a price of $6 per unit.
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