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Pick one of their products and calculate about the price elasticity of demand and the income elasticity of demand for that product. Justify your guess about how elastic the demand is with things you know about the product (for example, the demand for a product is likely to be very price elastic if there are many substitutes). Based on your estimate of price elasticity of demand what would you recommend as far as raising or lowering the price to enhance sales? (TR test). Finally, identify some complements and substitutes for the product. How strong do you think the cross-price elasticities are likely to be? Based on what you have written, if you were selling this product, what measures, prices, or data would you try to keep track of if you wanted to predict how your sales might change over time? Explain the nature of cost, fixed and variable, explicit and implicit and sunk cost for your business. USE THE INFO BELOW TO SOLVE Here is an example (see attached or below) from the Pub where the cost of a menu item increased, so we had to pass that cost along to the Customer: Salmon Burger Cost Selling price Food Cost % Units sold Oct-13 $1.60 $4.20 38.1% 176 May-14 $2.09 $4.20 49.8% 14-Oct $2.09 $5.75 36.3% 141 AS you can see, raising the selling price from $4.20 to $5.75 helped our food cost but decreased the sales of this item from 176 in October 2013 to 141 in October of 2014.
assuming that overall taxes are cut by 10 percent across the board. What will this change do to disposable income, consumption, and the multiplier
graph long-run equilibrium to include mc ac d and mr to answers for questions 1 through 41. perfect competition2.
1. a study of the costs of electricity generation for a sample of 112 british firms innbsp 1946 - 1947 yielded the
People from the countryside, especially from minority tribes, move to the vibrant cities, earn what they felt they need and return to the countryside, returning more quickly the more they earn per hour.
steve kafka an american of czech origin and a franchisor for chicago style pizza has decided to expand his business
HoneyBee Farms, a medium size manufacturer of honey, operates in market that fits competitive market definition relatively well.
Other things the same, in the Solow model in the steady state, a higher rate of population growth ________ growth rate of output per worker.A higher rate of saving at the national level will, in the long-run ________.
assume that a national restaurant firm called bbq builds 10 new restaurants at a cost of 1 million per restaurant. it
youre biomeds resident economic expert. harry the ceo is asking you to complete a time-sensitive project that another
An economy is facing the inflationary gap shown in the accompanying diagram. To eliminate the gap, should the central bank use expansionary or contractionary monetary policy? How will the interest rate, investment spending, consumer spending, real..
discuss the various ways that distribution adds value or utility to a product or service the impact that wholesalers
american export-import shipping company operates a general cargo carrier service between new york and several western
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