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Read the articles by Dravone and Gandal; Schepp; and Craft on different products and how the demand for them has been estimated, either correctly or incorrectly. Now read Appendix 4A Applications of Supply and Demand found in your text. Select one of the companies discussed. Explain how you might estimate the demand for the product used in the Appendix 4A discussion. Be specific and include a description of the variables you would use and why you would use them. Be sure to discuss how you would collect the data on the variables you need. Is your demand curve price elastic, inelastic or arc elastic and why? Now discuss how income elasticity and cross price elasticity for a substitute might be valued. Are they elastic, inelastic or arc elastic with respect to income and your substitute? What would be an appropriate revenue strategy for your product if the price of your substitute dropped 30%? Defend your answer and cite your sources.
Besides elections and campaigns, do the major political parties influence public values and ideas.
the shortcomings of NAFTA for the last 20 years including what each country has lost as a result of NAFTA.
Figure 1 above shows a consumer's budget constraint for buying apples and oranges, as well as the indifference curve passing through the utility-maximizing bundle A.
What was the rate of growth of per capita real GDP before the increase in population growth? If the rate of growth of real GDP remains unchanged, what is the new rate of growth of per capita real GDP following the increase in the birth rate?
The budget deficit of the government of Lyria, an open economy, has persistently remained higher than 6 percent of GDP. Murphy Smith, a banker, feels that a high budget deficit is detrimental to economic growth. In his opinion, there should be a law ..
The individual demand for a slice of pizza at Sam’s Pizza is given by QD = 6 – P. Assume the marginal cost of a slice is constant at $1 and the marginal revenue function is 6- 2Q. What is the profit-maximizing price and quantity if Sam’s sells all pi..
In what conditions will an increase in the price of a product lead to a reduction in total spending for that production.
Explain the benefits and drawbacks of using software development tools provided by cloud vendors to develop cloud-based solutions for an organization.
Assume the nation of Australia is "small" and thus unable to influence world price. Its demand and supply schedules for TV sets are shown in Table 4.13.Using graph paper, plot the demand and supply schedules on the same graph. What are the equilibriu..
Read "The Path to Liberation" (24-2). Why did Ho Chi Minh embrace International Communism? What were the essential elements of Lenin's strategy for bringing about International Communism? To what extent is International Communism compatible with nati..
Define benefit and cost externalities. Explain why situation involving benefit externalities tend to result in an under allocation of society’s scarce resources.
Alternative X has a first cost of $5 million and an annual maintenance cost of $200,000. Alternative Y has a first cost of $7 million, a maintenance cost of $40,000 and periodic expenditures of $100,000 every five years. If both alternatives have inf..
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