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Describe the market for smartphones and illustrate how
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- Evaluate the behavior of consumers in terms of the demand for productsDemand for Ally's Air Fryer shopWalkers’ Shoes reports the following demand schedule for its black brogues. Price 1600 800 400 200 100 50 25 12.5 Quantity Demand 2 4 8 16 32 64 128 256 For an increase in price from 50 to 100, calculate: i) The proportional change in price. ii) The proportional change in quantity demanded. iii) The price elasticity of demand for Walkers’ black brogues.
- 12. What will happen to the market supply curve of gadgets if a new gadget producer enters the market? It will not change. It will become more elastic. There is insufficient data to determine. It will shift right at every price with more output supplied. It will shift left at every price with less output supplied.Explain demand in easy languageIn 2003, when music downloading first took off, Universal Music slashed the average price of a CD from $21 to $15. The company expected the price cut to boost the quantity of CDs sold by 30 percent, other things remaining the same. What was Universal Music’s estimate of the price elasticity of demand for CDs? If you were making the pricing decision at Universal Music, what would be your pricing decision? Explain your decision.Typed and correct answer please. I ll rate
- You have just opened a new grocery store. Every item you carry is generic (generic beer, genericbread, generic chicken, etc.). You recently read an article in the Wall Street Journal reporting thatthe price of recreation is expected to increase by 15 percent and cross price elasticity is 0.15. will this affect your store’s salesof generic food products?Q.7. Vijay Dairy is selling flavoured milk and buttermilk in packets of 150 ml. The dairy sells 2000 packets of flavoured milk and 1000 packets of buttermilk every day. The former is priced at Rs.6 and the latter at Rs.4. A market survey estimates the cross-price elasticity (both ways) to be +1.8 and the own price elasticity of flavoured milk to be -1.3. The dairy is contemplating a 10 % reduction in the price of flavoured milk. Should it go ahead with the price reduction?This table gives the demand and supply schedule for gadgets The equilibrium price in this market is $ The equilirium price in this market is Units if the price in this market is $20 there would be a (shortage or surplus) or ___ units Price Quantity demanded Quantity Supplied 25 163 220 20 167 205 15 171 190 10 175 175 5 179 160
- Choose a product which you are familiar with. Using the internet for research (please cite your source), what is the price elasticity of demand for this product or group of products? What does that mean with respect to a 10% increase in the price of this good? What happens to quantity demanded? Which of the 4 determinants of price elasticity of demand do you believe drives this outcome about the good's price elasticity? If there is more than one determining factor, please explain your reasoning. [for many goods, all of the 4 determinants come into play - I just want you to choose the one or two that you believe are most relevant).You are given the following points on the Supply and Demand Curves for shoes within Country L ( i.e., D for L’s consumers , S for L’s suppliers): Price Qty. Demanded Qty. Supplied $ 90 60,000 180,000 $ 75 75,000 150,000 $ 70 80,000 140,000 $ 65 85,000 130,000 $ 62.50 87,500 125,000 $ 60 90,000 120,000 $ 50 100,000 100,000 $ 45 105,000 90,000 $ 42.50 107,500 85,000 $ 37.50 112,500 75,000 $ 30 120,000 60,000 $ 25 125,000 50,000 Suppose that the world price for shoes ( which would be the price if Country L trades with the rest of the world) is equal to $ 75.…You are given the following points on the Supply and Demand Curves for shoes within Country L ( i.e., D for L’s consumers , S for L’s suppliers): Price Qty. Demanded Qty. Supplied $ 90 60,000 180,000 $ 75 75,000 150,000 $ 70 80,000 140,000 $ 65 85,000 130,000 $ 62.50 87,500 125,000 $ 60 90,000 120,000 $ 50 100,000 100,000 $ 45 105,000 90,000 $ 42.50 107,500 85,000 $ 37.50 112,500 75,000 $ 30 120,000 60,000 $ 25 125,000 50,000 Suppose that the world price for shoes ( which would be the price if Country L trades with the rest of the world) is equal to $ 75. What is the CHANGE in total surplus to Country L ( after trade) on Unit 60,000 (…
