This information suggests that: A. China is the only country besides the United States that makes movies. B. Globalization leads to popular culture becoming more similar around the world. C. Joker (2019) was a better movie than The Captain. D. More people in China watch movies than in any other country in the world.
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- Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A Group B(sales per week) (sales per week) Volume of sales beforethe 10% discount 1.55 million 1.50 million Volume of sales afterthe 10% discount 1.65 million 1.70 million A. Using the midpoint method, calculate the price elasticities of demand for group A and group B. B. Explain how the discount will affect total revenue from each group. C. Suppose Nile.com knows which group each customer belongs to when he or she logs on and can choose whether or not to offer the 10% discount. If Nile.com wants to increase its total revenue, should discounts be offered to group A or to group B, to neither group, or to both groups?Question#5Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A Group B(sales per week) (sales per week) Volume of sales beforethe 10% discount 1.55 million 1.50 million Volume of sales afterthe 10% discount 1.65 million 1.70 million Using the midpoint method, calculate the price elasticities of demand for group A and group B.Explain how the discount will affect total revenue from each group.Suppose Nile.com knows which group each customer belongs to when he or she logs on and can choose whether or not to offer the 10% discount. If Nile.com wants to increase its total revenue, should discounts be offered to group A or to group B, to neither group, or to both groups?Q2. (a) The table below reveals the cross-price elasticity of demand for several goods. Cross-price elasticity of demand Goods pairing Air conditioning unit with electricity usage | Coke and Pepsi McDonald's burgers and Burger King burgers | Butter and margarine -0.34 +0.63 +0.82 +1.54 Required: (i) Explain the sign of each of the cross-price elasticity. Describe the implication of the sign on the relationship between both items in the table above. (ii) Compare the absolute values of the cross-price elasticities and explain their magnitudes. Explain why the cross-price elasticity of McDonald's burgers and Burger King burgers is less than the cross-price elasticity of butter and margarine. (iii) Use the information in the table to calculate how a 5% increase in the price of Pepsi affects the quantity of Coke demanded.
- PRICE (Dollars per bippitybop) 282 283 2 120 110 100 90 80 70 50 30 20 10 0 X8 05 10 15 20 25 30 35 40 QUANTITY (Bippitybops) Demand 45 50 55 60 Total Revenue On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $20, $30, $40, $50, $60, $70, and $80 per bippitybop.Creative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned. however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(I) the concept of elasticity of demand, (2) why raisingprices without undetstanding the elasticity would bea bad move. (3) your recommendations for measurement. and (4) the potential impact on profits for elasticand inelastic demand(a) A manufacturer sells two products, A and B and had raised the prices of the two products recently to cover the higher production costs. The price and quantity for each product before and after the price change is given in the table below. Product Initial Price Initial Quantity Demanded New Price New Quantity Demanded A $250 280 $300 200 B $600 50 $750 45 Calculate the price elasticity of demand for both products using the midpoint method. Comment on their elasticities and explain two (2) possible reasons why they are different. What should the manufacturer do to the prices of the two products if the objective is to earn more revenue? (b) A monopolist has the demand and marginal cost as shown in the table below. There is no fixed cost in the production. Price Quantity Marginal Cost 10 1 2 9 2 3 8 3 4 7 4 5 6 5 6 (i) If the monopolist practices single pricing, determine the price, quantity, and profit of the monopolist. Explain how the quantity is…
- Microeconomics Assignment 5 Elasticity and its Application [10 points] Johnson & Johnson recently reduced the price of "Generic A" from $100 to $60 in New Jersey area market and enjoyed a resulting increase in sales from 600 to 1800 units per day. Sales of "Generic B" also increased from 300 to 1500 units per day. 1 Calculate the arc-price elasticity of demand for Generic A. You also need to interpret the elasticity. 2 Calculate the arc-cross-price elasticity of demand for Generic B. You also need to interpret the elasticity. 3 Is Generic B a "complement" or a "substitute"?Converse the demand6T Demand for Milk in Smalltown IISA Fill in the Blank Question Refer to the graph as shown. If the price of milk is $2 per gallon, then th consumers would be willing to purchase gall of milk per day. (Enter a number in the blank.) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Suppose John, the owner-manager of a local hotel, projects the following demand for his rooms: Price ($) Quantity Purchased (per Night) Total Revenue 90 100 110 90 130 70 (a)Calculate the price elasticity of demand between $90 and $110. (Use the midpoint formula) (b)Is the price elasticity of demand between $90 and $110 elastic, unit elastic, or inelastic? (c)Will John’s total revenue rise if he increases the price from $90 to $110?…6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Chicago. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 120 110 Total Revenue 100 90 80 70 60 40 A 30 20 10 Demand 16 24 32 40 48 56 64 72 80 88 96 QUANTITY (Bikes) PRICE (Dollars per bike) 50(1) The graph below shows the demand curves of two products by Ghana Nuts Company Ltd. Use the information provided on the graph to answer the questions that follow: Price Cedis per gallon 30 B 25 D1 D2 200 225 300 Quantity (gallons per day) (a) Calculate the price elasticity of demand for D, between point A and point C, and the price elasticity of demand for D2 between point A and point B. which of the two demand curve is more elastic? Briefly explain. (b) Suppose Ghana Nut is initially selling 200 gallons per day at a price of C30.00 per gallon, calculate the total revenue for Ghana Nuts Company Ltd. at price C30. If they cut the price to C25.00 per gallon and their demand curve is D1, what will be the change in their revenue? What will be the change in their revenue if demand curve is D2? 2. Suppose quantity demanded of beans increase from 1500 bags to 1800 bags as a result of an increase in the price of rice from GH¢80 to GH¢100. Calculate the cross price elasticity of demand for…