Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

Student query: Elasticity

Demand for cassettes can be characterized by the following point elasticities:price elasticity =-2,cross price elasticity with aaa batteries is -1.5, and income elasticity =3. please describe the following statement.

a. A 3% price reduction in cassette players would be necessary to overcome the effects of a 2% decline in income. (Please show calculations)

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M926285

Have any Question? 


Related Questions in Business Economics

Suppose in the united states one worker can produce 10 tons

Suppose in the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. The Un ...

The federal reserve and monetary policy visit the the

"The Federal Reserve and Monetary Policy" Visit the The Business News and please respond to the following: Part 1 What is the mission and legal mandate of the Federal Reserve System? What policy tools are available to th ...

Many organizations express concern about turnover because

Many organizations express concern about turnover because of the high costs of hiring and training new employees. Although not all turnover is negative, organizations can benefit from being able to measure and quantify i ...

Suppose that in a year an american worker can produce 100

Suppose that in a year an American worker can produce 100 shirts or 20 computers, while a Chinese worker can produce 100 shirts or 10 computers. a) Graph the production possibilities frontier for the 2 countries. Suppose ...

The concept of opportunity cost is an important one in

The concept of opportunity cost is an important one in economics. It is essential to understand the distinction between explicit and implicit costs. For this assignment, consider an event at work that you company is cons ...

Fiberia accessories a clothing retailer is planning to

Fiberia Accessories, a clothing retailer, is planning to introduce a new line of sweaters as part of the winter collection for $65 with an inventory of 1500. The main selling season is 60 days between November and Decemb ...

Explain the following terminologies in economicsspreading

Explain the following terminologies in economics Spreading the overhead. A break-even level of production. The efficiency of mass production? How does the theory of efficient production apply to managers of government bu ...

A stocks price is 100 at the beginning of a year there is a

A stock's price is $100 at the beginning of a year. There is a 25 percent chance that the price will be $90 at the end of the year, and a 75 percent chance that the price will be $130 at the end of the year. The stock wi ...

Explain the importance of the backup table statement and

Explain the importance of the BACKUP TABLE statement and the RESTORE TABLE statement. When are they used?

In an article titled gas prices dropping after last weeks

In an article titled, Gas prices dropping after last week's spike, that was published in The Atlanta Journal-Constitution newspaper on August 29, 2011, Mike Morris wrote: "After a spike last week as Hurricane Irene threa ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate