Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

Determination of inverse demand function, shift on the demand curve, elasticity of demand and supply and equilibrium price and quantity. Revenue and elasticity. Cross price elasticity of demand.

 

Your technical staff estimates the model of sales (units not revenue) for your product presented Sales = 28.0-4.29 price + 4.59 rival\'s price + 0.85 pop in region + 0.25 per cap income +1.09% pop<18+0.85 ad $.
The current values of the variables are:

Units
current value
 
Price
$
12.00
Ruvals price
$
12.25
Population in region
1000
10.00
Per capital income
$1.000
22.60
% of population<18yrears
#
15.00
Advertising
$1.000
20.000

1. Illustrate what is the following for the demand curve also taking into account the values of thye variable? The inverse demand curve?

2.Illustrate what is your price elasticity of demand? If you raise yopur price, will your total revenue rise or fall?

3.If your product's cross price elasticity of demand? Does its magnitude make sense, compared to your product's own price elasticity? What is your product\'s elasticity of demand with respect to advertising expenditures?

4.What is your product's cross-price elasticity of demand? Does its magnitude make sense, compared to your product's own price elastisity? What is your product\'s elasticity of demand with respect to advertising expenditures?

5.What is coustomer surplus from ur product? Might this represent a bussiness opertunity for your firm? describe intivuduality.

6.What kinds of bussiness decission could be usefully aided by the kind of information contained in the demand curve and data above?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M922569

Have any Question? 


Related Questions in Business Economics

Allocation and allotments please respond to the following1

"Allocation and Allotments" Please respond to the following: 1. From the first e-Activity, examine and evaluate the disparity of Georgia budget allocation for education and property tax to the various localities. Based o ...

Assignment -consider the following cobb douglas production

Assignment - Consider the following Cobb Douglas production function where Y is maize output, X 1 is labour input, and X 2 is the capital. Data for estimating this equation is given in the Table below. Y = β 0 X 1i β_1 X ...

Free trade and restricted trade - benefits and cost1-2

Free Trade and Restricted Trade - Benefits and Cost 1-2 paragraphs APA format/ no plagarism Using your own words, define both free and restricted trade. What do you feel are the benefits and the cost to having free trade ...

Assignmentinstructions1 select an illegal activity and

Assignment Instructions 1. Select an illegal activity and transform/mask its' true purpose with the disguise of a legitimate business operation. In other words, create a start-up business that would be viewed as a legal ...

Assessment task in this assessment students are required to

ASSESSMENT TASK: In this assessment, students are required to demonstrate their ability to apply economic principles learnt in this subject to analysing real-world business operations and evaluate how their long-run busi ...

1 there is a small country whose domestic demand and supply

1) There is a small country whose domestic demand and supply for a good x are given below (where P is the price of X) [drawing a demand and supply graph may be helpful to you, but is not required.] D: P=100-Q S: P=10+2Q ...

Question 1 for the following situations calculate

Question 1 . For the following situations, calculate elasticity of demand and comment on the answer.                             When the price of commodity X was Rs. 12/-, 40 units it were demanded. When the price decre ...

Cite the sources used to answer this question provide the

Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references. 1) Class, is it possible for a business to show an accounting profit, but actually earn ...

Assignmentarticle reportplease select a marketing topic you

Assignment Article Report Please select a marketing topic you learned and then search in the Wall Street Journal (either online or hardcopy *) and select an article about that topic within the last 12 months. To do this, ...

Chapter 1 managing changeq1 figure 176 shows how bad an

Chapter 1 Managing change Q1 Figure 1.76 shows how bad an implementation can become. Action needs to be taken to prevent this kind of situation. What would you recommend should be done? Q2 You are the project manager for ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro