Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

Standard elasticity problem of microeconomics

You are the only pharmacist in a small town; the next closest drugstore is 50 miles away. The population in your town consists of young farmers and older retired families. You have noticed that the young farmers are less sensitive to price changes than the retired population. Specifically, you have found that the working population has an own price elasticity of demand of -2 and the retired farmers have an own price elasticity of -4. How can you use this information to your advantage?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M925991

Have any Question? 


Related Questions in Business Economics

In 2014 chesterfield industries had sales of 1200000 the

In 2014, Chesterfield Industries had sales of $1,200,000. The company had operating expenses (including depreciation) of $540,000, depreciation expense of $82,000 and interest expense of $54,000. Cost of goods sold was $ ...

Assume that an employer believes that the

Assume that an employer believes that the “efficiency” (e) it can get from a particular worker, as a function of the hourly wage (w), is given by function e = –0.125w + 0.15w2 – 0.005w3, at least up to a wage of 30. a. C ...

Concisely describe a strategically appropriate investment

Concisely describe a strategically appropriate investment project that World Vision International Humanitarian aid organization might be evaluating—something that you think would make sense for that organization in its c ...

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 ...

Builtrite had sales of 4000000 in 2011 cost of goods sold

Builtrite had sales of $4,000,000 in 2011. Cost of goods sold were calculated at 70% of sales. Builtrite’s operating expenses were $700,000 which included depreciation expense. Bonds with a total par value of $2,000,000 ...

Introduction to computingresearch at least three different

Introduction to Computing Research at least three different executive support systems using a web search. Review each, and then answer the following questions: 1. Which ESSs did you review? Include a link to information ...

A describe one marketing failb describe what happened

A. Describe one "marketing fail". B. Describe what happened. (Include an external link to an article describing what happened or an example of the fail.) C. Describe the fallout/negative repercussions. D. Share what (if ...

Using data sources from business publications and the

Using data sources from business publications and the Internet, discuss significant trends in both demand and supply in the copper industry that have influenced the price of copper since September 2011. is Chinas economi ...

A group of students is working on a research project based

A group of students is working on a research project based on the topic of ethical animal care. They have decided that the first step is to clarify the problem they want to address. Which of the following is a qeustion o ...

Using what you have researched and studied throughout

Using what you have researched and studied throughout Modules 1 - 7, write a report addressing a quantitative analysis (QA) project. Here, you are asked to select a business of interest and develop QA best practices that ...

  • 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