A. Using the Price and Quantity demanded data, compute the needed values in each cell provided per column given the table below: Quantity Price Demanded Revenue (Qd) Total P1 +P2 01 +02 2 & Category AP AQ. (P) (TR) 100 3000 90 4000 80 5000 70 6000 60 7000 50 8000 40 9000 B. Complete the summary table below based on the results in Activity A. 2.
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- The Stopdecay Company sells an electric toothbrush for $25. Its sales have averaged 8,000 units per month over the past year. Recently, its closest competitor, Decayfigh ter, reduced the price of its electric toothbrush from $35 to $30. As a result, Stopde cays sales declined by 1,500 units per month. What is the arc cross elasticity of demand between Stopdecays toothbrush and Decayfighters toothbrush? What does this indicate about the relationship between the two products? If Stopdecay knows that the arc price elasticity of demand for its toothbrush is 1.5, what price would Stopdecay have to charge to sell the same number of units as it did before the Decayfighter price cut? Assume that Decayfighter holds the price of its toothbrush constant at $30. What is Stopdecays average monthly total revenue from the sale of electric toothbrushes before and after the price change determined in part (b)? Is the result in part (c) necessarily desirable? What other factors would have to be taken into consideration?1. Trek Inc., which sells bikes, changed the price of their foldable bikes from P3,000 to P3,500. As aresult, the quantity of their product sold went from 700 bikes to 500 bikes. Compute for the priceelasticity of demand. Indicate whether the product’s demand is elastic or inelastic. 2. Miko is a collector of matchbox cars. He used to buy five (5) cars every payday. However, whenhis income was raised from P17,000 to P20,000, he started to buy 10 cars. What is the incomeelasticity of demand?Price Elasticity of Demand, Midpoint Formula: E = percentage change in quantity demanded ÷ percentage change in price, in absolute value where, percentage change in quantity demanded = (Q2 − Q1) ÷ [(Q1 + Q2) ÷ 2] percentage change in price = (P2 − P1) ÷ [(P1 + P2) ÷ 2] Note that the denominator in each part uses the average quantity or the average price. Using the table, graph, and formula, compute E for a popcorn price increase from $0.15 to $0.20 per ounce. Instructions: Round your response to one decimal place. Q1 is20 and Q2 is 16
- The demand for your product X has been estimated to beQX = 7, 880 − 4PX − 2PY + PZ − 0.1M where Y and Z are other (related) products. The relevant price and income data are asfollows: PX = 10, PY = 15, PZ = 50, M = 40, 000 what is quantity demanded ?“A direct inducement that offers an extra value or incentive for the product to thesales force, distributors, or the ultimate consumer with the primary objective of creatingan immediate sale. As an intellectual and dynamic marketer of Singer BangladeshLimited, explain with appropriate examples, what promotional tools you will throw topromote your Television in the rural areas of Bangladesh and how?Suppose that your demand schedule for CDs is as follows: Price (Tk.) Quantity Quantity Demanded (Income: Tk. 30000) Demanded (Income: 50000) --------------------------------------------------------------------------------------------------- 10 32 90 20 16 40 40 8 15 80 4 7 160 2 3…
- The demand and supply functions for the markets of two different toys are summarisedin Table 1.Table 1: Demand and Supply of Two Types of Toys Type A Toy Type B ToyDemand: P=16-0.002Q Demand: P=6-0.005QSupply: P=4+0.015Q Supply: P=-1.8+0.008Q i. Compute and interpret the price elasticity of demand for both toys when priceincreases from $3 to $6 in both markets while all other factors remain constant.Round your answers to 2 decimal places if necessary.ii. Based on your finding of price elasticity of demand for each of these two toymarkets, predict change of quantity demanded and change of revenue for each toywhen there is a 10% increase in the price. Apply relevant theories and useexamples to analyse why price elasticities of demand for these two toys differ.In Class, 10–25 Minutes for Teams For each of thefollowing products, determine at least three differentprices that might be charged. Then survey each of theindividuals within your group to find out how much ofeach product they would buy at each price point foreach of the products. For each product, calculate theprice elasticity of demand to determine whether thedemand is elastic or inelastic.a. Cheese pizzas per monthb. Movie tickets per monthc. Concert tickets per yearGood or Service Price Elasticity Income Elasticity Beef -0.5 0.51 Long Distance Telephone -0.32 1.2 Cigarettes All smokers -0.7 0.9 Ages 15-18 -1.4 1.5 On average, all smokers regardless of age are Select one: a. Price insensitive/income insensitive b. Price sensitive/income insensitive c. Price sensitive/income sensitive d. Price insensitive/income sensitive
- The following table contains a monthly demand and supply schedule for large, single- topping, carry-out pizza Pizza Price (per pack) Quantity demanded for pizza (per pack) Quantity supplied for pizza (per pack) Quantity demanded for good Y $21 6000 7900 6000 $19 7000 7200 8000 $17 8000 6500 10000 (A) Calculate the price elasticity Of demand (PED) for good X when price fall from S 19 to $ 17. (B) Suppose you are the sellers of pizza based on the value of PED obtained In your answer for Question(A), would you or would you not raise the price of pizza? Why? (C)What S the cross elasbcity of demand (CED) of Good Y when price of carry-out pizza fall from $19 to S17? How is pizza and the Good Y related?ppart 4 5 6 Q4 The market demand for laptops in a certain city of Ontario is shown in the following table. Calculate TR and answer the questions given below the table. Price {$} Quantity demanded Total revenue {TR} 3500 5 3000 10 2500 15 1500 25 1000 30 500 35 Do you think the demand is elastic when the price decreases from $1000 to $500? Why? {Apply TR test} Is the demand unit elastic between the price range of $2500 to $1500? Why? {Apply TR test} ‘Demand is elastic when the price decreases from $3500 to $3000? Do you agree? Why? {Apply TR test} What is the numerical value of the price elasticity of demand, Ed in the price range of $2500 and $1500? Apply Averages Method. Will it be a smart decision to decrease the price from $1500 to $1000? Why? Will it be a smart decision to increase the price from $500 to $1500? Why?Suppose we find that the price elasticity of demand for a product is 0.4 when its price is increased by 4 percent. We can conclude that quantity demanded Multiple Choice O decreased by 0.1 percent. Increased by 1.6 percent. decreased by 10 percent. decreased by 1.6 percent 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.
