Congratulations you are the CEO of company FANTASTIC plc. It has been estimated that a 4% increase in your customers’ income will result in an increase in sales of your main product, X by 5.5%. Using this information answer the following questions:” First calculate the income elasticity of your main product? What type of a product is X? Fully explain using an example. What type of income elasticity in associated with product X, why and what does this mean? What will you do IF the income of your customers drops by 2%?

Please read attached article and then use it to answer the following questions. Do companies prefer to sell products that are more elastic or more inelastic?  Briefly explain. What does the article describe as the best way to calculate price elasticity, and what other information is relevant to inform marketing efforts? Suppose a marketing company runs a market test and finds that the price elasticity equals -0.6.  Would a company be more inclined to increase or to decrease price given this elasticity?  Explain what would happen to quantity purchased (by how much it would change) and total revenue (would it increase, decrease, or stay the same) if the company were to decrease price by 10%.

Please answer D and E

Scenario: When the price of haircuts increases by 15%, the number of haircuts demanded by consumers decreased by 25% A-what is the elasticity of demand for haircuts (write the full equation)

Give typing answer with explanation and conclusion “This week, my place of employment, Super-Save Supermarket, lowered the price of apples from $1 to 80 cents per pound. The quantity of apples we sold last week was 200 pounds. And this week, the quantity sold was 250 pounds. I’m interested in knowing about the price elasticity of demand. In this case, can it be described as elastic, inelastic, or unitary elastic? What do you predict will happen to total revenue?”

please see the attached1

discuss how elasticity of demand impacts a company’s decisions to change prices on their products. How does price elasticity of demand work, and what tests or other data do companies need to consider as they use elasticity in their financial and business decision making? 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.

Explain how each of the factors would or would not affect the price elasticity of demand for a good or service that your company (or a company for which you have an interest) produces?

Question 10 of 13 10. Consider two very different kinds of plants: one that produces potato chips and one that produces computer chips. Assume there is a large rise in demand for both kinds of chip. a. In the market period, would be highly responsive to the increase in demand. b. In the short run, both types of chip manufacturer would expand output by c. The long run is likely to be Question Source: Chiang 4e - Economics Principles For A Changing World Publisher: Worth Publishers 5:25 PM 54°F A O t L 4) 10/18/2021 18 hp

Assume the quantity sold for U.S. Frisbee Co. frisbees decrease by 14.3%. If the company increases the price of each frisbee from $12 to $16. a-     What is the price elasticity of demand (as absolute value)? b-    Is the demand elastic, inelastic or unit elastic? c-     According to your estimate, what happened to the total revenue after the price increase?