Explain the following demand determinants: (1) Income (2) Price of related goods and services (3) Taste or preferences of consumers (4) Size of Population (5) Expected Price of the Product in the future periods
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- All of the following are non-price determinants of demand except * income number of buyers tastes and preferences costs incurred in buying the productcontraction of the demand for clothes from 2000 units to 1500 units because price changed from 2RO to 3RO“A household’s decision about what quantity of a particular output, or product to demand depends on a number of factors.” Discuss the major factors affecting the demand.
- For which product is the income elasticity most likely to be negative? Group of answer choices 1. Bread 2. Rice 3. Used clothing 4. Cheerios cereal A state government wants to increase the taxes on cigarettes to increase tax revenue. This tax would only be effective in raising new tax revenues (as well as causing the smallest impact in society's economic welfare) if the price elasticity of demand is: Group of answer choices 1. Inelastic. 2. Perfectly elastic. 3. Elastic. 4. Unit elastic.The "supply of new houses" in Houston is best understood to mean which of the following ? A. As the price of new houses in Houston fell in 2020, builders built fewer new houses. B. The number of new houses purchased in Houston in 2020. C. The quantity of new houses that builders are willing and able to build at various prices in a given period of time. D. The number of new houses built in Houston in 2020.20. The general linear demand for good X is estimated to beQ = 1 8 , 0 0 0 − 1 7 5 P + 0 . 3 5 M − 1 6 PR where P is the price of good X, M is average income of consumers who buy good X, and PR is the price of related good R. The values of P, M, and P R are expected to be $65, $52,000, and $100, respectively. Use these values at this point on demand to make the following computations. a. Calculate the price elasticity of demand E for the given values of P, M, and PR. How would increasing the price of X affect total revenue? Explain. b. Calculate the income elasticity of demand EM. Is good X normal or inferior? Explain how a 1.75 percent decrease in income would affect demand for X? c. Calculate the cross-price elasticity EXR. Are the goods X and R substitutes or comple- ments? Explain how a 2.5 percent increase in the price of related good R would affect demand for X?
- You are an Economics consultant at Economics 4U, a small consulting firm that helps its clients to use Economics knowledge for better business decision-making. You have been approached by a new client, Mr. PD Smith, a product manufacturer, to conduct research on the price elasticity of demand, income elasticity of demand and the price elasticity of supply for his product category. The manufacturer would like to obtain a better understanding of the concept of elasticity and how to use this knowledge to make better strategic decisions about his product.Present your findings in a report that provides the following information: • Introduction Explain the purpose of your report and identify the product you have chosen (Provide a brief explanation of the product category if it is one that is not well known).(+- ¼ page)You are an Economics consultant at Economics 4U, a small consulting firm that helps its clients to use Economics knowledge for better business decision-making. You have been approached by a new client, Mr. PD Smith, a product manufacturer, to conduct research on the price elasticity of demand, income elasticity of demand and the price elasticity of supply for his product category. The manufacturer would like to obtain a better understanding of the concept of elasticity and how to use this knowledge to make better strategic decisions about his product. Present your findings in a report that provides the following information: Price elasticity of demand Identify the price elasticity of demand coefficient for the product (based on your own research) and what it reveals about the product. Also identify and discuss the factors that have determined that particular elasticity coefficient. Use a graph to illustrate the relevant category of price elasticity of demand.(+- 2 pages)You are an Economics consultant at Economics 4U, a small consulting firm that helps its clients to use Economics knowledge for better business decision-making. You have been approached by a new client, Mr. PD Smith, a product manufacturer, to conduct research on the price elasticity of demand, income elasticity of demand and the price elasticity of supply for his product category. The manufacturer would like to obtain a better understanding of the concept of elasticity and how to use this knowledge to make better strategic decisions about his product. Present your findings in a report that provides the following information: • Introduction Explain the purpose of your report and identify the product you have chosen (Provide a brief explanation of the product category if it is one that is not well known). (+- ¼ page) • The Concept of Elasticity Explain the general concept of elasticity and how it can be applied to improve the decisions made about a product.Price elasticity of demand…
- You are an Economics consultant at Economics 4U, a small consulting firm that helps its clients to use Economics knowledge for better business decision-making. You have been approached by a new client, Mr. PD Smith, a product manufacturer, to conduct research on the price elasticity of demand, income elasticity of demand and the price elasticity of supply for his product category. The manufacturer would like to obtain a better understanding of the concept of elasticity and how to use this knowledge to make better strategic decisions about his product. Present your findings in a report that provides the following information. Price elasticity of supply the price elasticity of supply coefficient (based on your own research). Point out the factors that have determined this particular elasticity coefficient. Use a graph to illustrate the relevant category of elasticity of supplyYou are an Economics consultant at Economics 4U, a small consulting firm that helps its clients to use Economics knowledge for better business decision-making. You have been approached by a new client, Mr. PD Smith, a product manufacturer, to conduct research on the price elasticity of demand, income elasticity of demand and the price elasticity of supply for his product category. The manufacturer would like to obtain a better understanding of the concept of elasticity and how to use this knowledge to make better strategic decisions about his product. Income elasticity of demand Identify the income elasticity of demand for the product (based on your own research) and explain what the elasticity coefficient reveals about the product.Present your findings in a report that provides the following information:If 100 units of product K are sold at a unit price of $10 and 75 units of product Kare sold at a unit price of $15, one can conclude that in this price range:A) demand for product K is elastic.B) demand for product K is inelastic.C) demand for product K has shifted to the right.D) consumers are sensitive to price changes of product K.
