Which of the following has a more elastic supplyin the short run? [LO 4.4]a. Hospitals or mobile clinics?b. Purebred dogs or pet rabbits?c. On-campus courses or online courses?
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Which of the following has a more elastic supply
in the short run? [LO 4.4]
a. Hospitals or mobile clinics?
b. Purebred dogs or pet rabbits?
c. On-campus courses or online courses?
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- You are a manager in charge of monitoring cash flow at a major publisher. Paper books comprise 40 percent of your revenues, which grow about 2 percent annually. You recently received a preliminary report that suggests the growth rate in ebook reading has leveled off and that the cross-price elasticity of demand between paper books and ebooks is –0.3. In 2016, your company earned about $600 million from sales of ebooks and about $400 million from sales of paper books. If the own price elasticity of demand for paper books is –2, how will a 4 percent decrease in the price of paper books affect your overall revenues from both paper book and ebook sales?The American Baker’s Association reports that annual sales of bakery goods last year rose 15 percent, driven by a 50 percent increase in the demand for bran muffins. Most of the increase was attributed to a report that diets rich in bran help prevent certain types of cancer. You are the manager of a bakery that produces and packages gourmet bran muffins, and you currently sell bran muffins in packages of three. However, as a result of this new report, a typical consumer’s inverse demand for your bran muffins is now P = 8 – 1.5Q. If your cost of producing bran muffins is C(Q) = 0.5Q, determine the optimal number of bran muffins to sell in a single package and the optimal package price.The American Baker’s Association reports that annual sales of bakery goods last year rose 15 percent, driven by a 50 percent increase in the demand for bran muffins. Most of the increase was attributed to a report that diets rich in bran help prevent certain types of cancer. You are the manager of a bakery that produces and packages gourmet bran muffins, and you currently sell bran muffins in packages of three. However, as a result of this new report, a typical consumer’s inverse demand for your bran muffins is now P = 5 - 0.5Q.If your cost of producing bran muffins is C(Q) = 1.5Q, determine the optimal number of bran muffins to sell in a single package and the optimal package price.Instruction: Enter your response for the optimal package price rounded to two decimal places.Optimal package size: units Optimal package price: $
- The American Baker’s Association reports that annual sales of bakery goods last year rose 15 percent, driven by a 50 percent increase in the demand for bran muffins. Most of the increase was attributed to a report that diets rich in bran help prevent certain types of cancer. You are the manager of a bakery that produces and packages gourmet bran muffins, and you currently sell bran muffins in packages of three. However, as a result of this new report, a typical consumer’s inverse demand for your bran muffins is now P = 3 − 0.5Q.If your cost of producing bran muffins is C(Q) = 1.0Q, determine the optimal number of bran muffins to sell in a single package and the optimal package price.Instructions: Enter your response for the optimal package price rounded to two decimal places.Optimal package size: units Optimal package price: $You are a manager in charge of monitoring cash flow at a major publisher. Paper books comprise 50 percent of your revenues, which grow about 2 percent annually. You recently received a preliminary report that suggests the growth rate in ebook reading has leveled off, and that the cross-price elasticity of demand between paper books and ebooks is −0.4. In 2019, your company earned about $500 million from sales of ebooks and about $500 million from sales of paper books. If your data analytics team estimates the own price elasticity of demand for paper books is −3, how will a 2 percent decrease in the price of paper books affect your overall revenues from both paper books and ebooks sales? Instructions: Enter your response rounded to one decimal place. Your overall revenues will change by $_______ million.You are a manager in charge of monitoring cash flow at a major publisher. Paper books comprise 40 percent of your revenues, which grow about 2 percent annually. You recently received a preliminary report that suggests the growth rate in ebook reading has leveled off, and that the cross-price elasticity of demand between paper books and ebooks is −0.3. In 2019, your company earned about $600 million from sales of ebooks and about $400 million from sales of paper books. If your data analytics team estimates the own price elasticity of demand for paper books is −2, how will a 4 percent decrease in the price of paper books affect your overall revenues from both paper books and ebooks sales? Instruction: Enter your response rounded to one decimal place. Your overall revenues will change by $
- You are the manager of a firm that receives revenues of $40,000 per year from product X and $80,000 per year from product Y. The own price elasticity of demand for product X is −1.5, and the cross-price elasticity of demand between product Y and X is −1.8.How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 1 percent?The demand for an economics textbook is given by: Q = 796 - 3p^2 Find the value of Q1 when demand is unit elastic and hence calculate the new price (rounded to two decimal positions) needed to increase Q by 100 units from the Q1 value. Note: Express the new price with two decimal positions (avoid intermediate roundings in the calculation process).The demand equation for a particular candy bar is px + x + 20p = 3000 where 1000x candy bars are demanded per week when p cents is the price per bar. If the current price of the candy is 49 cents per bar and the price per bar is increasing at the rate of 0.2 cents each week, find the rate of change in the demand.
- You are the manager of a firm that receives revenues of $40,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is −1.5 and the cross-price elasticity of demand between products Y and X is −1.8. How much will your firm’s total revenues (revenues from both products) change if you increase the price of good X by 2 percent?Substitutes, complements, or unrelated? You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: splishy splashers, raskels, and kipples. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of splishy splashers decreases by 8%, the quantity of raskels sold increases by 6% and the quantity of kipples sold decreases by 8%. Your job is to use the cross-price elasticity between splishy splashers and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the…From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $14 million in withdrawals from other banks’ ATM machines. On average, noncustomers earn a wage of $20 per hour and pay ATM fees of $2.75 per transaction. It is estimated that banks would be willing to maintain services for 5 million transactions at $1.00 per transaction, while noncustomers would attempt to conduct 19 million transactions at that price. Estimates suggest that, for every 1 million gap between the desired and available transactions, a typical consumer will have to spend an extra minute traveling to another machine to withdraw cash.a. Based on this information, what would be the nonpecuniary cost of legislation that would place a $1.00 cap on the fees banks can charge for noncustomer transactions?b. What would be the full economic price of this legislation?