1. Suppose the own price elasticity of demand for good X is -3, it's income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is -4, determine how much the consumption if this good will change if:
a) The price of good X decreased by 5%
b) The price of good Y increased by 8%
c) Advertising decreased by 4%
d) Income Increased by 4%
2. Suppose the cross price elasticity of demand between X and Y is 4, how much would the price of good Y have to change in order to increase the consumption of good X by 20%?
Answers: 2
Business, 22.06.2019 11:20
In 2000, campbell soup company launched an ad campaign that showed prepubescent boys offering soup to prepubescent girls. the girls declined because they were concerned about their calorie intake. the boys explained that “lots of campbell’s soups are low in calories,” which made them ok for the girls to eat. the ads were pulled after parents expressed concern. why were parents worried? i
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Business, 22.06.2019 16:40
Job 456 was recently completed. the following data have been recorded on its job cost sheet: direct materials $ 2,418 direct labor-hours 74 labor-hours direct labor wage rate $ 13 per labor-hour machine-hours 137 machine-hours the corporation applies manufacturing overhead on the basis of machine-hours. the predetermined overhead rate is $14 per machine-hour. the total cost that would be recorded on the job cost sheet for job 456 would be: multiple choice $3,380 $5,298 $6,138 $2,622
Answers: 1
Business, 22.06.2019 20:10
Peppy knows a lot about marketing, but not much about the legal or financial aspects of starting a new business. he wants to consult with a lawyer and accountant, but his budget is tight with all of the expenses involved in getting peppy's pizzazzeria up and running. peppy should: trust his basic instincts and try to put it together without the advice of lawyers and accountants. delay talking with a lawyer and accountant until the business has established a positive cash flow for at least one year. immediately hire full-time lawyers and accountants for his staff. consult with a lawyer and accountant even though the budget is tight.
Answers: 1
Business, 23.06.2019 00:30
Suppose there is a 6 percent increase in the price of good x and a resulting 6 percent decrease in the quantity of x demanded. price elasticity of demand for x is a. 0 b. 6 c. 1 d. 36
Answers: 2
1. Suppose the own price elasticity of demand for good X is -3, it's income elasticity is 1, its adv...
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