Do you think Coke made the right decision to introduce Coca-Cola with Coffee and Coca-Cola with Coffee Zero Sugar? Discuss TWO (2) reasons why you say it is a right decision or a wrong decision.
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- Which is more elastic sugar or salt? Reason1. Your best friend is currently pursuing an online Economics course. She has sought your advice on the following scenarios. Please provide your friend with a detailed explanation on when and why the following scenarios may occur. a) The owner of Cool Waters Company Ltd, a water distilling and bottling company, wanted to increase the company’s sales revenue. After implementing the advice of the accountant to decrease the price of water, the sales revenue decreased. Please provide a detailed explanation on how elasticity of demand can explain why sales revenue may have decreased when prices decreased. Please ensure you define price elasticity of demand and explain how price elasticity of demand influences revenue b) Why will a company choose to sell the level of output at which Marginal Revenue is equal to zero? c) Why will the sum of the indices/exponents for a company’s Cobb-Douglas production function be less than 1. Please ensure you explain what the sum of the indices in the…If you are selling Mercedes-Benz cars in your showroom, what product "substitutes" are available to your prospective customers?
- For example, a 12 oz cup of Coke is $1, and a 32 oz cup is $1.70. What explains this marketing strategy? With the help of graphs (economic models) demonstrate.Assume that you own a local brewery and that you sell 12 packs of your beer for $10 each. You hire a consultant to help you improve your business and she shows you that the price elasticity for your beer is 0.85. If your goal is to maximize your income/revenue, what should you do? 2. You run a hotel and you have determined that if you lower the price of your rooms 15% you will be able to rent 20% more rooms each month a.What is your price elasticity of demand for hotel rooms? b. If you want to maximize your revenue from renting out hotel rooms, what, if any changes should you make to the price? 3. Which product likely has a more in elastic demand, a movie ticket or lifesaving medication? Why? 4. If new substitutes are developed for a product, what will likely happen to the demand curve for that product? 5. If new substitutes are developed for a product, what will likely happen to the total revenue maximizing price for that product?Answer the question using 3-step approach 1. ABC Vacuums announces plans to price freeze all vacuum accessories at a 50% discount for all household and commercial vacuums in all retail shops. How will this affect the demand for vacuums?
- Q.2.1 Explain the impact of each of the following scenarios on ONLY the market for plain, bottled water in Gauteng. State whether each of the following scenarios will impact the demand or the supply curves for plain, bottled water. State whether the impact will shift the curve or cause a movement along the curve. If it is a shift, state the direction of the shift and motivate your answer. Q.2.1.1 Drinking bottled water is considered healthy, ceteris paribus. Q.2.1.2 The number of firms selling bottled water in Gauteng has increased. Q.2.1.3 The price of bottled Vitamin water (a substitute in consumption) has decreased. Q.2.1.4 The price of plastic bottles has increased, ceteris paribus. Q.2.1.5 Household incomes have decreased.3. Using the midpoint method The following graph shows two known points (X and Y) on a demand curve for tomatoes. 0102030405060708090100109876543210PRICE (Dollars per pound)QUANTITY (Thousands of pounds of tomatoes)DemandXYSlope: -0.05 According to the midpoint method, the price elasticity of demand for tomatoes between point X and point Y is approximately (0.05 / 0.2 / 0.25 / 5) , which suggests that th demand for tomatoes is (elastic / inelastic ) between points X and Y.Practice Problems: 1. Sissy loves to eat sushi. Usually, Sissy consumed 20 sushi a week. But when the price of sushi raised from Php2.50 to Php3.00, Sissy can now only buy 16 sushi a week. Calculate for the price elasticity. Determine whether sushi is elastic, inelastic or unitary 2. Let us assume that there two companies in the business of selling soft drinks. At present, company 2 sells soft drinks Y at $3.50 per bottle, while company 1 is able to sell 4,000 bottles of soft drinks Y per week. In order to impact the sales of company 1, company 2 has been decided to decrease the price to $2.50 which resulted in decreased sales of 3,000 bottles of soft drinks Y per week. Calculate the cross-price elasticity of demand in the case. 3. When Alex's income increased from $3,000 to $5,000, he increased his consumption of bagels from 4 to 8 a month and decrease his consumption of doughnuts from 12 to 6 a month. Calculate alex's income elasticity of demand for (a) bagels and (b) doughnuts.
- Write a detailed answer for each question, relevant explanation regarding each question is compulsory. Pharmacies raise the price of insulin by 10%. Does total expenditure on insulin rise or fall? As a result of a fare war, the price of a luxury cruise falls 20%. Does luxury cruise companies’ total revenue rise or fall?The following graph illustrates the weekly demand curve for motorized scooters in Roanoke. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. image 1 Note: You will not be graded on any changes made to this graph. PRICE (Dollars per scooter) 325 300 275 250 225 200 175 150 125 100 75 50 25 0 0 3 6 9 X1 *B Demand 12 15 18 21 24 27 QUANTITY (Scooters) 30 33 36 39 Total Revenuea) Draw a hypothetical demand-and-supply diagram and show equilibrium price, equilibrium quantity, and the total revenue received by the suppliers. b) In a hypothetical situation, Government of Pakistan wants to put a curb on cigarette smoking through economic policy: i. Studies indicate that the price elasticity of demand for cigarettes is about 0.5. If a pack of cigarettes currently costs Rs.200 and the government wants to reduce smoking by 22 percent, by how much should it increase the price? ii. If the government permanently increases the price of cigarettes, will the policy have a larger effect on smoking one year from now or five years from now? iii. Studies also find that teenagers have a higher price elasticity of demand than adults. Why might this be true?
