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LG, a major manufacturer of televisions develops a new technology used to produce TV’s. show graphically and explain how this affects the market for LG televisions.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 5E

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A Movie theatre charges $20 for a ticket, with an average daily demand of 600 tickets. The theatre is running a loss and is considering changing its price to increase its revenue. The table below shows the demand schedule estimated by a consultant. Price Quantity of tickets demanded / day 19 620 20 21 600 580 Show all your calculations (either in the answer box below or in the file you will upload). Round your results to two decimal places. a. Using the midpoint method, calculate the percentage change in price and the percentage change in quantity if the movie theatre were to increase the price. b. ased on your answer in part (a) what is the price elasticity of demand? c. (- in order to increase its revenue, and how the elasticity estimate in (b) helps you reach your conclusion. Explain whether the movie theatre should increase or decrease its price
"Black and white TV is an inferior good". Is this statement true? Please help me with this out. I don't know the reason
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Typed plzzz and Asap Thanks
Creative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned. however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(I) the concept of elasticity of demand, (2) why raisingprices without undetstanding the elasticity would bea bad move. (3) your recommendations for measurement. and (4) the potential impact on profits for elasticand inelastic demand
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