do fast Price ($)The following graph shows the demand for rice. Answer the following questions:a) Calculate the price-elasticity between point A and B (i.e., going from A to B).b) Is the demand elastic or inelastic? Why?c) What is the economic interpretation of this elasticity? (no more than 5 lines).7.06.56.05.55.0A4.54.03.53.02.52.01.51.00.50.0924QuantityB681012

a) Calculate the price elasticity between point A and B.Price elasticity of demand (PED) is…

Answered: Price ($) The following graph shows the…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Suppose the market demand curve is given by Qd = 78 − 10P, and the market supply curve is given by Qs = 13 + 3P. What is the equilibrium price and quantity?
Implementing Price Strategy is the firm readiness to sell the product which would be effective if given an attractive price strategy listed below: a. Customary pricing is when one price is maintained over an extended period of time. Normally the price of the product will not be easily changed. The entrepreneur must consider the price of the product which is affordable to the majority of buyers. ex. A 1-peso candy. b. Variable pricing is when the price responds to cost fluctuations or differences in demand. The entrepreneur must consider the law of demand and supply. If there are sufficient supplies and few demands, the price will increase and vice versa. c. One-price policy is when the price is charged to all customers buying the product or service under similar conditions. The entrepreneur will set one price for all products available for sale even though they differ in design. d. Flexible pricing is based on the customer's ability to negotiate or buying power of the customer. The…
need help. be sure to also include suitable diagram as well for the rice market.
Select one: a. price ceiling; below b. price floor; above c. price ceiling; at or below d. price ceiling; above
Please write the attached text in handwriting. Thanks
Suppose the demand function is Q_x^d = 100 - 5 P_x + 2 P_y - M. If P_x = $4, P_y = $2, and M = $50 , what is the cross-price elasticity of good x with respect to the price of good y?
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2. A monopolist with zero cost, that is c(q) = 0, faces two consumers whose demand functions are given below. Q1 = 6-P Q2 = 12-2P (a) Suppose the monopolist cannot engage in any price discrimination. Find the firm's optimal pricing strategy. Caleulate the firm's Lerner index. (b) Now, assume that price discrimination is possible. Find the monopolist's optimal first degree price-discrimination strategy. (c) Find the monopolist's optimal second degree price-discrimination strategy. (d) Find the monopolist's optimal third degree price-discrimination strategy.
The sales manager like to have seasonal prices discounted from the regular sales price. He would like to change all his product prices at the same time whenever the season changes. What is the most efficient way to do this? Create a price list called 'regular sales price list' to list the regular sales prices. Whenever Manager wants to have a seasonal price list, he will use the 'regular sales price list' as the base price list and enter a discount factor. Create a price list for the regular sales price. Create a hierarchy called 'seasonal prices' which will be based on the regular sales price list and will give time-based discounts for the season based on a factor Manager enters. Create a price list which will contain the regular sales prices. Define period and volume discounts for the seasonal prices which will contain both the validity periods for the discounts and a factor to calculate the discounts for all items. Create a price list called 'regular sales price list' to list the…
i need the answer quickly
Consider a perfectly competitive market with inverse market supply P=5+3Q^s and inverse market demand P=50-2Q^d. Suppose the government subsidizes this market with a subsidy of $5 per unit. What is the deadweight loss resulting from the subsidy? a) 0, subsidies do not have a deadweight loss b) 2.5 c) 5 d) 7.5

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