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Q3) How is peak-load pricing a form of
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- In an attempt to increase revenues and profits, a firm is considering a 4 percent increase in price and an 11 percent increase in advertising. If the price elasticity of demand is 1.5 and the advertising elasticity of demand is +0.6, would you expect an increase or decrease in total revenues?Suppose Erin, the owner-manager of a local hotel projects the following demand for her rooms: a. Calculate the price elasticity of demand between 90 and 110. b. Is the price elasticity of demand between 90 and 110 elastic, unit elastic, or inelastic? c. Will Erins total revenue rise if she increases the price from 90 to 110? d. Calculate the price elasticity of demand between 110 and 130. e. Is the price elasticity of demand between 110 and 130 elastic, unit elastic, or inelastic? f. Will Erins total revenue rise if she increases the price from 110 to 130?If bus travel is an inferior good, its income elasticity of demand is a. strictly greater than 1. b. positive. c. equal to zero. d. negative.
- What is price discrimination? Explain how the theories of elasticity, if used, can help suppliers make decisions on product prices.1) What kind of consumer behavior is second-degree price discrimination based on? Need relevant examples. 2) Explain the role of price elasticity of demand in applying third-degree price discrimination.Use appropriate graphs to support the case.George has been selling 7,000 T-shirts per month for $7.00. When he increased the price to $9.00, he sold only 6,000 T-shirts. Which of the following best approximates the price elasticity of demand? -0.6769 -0.6154 -0.3077 -0.5538 Suppose George's marginal cost is $4 per shirt. Before the price change, George's initial price markup over marginal cost was approximately . George's desired markup is . Since George's initial markup, or actual margin, was than his desired margin, raising the price was
- Q3) How is peak-load price discrimination? Can it make consumers better off? Give an example. pricing a form ofExplain why the advertising elasticity of the market demand for beer may be less than the advertising elasticity of the demand for one particular brand.Beowoof is the only kennel for two neighboring counties, East Liverpoodle and West Liverpoodle. The elasticity of demand for kennel services is 4 in East Liverpoodle and 10 in West Liverpoodle. The price charged per week in East Liverpoodle is $60. If Beowoof can successfully separate these two markets, how much should it charge per week in West Liverpoodle?
- Demand for Corn Flakes is: P = 24- Q. Supply of Kellogg's Corn Flakes is: P = 2+ Q. Now a generic company enters the market, selling geneen Corn Flakes for $7. Assume consumers are indifferent between generic and Kellogg's Cororlakes. How many boxes of Kellogg's (brand) Corn Flakes will sell? Enter as a value.Question 29 Assume lawyer services have an elasticity of demand of 0.5 in absolute value. Currently, a lawyer charges $300 per consultation and she has 100 consultations per week. If she raises her rate to $450 per consultation (a 50% increase) her revenue will (use the general formula for elasticity not the midpoint formula) fall from $30,000 per week to $28,500 per week. rise from $30,000 per week to $31,500 per week. rise from $30,000 per week to $33,750 per week. fall from $30,000 per week to $26,000 per week.Suppose that Jawa Timur Park offers a discount on admission to residents of Batu. What kind of price discrimination is this? What does this imply about the elasticity of demand for Jawa Timur Park attractions by Batu?
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