Table 1 shows the actual customer demand for hairdryers from Dyson company. The actual demand has been observed for the past 7 months and recorded. [Jadual 1 menunjukkan permintaan sebenar pengering rambut dari syarikat Dyson. Permintaan sebenar diperhatikan selama bulan terakhir dan direkodkan.] Table 1: Demand for Hairdryer from January to July [Jadual 1: Permintaan Pengering Rambut dari Januari 2021 hingga Julai 2021] Month Demand January 2800 February 2870 March 2968 April May June July' 3000 3100 3150 3400 (a) Calculate forecast future demand for May, June, July, and August by using 3 months simple moving average.

Table 1 shows the actual customer demand for hairdryers from Dyson company. The actual demand has been observed for the past 7 months and recorded. [Jadual 1 menunjukkan permintaan sebenar pengering rambut dari syarikat Dyson. Permintaan sebenar diperhatikan selama bulan terakhir dan direkodkan.] Table 1: Demand for Hairdryer from January to July [Jadual 1: Permintaan Pengering Rambut dari Januari 2021 hingga Julai 2021] Month Demand January 2800 February 2870 March 2968 April May June July' 3000 3100 3150 3400 (a) Calculate forecast future demand for May, June, July, and August by using 3 months simple moving average.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose we have the following information concerning the printed magazine and digital magazine subscription markets: Printed Magazine Subscription Priceo=$20 Digital Magazine Subscription Quantityo=216 Printed Magazine Subscription Price1=$13.40 Digital Magazine Subscription Quantity1=208 Question: What is the cross-price elasticity of demand between printed and digital magazine subscriptions?
Directions: Please analyse the problems carefully. Answer the problems and resent your solutions Inerpret the results.
QUESTION 35 The price of widgets has increased from $7 to $14, causing the quantity supplied to increase from 400 to 1,200 units. Use the midpoint method to calculate the price elasticity of supply. Provide your answer below:
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5.5] The short-run elasticity of supply of coffee is short run, than the long-run elasticity because in the The coffee industry provides a good example of the difference between the short-run and long-run price elasticity of supply. The price elasticity of supply over a 1-year period is relatively low. If the price of coffee beans increases by 20 percent and stays there for a year, the quantity of coffee supplied will increase by a relatively small amount. A newly planted coffee bush takes 3 to 5 years to yield marketable beans, so in the short run (up to 3 years), an increase in coffee production requires an increase in the quantity harvested per bush, which is possible if coffee producers apply more fertilizer and water to coffee bushes. In the long run, coffee farmers can also plant more coffee bushes, so a sustained increase in price generates a larger increase in quantity supplied. In the long run, the coffee supply curve is flatter and the supply elasticity is larger.
2
Considering that hotel users also visit shopping malls and food courts, a professor estimates that in January 2022 there can be upto 18% increase in the price of UAE hotels which will automatically result in a decrease of Dubai gift shopping by 24 percent. Calculate the cross-price elasticity of demand for the projected demand in January 2022 and indicate how the two goods are related.
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Congratulations you are the CEO of company FANTASTIC plc. It has been estimated that a 4% increase in your customers’ income will result in an increase in sales of your main product, X by 5.5%. Using this information answer the following questions:” First calculate the income elasticity of your main product? What type of a product is X? Fully explain using an example. What type of income elasticity in associated with product X, why and what does this mean? What will you do IF the income of your customers drops by 2%?
Recently, in Sunshine Town, the price of Twinkies (A Twinkie is an American snack cake, described as "golden sponge cake with a creamy filling) fell from $0.80 to $0.70. As a result, the quantity demanded of Ho-Ho's (i.e Ho-Ho’s are small, cylindrical, frosted, cream-filled chocolate snack cakes with a pinwheel design based on the Swiss roll) decreased from 120 to 100. What would be the appropriate elasticity to compute? Using the midpoint method, compute this elasticity. What does your answer tell you