Please do not give solution in image format ? The price of Product Z decreased from $2.50 per unit to 2.00 per unit. Since the price decreased,demand has increased from 3 million units to 4 million units. Calculate the price elasticity ofdemand and determine if the demand is elastic or inelastic, respectively.1.29; elasticO 0.78; elasticO 1.29; inelasticO 0.78; inelastic Which of the following most accurately describes (1) economy pricing and (2) premium pricingtactics?O (1) Economy pricing sets a high price to primarily target high-end and less price-sensitive customers whilemaximizing short-term profits. (2) Premium pricing accepts a lower price and profit margin to generatehigher sales and quickly capture a larger market share.(1) Economy pricing follows behind the price leader with a slightly lower price in order to capture customersbefore they leave the market. (2) Premium pricing is focused on high profit margins with low sales volumesand signals to the customer the unique or premium qualities of the product.O (1) Economy pricing sets a high price to primarily target high-end and less price-sensitive customers whilemaximizing short-term profits. (2) Premium pricing follows behind the price leader with a slightly lower pricein order to capture customers before they leave the market.O (1) Economy pricing accepts a lower price and profit margin to generate higher sales and quickly capture alarger market share. (2) Premium pricing is focused on high profit margins with low sales volumes and signalsto the customer the unique or premium qualities of the product.

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The price of Product Z decreased from $2.50 per unit to 2.00 per unit. Since the price decreased, demand has increased from 3 million units to 4 million units. Calculate the price elasticity of demand and determine if the demand is elastic or inelastic, respectively. 1.29; elastic O 0.78; elastic O 1.29; inelastic O 0.78; inelastic

The price of Product Z decreased from $2.50 per unit to 2.00 per unit. Since the price decreased, demand has increased from 3 million units to 4 million units. Calculate the price elasticity of demand and determine if the demand is elastic or inelastic, respectively. 1.29; elastic O 0.78; elastic O 1.29; inelastic O 0.78; inelastic

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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