The prices of Ralph Lauren polo line of clothing are considerably higher than comparable quality lines. Yet it sells more than a JCPenny brand line of clothing. Does this violate the law demand?

Q: PlayStation 3 and XBOX 360 are substitutes. If the price of PlayStation 3 increases what will happen…

A: Two goods are substitutes when one of them can be consumed in place of the other good.

Q: The figures below depict four different demand curves, which range from perfectly inelastic to…

A: Perfectly elastic demand refers to a situation in which the quantity demanded of a good or service…

Q: 5. Now suppose that income increases by 10% and the quantity demanded of good X decreases by 7%.…

A: Income determines the affordability of the consumer. Higher the income, higher the affordability of…

Q: If the price of X decreases and this decreases the demand for Y, then

A: If the quantity demanded of a commodity decrease due to change in the price of another commodity is…

Q: A marketing executive once said, “If the price elasticity of demand for your product is inelastic,…

A: Inelastic price elasticity of demand implies a percent change in price causes quantity demanded to…

Q: Explain the two types of demand.

A: # Demand is closely related to the wants and the needs of the consumers in an economy. It is one of…

Q: Which of the following is likely to have the most price inelastic demand?   Athletic…

A: The objective of the question is to identify which product among the given options is likely to have…

Q: What is the impact of market imperfections on the price elasticities of demand?

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Q: If the two points on the demand for Norman's rooms lie on a straight-line demand curve, what then is…

A: Given: At the price of $110 quantity purchase is 10, and at a price of $130 quantity purchase is 8.…

Q: Organic eating is the new trend! What is the impact that supply and demand have on pricing?

A: The market is a place where the buyers and the sellers interacts with each other and the exchange of…

Q: ucson has demand for pizza of in million of slices of Q = 10-P and Phoenix has demand of million of…

A: Given information Demand in tucson = Q = 10 - P Demand in Phoenix = Q = 21 - 1.5P

Q: Taxi men have to pay for their licenses before being allowed to operate a taxi.This only happens…

A: The profit maximization of output level is produced when the marginal revenue of the producer is…

Q: 3. Let's do a quick calculation. If the price of good X increases by 10%, and the quantity demanded…

A: (Note: The student has asked to answer Question 3) The consumers, or buyers are those entities in…

Q: What is the Law of Diminishing Demand? Provide one example.

A: Demand is the quantity of good that the consumer is willing to buy at a given price and in a given…

Q: Give a brief explanation of how pricing, quantity, and market demand are related economically.

A: Market demand defines the total quantity of a good or service that all consumers in a particular…

Q: The demand curve for cameras is Q=400-2P where P is the price of a camera and Q is the number of…

A: Demand curve: Q= 400 – 2 P A. Given, Q=120 Then, 120= 400 – 2 P            2 P= 280              P=…

Q: You are given the demand schedule for Netflix Subscription in the UAE as below Price (in AED)…

A: Demand curve shows the inverse relationship between price and quantity demanded. In the question, a…

Q: If a supply curve is perfectly horizontal, what is the value of the price elasticity of supply?

A: The price elasticity of demand is the degree of responsiveness from the consumer towards a change in…

Q: In the market for therbligs, the supply curve is Ps=$10+$0.05Qs  and whose market demand curve is…

A: Hello. Since you have posted multiple parts of the question and not specified which part of the…