Q: Please answer the attached question below. It is part of Industrial Economics.
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- What can Uber do to ensure its competitors are not chipping away at its dominant market share due to such bad press?
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- Discuss the importance of considering elasticity in pricing decisions and the danger of relying solely on costs.Please no written by hand and no emageIf you had been hired to advise your local public transit authority on how they could raise transitrevenues and you knew the elasticity of demand for transit rides, you would be able to give a goodanswer.Explain why above statements is True, False, or Uncertain according to economic principles. Use diagrams where appropriate.
- Genovia has experienced exceptional growth in recent years. Its GDP per capita (orIncome) has increased from around $30,000 to $50,000 in last 5 years. Over theperiod quantity demanded of personal cars has increased from 450,000 units per yearto 600,000 units. Quantity demanded of public transport, however, has declined from10,000 buses to 7,000 buses. Calculate income elasticity of demand and tell whichproduct is a normal good and which one is inferior.Suppose that 200,000 Uber trips are taken every day in New York City and suppose that the elasticity of demand for an Uber trip is −0.5. If the price increased by 10% how many Uber trips would be taken in a day?What can you do if there are too many passengers for your car? O Offer to take half the party, or cancel at no charge Take them all anyway O Cancel and.complain to Uber O None of the above
- The demand for Woobles is unit elastic. When Woobles are priced at $20.00, 10 units are sold. If the price is increased to $40, how many units of Woobles will be sold?Suppose a movie theater determines it can charge different prices to patrons who go to weekday matinees and people who attend evening and weekend shows. The movie theater's goal is to increase total revenue. See Hint The price elasticity of demand for weekend and evening patrons is -0.50, and the price elasticity of demand for matinee moviegoers is -2.80. Based on the price elasticity of demand for each group of people, how should the movie theater adjust its prices? Choose one: O A. Raise the price for matinee moviegoers, and keep the price the same for weekend and evening patrons. O B. Lower the price for matinee moviegoers, and raise the price for weekend and evening patrons. O C. Lower the price for matinee moviegoers, and keep the price the same for weekend and evening patrons. O D. Raise the price for matinee moviegoers, and lower the price for weekend and evening patrons.Which is more elastic sugar or salt? Reason
- If you wanted to increase demand for your restaurant butare unable to lower prices or increase advertising, whatsteps might you take?The price elasticity of supply of baking flour is 0.8 when there is an increase of price from RM16 to RM18 per kilogram. How many percent change of suppliers that supply baking flour in the market with the new price?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.
