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sweet-ann [11.9K]
3 years ago
10

A newspaper story on the effect of higher milk prices on the market for ice cream contained the following: "As a result [of the

increase in milk prices], retail prices for ice cream are up 4 percent from last year. . . . And ice cream consumption is down 3 percent." Source: John Curran, "Ice Cream, They Scream: Milk Fat Costs Drive Up Ice Cream Prices," Associated Press, July 23, 2001. Based on the information given, what is the price elasticity of demand for ice cream? Group of answer choices
Business
1 answer:
antoniya [11.8K]3 years ago
4 0

Answer:

The price elasticity of demand for icecream is -0.75, that means that is inelastic.

Explanation:

Price elasticity of demand measures the porcentage of the change in the demand when there is a change in the price. If the change in porcentage of the demand is less than the pocentage of change in the price we talk about inelastic demand. An increase in the price of inelastic goods will result in bigger revenues, as the porcentage in the drop of sales is less than the porcentage   of increase in the price.

The formula is: % in change demand/% in change of price

-3%/4= -0.75

The minus symbol indicates that when the price rises the demand decrease.

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The item which is an example of data collected from market research is insights into potential customers.

Market research is the process of gathering information about your target market and the knowing current state of your industry. Thus, it is the research conducted directly with potential customers.

Interviews are considered to be a common type of primary market research that can be either in-depth or as simple as asking a question. For instance, in an interview in market research is conducted when a business calls a current customer to ask how they are enjoying a product they recently purchased.

Hence, the data collected from market research is insights into potential customers.

To learn more about market research here:

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4 0
1 year ago
World trade has grown substantially in the last 60 years. For example, while world output grew at an annual rate of 3.8% per yea
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Answer:

b.Increases in the global population

c.Services such as web conferencing and teleconferencing that facilitate international meetings.

d.International trade agreements such as the North American Free Trade Agreement (NAFTA).

Explanation:

As the countries increase their trade with free trade agreement like NAFTA or the Eurozone which enables to a higher transactions of factors between countries like labor, capital and goods.

Also better communications method facilitate to build trust between parties thus, making trade more feasible.

More population enables more people willing to trade as well.

7 0
3 years ago
Ralph is single and has the following items for the current year:
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Answer:

B

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3 0
3 years ago
When you finish your budget, you should have:
Basile [38]

Answer:

Zero balance

Explanation:

Because you finished all your money.

5 0
3 years ago
Read 2 more answers
) Market size and growth rates in different countries can be influenced positively or negatively by A. E) the absence or presenc
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Answer:

B. A) population sizes, income levels and cultural influences, the current state of the infrastructure, and distribution and retail networks available. 

Explanation:

In a country where population is high, the demand for goods and services would be high and this would stimulate market growth. On the other hand, in a country where population is low, demand for products would be low and this can hinder market growth.

In a country where income level is high, demand for goods and services would also be high and this would stimulate market growth. The opposite is the case when income is low.

The presence of good infrastructure in a country enhances innovation and production and this can lead to market growth.

The presence of a strong and good retail network to enhance distribution of goods and services can lead to market growth as it assures producers of efficient distribution of goods and services produced.

I hope my answer helps you

3 0
2 years ago
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