Explanation:
A potentially serious problem for a company is to launch a new product or service on the market without conducting marketing research to investigate the acceptance of its product to its target audience.
Marketing research is an essential tool for a company to collect relevant data and information about what the consumers' needs and desires are, what benefits they expect from a product or service, what features the product should have, the design, the price, and several other essential variables to help the company better understand the market and make the best decisions when launching a new product
discount + selling price ($32.5) = $50, this implies that the discount is $50 - $32.5 = 17.5
therefore the discount percent: $50 = 100%
$17.5 = ?
$17.5 x 100/$50
35%
Answer:
Explanation:
A retirement home organization would be the best option in this scenario to help Mrs. Derry enjoy her retirement years. These organizations provides all of the day to day help that an elderly person would need in order to live happily. This includes help with groceries, paying bills, cooking, driving, etc. Any and all tasks that the individual is not fully capable of doing anymore. These organizations also provide housing for retired individuals, making it easier to help them enjoy their retirement even more.
Answer:
-0.523 and inelastic
Explanation:
The computation of the price elasticity of demand using mid point formula is given below:
= (change in quantity demanded ÷ average of quantity demanded) ÷ (percentage change in price ÷ average of quantity demanded)
where,
Change in quantity demanded is
= Q2 - Q1
= 150 units - 200 units
= -50 units
And, average of quantity demanded would be
= (150 units + 200 units ) ÷ 2
= 175 units
Change in price would be
= P2 - P1
= 3,500 - 2,000
= 1,500
And, average of price would be
= (3,500 + 2,000) ÷ 2
= 2750
So, after solving this, the price is -0.523
Since the price elasticity of demand is less than 1 so it would be inelastic
Answer:
The dead-weight loss from the tax is $2,250
Explanation:
Free market equilibrium price is P1
Total social economic benefit is the sum of:
- consumer surplus (area below demand curve and above price line P1) and
- producer surplus (area above supply curve and below P1)
When tax is imposed, quantity is reduced, price increased to P2 for consumer, P0 for supplier.
The part of the loss from consumer and producer surplus is compensated with the revenue from tax.
The other part (red triangle) is the dead-weight loss. Its amount is given by the area of the triangle with:
- base length being the tax amount ($15/unit) and
- height being the reduced quantity (300 units)
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