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Delicious77 [7]
4 years ago
7

Suppose the price elasticity of demand for fishing lures equals 1.5 in South Carolina and 0.63 in Alabama. To increase revenue,

fishing lure manufacturers should: a. lower prices in each state. b. raise prices in each state. c. lower prices in South Carolina and raise prices in Alabama. d. leave prices unchanged in South Carolina and raise prices in Alabama.
Business
1 answer:
DaniilM [7]4 years ago
5 0

Answer:

A

Explanation:

In this question, we are asked what should be done to increase revenue, given the price elasticity of demand for fishing in the two places.

We answer the question as follows:

The value of 1.5 shows that the price elasticity of demand for fishing in South Carolina is elastic. This means a decrease in price will lead to revenue increase

Also, If price elasticity of demand is 0.63, then an increase in the price will lead to revenue decrease in Alabama.

Hence it can be said that if the price elasticity of demand for fishing lures equals 1.5 in South Carolina and 0.63 in Alabama.

To increase revenue, fishing lure manufacturers should lower prices in South Carolina and raise prices in Alabama.

Hence option a is the correct Option

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B. Managers mantain order and leaders seek change

5 0
3 years ago
5 objectives of an entrepreneur.
nydimaria [60]

Answer:

Explanation:

An entrepreneur is a person that sets up a business for the aim of making profits and of social benefits to the society . An entrepreneur bears the risks and rewards alone.

The five objectives of an entrepreneur are listed as below.

1) Profit making: This is one of the primary objectives of an entrepreneur and it is a basis on which some other objectives are built , being a source of cash generating to achieve other objectives.

2)Acquiring the right talents and skills ; An entrepreneur will like to have the right skills and talent in his team for efficiency , effective and economy  purposes.

3)Growth ; An entrepreneur aims at growth as the level of profit generated is directly related to the growth attained. The higher the growth, the higher the profit.

4)Sustainability : Another goal is sustainability . He will work towards maintaining his position in the market to ensure going concern . Every business is confronted with competition which can take a business down if not well managed.

5)Online positioning : Taking  advantages of online opportunities is critical to success in businesses. He will like to leverage on online opportunities for growth and sustainability.

5 0
3 years ago
Over the next several years, Sushil expects electric vehicles to impact revenues in the retail gas and oil unit of her firm. The
forsale [732]

Businesses owners will always think of opportunities, the expansion of electric vehicles will impact the economic dimension for Sushil's firm.

<h3>What is economic dimension of business?</h3>

It is the ability of businesses and firms both public and private sectors to implement profitable practices in their production processes.

This is done to increase the growth of the organization, improve the standard of living and increase the overall income generated.

Therefore, the expansion of electric vehicles will impact the economic dimension for Sushil's firm.

Learn more on business environment here,

brainly.com/question/17961245

5 0
3 years ago
The demand for grape-flavored Hubba Bubba bubble gum is likely a. inelastic because there are many close substitutes for grape-f
PolarNik [594]

Answer:

b.

hope this helps.

or maybe not.

3 0
3 years ago
You have been pricing an MP3 player in several stores. Three stores have the identical price of $300. Each store charges 24 perc
Valentin [98]

Answer:

a. $5

b. $4

c. $6

Explanation:

a. store A?

Beginning balance = $300

Ending balance = $300 - $100 = $200

Average balance = ($300 + $200) ÷ 2 = $250

Monthly APR = 24% ÷ 12 = 2%

June finance charge = Average balance × Monthly APR = $250 × 2% = $5

b. store B

June finance charge = (Beginning balance - Payments) × Monthly APR = ($300 - $100) × 2% = $4

c. store C?

June finance charge = Beginning balance × Monthly APR = $300 × 2% = $6

8 0
3 years ago
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