1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
TEA [102]
3 years ago
13

MIT economist Jerry Hausman has estimated the price elasticity of demand for Post Raisin Bran cereal to be minus

Business
1 answer:
e-lub [12.9K]3 years ago
7 0

Answer:

Elastic; Inelastic; If a good is narrowly defined

Explanation:

Price elasticity of demand measures the responsiveness of quantity demanded with any change in the price level of the product.

(a) If the price elasticity of demand is greater than one in absolute terms then the demand for that product is said to be elastic. Therefore, the demand for Post Raisin Bran cereal is elastic.

(b) Alternatively, if the price elasticity of demand is less than one in absolute terms then the demand for that product is said to be inelastic. Therefore, the demand for all types of breakfast cereals is inelastic.

(c) If the goods are narrowly defined, this means that there are large number of substitutes available. This indicates that the demand for these goods is elastic. Alternatively, if the goods are broadly defined then there are less number of substitutes are available. This means that the demand for these products is inelastic.

You might be interested in
A manager has a habit of consistently giving her employees high ratings to avoid conflict with them. Which error related to use
SpyIntel [72]

Answer:

C. Leniency Error

Explanation:

It is the tendency to give favorable ratings that are generally more lenient than true performance. In this case the manager does this to avoid conflict.

3 0
3 years ago
ABC Steel Co. is considering buying a new machine in order to increase its production capacity using new technology. Details abo
stepan [7]

Answer:

payback period is lesser than 15 years we can say that they should buy the machine

so correct option is c. 4.8 years  

Explanation:

given data

Purchase Cost = $300,000

Savings offered = $62,500 per year

Life of machine = 15 years

to find out

Payback period

solution

first we get here Payback period that is express as

Payback period =  purchase cost ÷ savings   ...........1

put here value we get

Payback period = \frac{300000}{62500}

Payback period = 4.8 years

and here payback period is lesser than 15 years we can say that they should buy the machine

so correct option is c. 4.8 years  

7 0
3 years ago
Firm A plans to introduce a new smart phone which has a potential market of 1 million customers. The marketing research conducte
kupik [55]

Answer:

a. Price it at $250 and $300 and use a discrimination strategy to reach the two segments of the market

Explanation:

In order to maximize the revenue the price must be applied. But at the same time the first have to use the price discrimination strategy for reaching the two segments

So, The maximized revenue is  

= (1,000,000 × 0.40 × $300 ) + (1,000000 × 0.60 × $250 )

= 120 million + 150 million

= $270 million

SO it would be lies in middle of $250 and $300

Hence, the first option is correct

5 0
3 years ago
The purpose of sobriety checkpoints that are set up by community and state police is to deter drunk driving and ultimately save
lorasvet [3.4K]

Answer:

A) Laws represent the minimum guidelines that companies must follow,whereas a firm's ethical stance may venture beyond the minimum level of compliance.

Explanation:

In the given scenario there are laws that allows community and state police to set up sobriety check points that discourages drunk drivers and saves lives.

The inclusion or removal of applications that helps drunk drivers avoid these checkpoints is not covered by the law. So if a company decides to include such applications it is at their discretion.

Blackberry have chosen to remove applications that helps drunk drivers avoid checkpoints. This is an example of when a company has ventured beyond the minimum level of compliance because of their ethical stance.

Google and Apple however have only ventured beyond the minimum compliance level because they have refused to honour requests by legislators to remove apps that permit smartphone users to navigate around the checkpoints.

5 0
3 years ago
An advertisement in a trade magazine targeted toward veterinarians urges them to prescribe the drug Hepato for cats and dogs wit
suter [353]

Answer:

push strategy

Explanation:

Push strategy -

It is the strategy , in which the company tries to take the products to the consumers .

The focus of push strategy , is to push the products to the consumer via new and active methods , and thereby increasing the sales of the company .

It is also called as the push promotional strategy .

<u>as , the company takes the products to the consumers , by the following ways - </u>

  • Point of Sale displays
  • direct selling at the showrooms
  • attractive packaging .
4 0
4 years ago
Other questions:
  • Nichols Enterprises has an investment in 250 bonds of Elliott Electronics that Nichols accounts for as a security available for
    5·1 answer
  • Other things the same, as the price level decreases it induces greater spending on a. both net exports and investment. b. net ex
    8·1 answer
  • For 2012, Everyday Electronics reported $22.5 million on sales and $18 million of operating costs (including depreciation). The
    10·1 answer
  • If payments were made at the rate of $1183 per second, how many years would it take to pay off the debt, assuming that no intere
    6·1 answer
  • Lillian Fok is president of Lakefront​ Manufacturing, a producer of bicycle tires. Fok makes 1 comma 000 tires per day with the
    8·1 answer
  • Marketers should keep a close eye on the ___________ environment in order to ensure that their product sales don't decline when
    14·1 answer
  • in which type of dictatorship does a small group of individuals excerise complete control over a countrys government?
    7·2 answers
  • How can technological innovation help a company become globalised​
    15·1 answer
  • Help plzzzzzzzzzzzz! I need help with this
    6·2 answers
  • Enterprise Machinists is always improving upon its core competencies by training its machinists constantly so that they are equi
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!