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Svet_ta [14]
3 years ago
13

. Empirical estimates suggest the following price elasticity of demand: 0.6 for Coca Cola; 4.0 for foreign vacation travel; and

0.2 for food. Using the determinants of price elasticity of demand, explain why each of these commodities would have these coefficients elasticity. C. JaneK Ghana Ltd., is the main sales agent of Infinix phones in Ghana. The economist of this enterprise has estimated the demand function for the firm's products per week to be of the form: QI = 445 – 2.5PI – 8I + 2.5PC where; QI is the quantity demanded of Infinix phones, PI is its own-price, PT is the price of a related good (Tecno Phones) and I is income. Given that PI = 10, PT = 5 and I = 40, use the above information to: i. Determine the quantity demanded of Infinix phones per week and compute the own-price elasticity of demand for Infinix phones and interpret your results. ii. Based on your answer in (i), what pricing policy would you recommend for the firm in order to maximize its total revenue? iii. Calculate the cross-price elasticity of demand between Infinix and Tecno phones, interpret your results and determine the kind of relationship that exists between the two. iv. Compute the income elasticity of demand and determine if Infinix phones are normal goods or not. Explain your results.
Business
1 answer:
Anon25 [30]3 years ago
4 0

Explanation:

the answer is I don't know

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8. Which of the following will cause a movement along the supply curve for oil? a. New technology to drill underwater in the Gul
mash [69]

Answer:

The correct answer is letter "B": A change in the price of oil.

Explanation:

The supply curve for any good or service responds in front of changes in price. According to the supply law, if the price of a good or service increases so will the quantity supplied moving the supply law to the right. If the price of the good decreases so will the quantity supplied moving the supply curve to the left. The price-quantity supplied relationship is directly proportional.

5 0
3 years ago
Why should people care about the amount of production that takes place within the economy
kodGreya [7K]
Because of the law of supply and demand. If the economy needs more things to be produced and you can't produce them, then that's bad for the economy, and if you're producing way more than what can be sold then that's bad for the economy too. Being efficient is great for the economy and the GDP.
4 0
3 years ago
Which of the following is an advantage to using cash? A. Online bill pay B. Rewards C. Good record keeping D. No fees or charges
Ede4ka [16]

Answer:

D. no fees or charges

Explanation:

6 0
3 years ago
What is the difference between an affirmative action goal and a quota? Is there a difference
Margaret [11]

Answer:

Affirmative action is an effort by institutions to improve educational and economic opportunities for underrepresented groups and communities. Quotas force diversity without factoring in actual inclusion. The pathetic attempt to meet numerical goals to appear diverse.

3 0
2 years ago
The daily demand for parts from a machining workcell JMB to an assembly workcell is 1,600 units. The average processing time is
Karolina [17]

Answer:

Daily demand for parts = 1600 units

Avg processing time = 25 seconds.

Capacity of a container = 250 units

Waiting time of a container before the JMB = 6 hours

Number of containters currently deployed = 10

Solution:

Total number of parts carried by the containter = 10 x 250 = 2500 parts.

Total numbers carried in excess as safety stock = 2500-1600 = 900

Percentage of safety stock = (900/1600) x 100 = 56.25%

If one container is removed total parts carried = 2250 units

Processing time at machine for 250 parts after loading in JMB = 250 x 25 seconds = 1.736 hours, but it has to wait for another 4.26 hours for the next container to be loaded because of the waiting time of the containter is 6 hours.

Processing time at machine for 1600 parts = 1600 x 25 seconds = 11.11 hours

Number of containers required for 1600 parts = 1600/250= 6.4 ~ 7 containters

Waiting time of 7 containers = 7 x 4.26 = 29.82 hours.

If one of the containers has to be removed 1600 parts has to be carried in 6 containers ie., 29.82hours - 6 hours = 23.82hours

Waiting time per container before loading = 23.82/6 = 3.97 hours.

Reduced Total waiting time of the container = 3.97 hours + the processing time of 250 parts = 3.97 + 1.736 =5.7hours ~ 5 hours and 42 minutes

4 0
3 years ago
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