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Advertisement is one of the factors that influence customers to increase demand for a
specific good. Explain how the budget line shift due to price change of good Y when
the price of good X remains the same.
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- PART A - You are a manager of an advertising company. The company is running short of funds, so you decide to increase revenue. Should you increase or decrease the price of running ads? Explain.Evaluate the behavior of consumers in terms of the demand for productsWhy may a company intentionally limit supply when consumers want more of a product?
- Assume that you own a small boutique hotel. In an attempt to raise revenue you reduce your rates by 20 percent. However, your revenue falls. What does this indicate about the demand for your boutique hotel rooms? The demand curve for your hotel rooms is vertical. Demand is inelastic. Boutique hotel rooms are inferior goods. Demand is elastic.There is a sale going on at XYZShop. As a consumer, can you consider the sale or increase in demand as a cost-effective way to reduce the price?The price elasticity of demand measures: a) how sensitive the quantity demanded is to changes in demand. b) the responsiveness of the quantity demanded to changes in price. c) how often the price of a good change. d) the slope of a budget curve.
- Suppose you are given the following data on demand for a product. The price elasticity of demand (based on the midpoint formula) when price decreases from $8 to $6 is Price Quantity Demanded $ 10 30 9 40 8 50 7 60 6 70 Multiple Choice 0.86. 0.33. 1.14. 1.33.Mandy has a lemonade stand. Her mother pays for all of her supplies, so she only cares about maximizing her revenue. An economist tells Mandy that at her current price, the demand for her lemonade is inelastic. To maximize revenue, Mandy shouldWhich of the following is most likely to have a low price elasticity of demand? A good that is very expensive. A good with no close substitutes. A good that most people consider a luxury. All are equally likely to have a low price elasticity of demand.
- Generally, when a retailer announces a discount sale on all its products A) the store will not supply more products than it normally does. B) consumers will demand fewer products than usual. C) consumers will not demand more than usual. D) the manufacturer will halt production. E) consumers will demand more products.Price elasticity of demand measures the responsiveness of the quantity demanded to a change in price when all other influences on buyers’ plans remain the same. Write an essay explaining the different types of price elasticity of demand.Do you agree that discounts represent the best policy for attracting customers?