Managerial Economics Numerical Problems DEMAND AND ELASTICITY OF DEMAND Problem 1 The following are demand and supply equations of a pen manufacturer. Qd = 5‚00‚000 – 50‚ 000 P Qs = -1‚00‚000 + 1‚00‚000 P Find 1. At what average price‚ level of demand is equal to zero. 2. At what average price‚ level of supply is equal to zero. 3. Calculate the equilibrium price and quantity. Problem 2 Yashika Limited manufactures an automatic camera that currently sells at uS$90. Sales
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USE-CASE DIAGRAM EXERCISE 1. Draw a use case diagram for an ATM machine with the following functionality. A customer’s interaction with the system involves logging in‚ making withdrawal requests‚ deposit requests‚ and balance inquiry requests. If the customer logs in‚ there is a possibility (although rare) that the system will confiscate the card (for example‚ if the login is incorrect or if the bank determines that the customer’s balance is significantly under zero). Card confiscation involves
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A Rousseau says‚ “Man is born free‚ and yet we see him everywhere in chains” (p. 458). In your own words‚ explain what he meant. Do you agree with Rousseau? Does his claim apply to todays society? Defend your answer‚ then discuss why you chose this topic. “Freedom discovers man the moment he loses concern over what impression he is making or about to make.” Can freedom ever be truly found or is it just a tool used to give people something to strive for. This is the question presented by
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relationship between price‚ income‚ taste and consumer demand. It begins by reviewing related theories and then will be followed by a series of empirical evidences to support the theory explained before. Finally‚ the essay will briefly summarize what have been discussed. Price and consumer demand “Price” in the question can be viewed by 2 ways. First‚ it means the price of good itself. According to Perloff (2009‚ p12)‚ the price of good itself has negative relationship with consumer demand. It can be clearly
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we use the concept of price elasticity to identify a brand’s competitors? How would that work? Firms today are in their perspective industries to maximize consumer satisfaction‚ increase revenue‚ and shareholders profits. These tasks require attention to detail when pricing their products. There are always competitors lurking and waiting by the wayside to gain market share and a competitive advantage. When identifying brands competitors‚ price elasticity is a major determinant. Demand for
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of a product is the price elasticities and how they vary over the product’s life cycle. The PLC can be divided into several stages characterized by the revenue generated by the product. As the product progresses in its life cycle‚ changes in pricing are usually required in each phase‚ in order to adjust to the evolving challenges and opportunities. - During the introduction stage‚ the primary goal is to establish a market and build a primary demand for the product set. Prices are usually high‚ assuming
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Explain what is meant by diversity‚ equality and inclusion 1.1 Diversity‚ equality and inclusion will be explained and examples give throughout. I will also look at ways in which setting can promote the different values‚ and looking at the different examples form by own settings. I will also briefly look at the different laws and codes relating to diversity‚ equality and inclusion. "All children‚ irrespective of ethnicity‚ culture or religion‚ home language‚ family background‚ learning difficulties
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ELASTICITY It shows the degree of responsiveness of the change in the one variable due to the change in the quantity of the other variable. Elasticity = Percentage change in the one variable Percentage change in the other variable It is simply a way of quantifying cause of and effect relationship. The concept of elasticity can be used in demand and supply. ELASTICITY OF DEMAND We can study the elasticity of demand under the following categories. Price elasticity
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A STUDY ON THE CHANGE IN DEMAND FOR OUTBOUND TRAVEL DUE TO THE GLOBAL RECESSION‚ FOR RESIDENTS OF BANDRA‚ MUMBAI. UNIVERSITY OF MUMBAI LALA LAJPAT RAI COLLEGE OF COMMERCE AND ECONOMICS MUMBAI‚ MAHARASHTRA Submitted By: Dhruv Gupta Class: TYBMS – A V Semester Project Guide: Prof. Arun Poojari Academic Year : 2012-2013 CERTIFICATE This is to certify
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Demand of Fruits and their prices Aim and Objective of this study: As the Indian population is increasing‚ the demand for fresh fruits and vegetables is also increasing. Owing to the perishable nature and very short shelf life‚ these items require storage and transportation facilities in order to reach to the customer in fresh state. This requires a considerable amount of effort from the involved parties. The entire chain is fraught with issues like lack of transparency in pricing (at the farmers’
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