them to reach their goals‚ (which were twice for the iPhone 5s as they were for the previous iPhone.) Price elasticity of demand refers to the change of the product’s quantity demanded when there is a change in the price of the product. In other meaning‚ it refers to the responsiveness of quantity demanded by a change of 1 % in price. There is a different on the elasticity of demand of iPhone5s depends on the economy and standard of life of country where were being sold. For instance‚ when the iPhone5s
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pricing strategies. Provide a rationale in which you cite your results. Price elasticity is -1.19. This indicates a 1% increase in the price of the product‚ which results the quantity demanded to drop by 1.19%. Therefore‚ the demand of this product is somewhat elastic. Subsequently‚ increase in price may drive customers away. Cross-price elasticity is 0.68. If the price of a competitor’s product goes up by 1%‚ then quantity demanded of this product will increase by 0.68%. This product
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(a) (i) What is meant by ’cross-price elasticity of demand’? It is a measure of the responsiveness of demand for a good to a change in the price of another good. This good can either be a substitute good or complementary good. (ii) Comment on the cross-price elasticity of demand between platinum and gold. When the price of platinum rises demand for gold rises. Because gold can be a substitute for platinum people will want to buy gold more when the price of platinum increases.
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Roles and functions of radio in society Radio is an electronic medium of audio communication Functions and roles Information .Through news‚ talk shows‚ adverts and other programmes‚ radio creates awareness in society of what is happening within and outside agiven the society. For example focus on Africa programme on BBC world service radio. Education. Through the documentaries‚ drama and quiz shows aired onradio. Society members are able to draw lessons. Look at instance of playson Hiv/Aids‚ agriculture
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News in Radio An Annotated Bibliography Steven Castellano Monmouth University News in Radio People are interested in hearing something new everyday on broadcasting radio stations. It can be news‚ music‚ sports‚ etc. What is interesting is how news from a radio station snatches a huge number of audiences. It is well known that people are interested in particular topics that keep them tuned in for new news content. Studies and writings published by researchers in this topic have been evaluating
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Radio is widely used mass communication medium and has a great potentiality in dissemination of information as radio signals cover almost entire world. More than 177 radio stations are there across the country. Almost 97 percent of the population is reached by the radio. Radio being a convenient form of entertainment caters to a large audience. With the invention of transistors this medium has reached the common man in urban and rural areas of India but the utilization of radio is more among rural
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Examples 6.3‚ 6.4‚ and 6.5 (page 338) – Large Sample Hypothesis Test of a Mean Example 6.3 A manufacturer of cereal wants to test the performance of one of its filling machines. The machine is designed to discharge a mean amount of 12 ounces per box‚ and the manufacturer wants to detect any departure from this setting. This quality study calls for randomly sampling 100 boxes from today’s production run and determining whether the mean fill for the run is 12 ounces per box. Set up a test of
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“The nature of the demand for industrial products or services is different compared with consumer products and poses unique challenges”. Do you agree or disagree with the statement? Support your position with reference to an example of a company chosen from one of the following industries – automotive‚ telecommunications‚ information technology (computing)‚ fast moving consumer goods and medical equipment. The nature of business to business marketing differs in many areas with business to consumer
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microeconomic related topic which prices go up‚ as a result‚ demand will decrease. According to my previous study knowledge‚ I had some ideas about production cost‚ import cost‚ transportation cost and other similar cost by which we can determine the cost and profit. After taking the microeconomic course‚ it seems to me that the scenario is different. Here we need not only production and other similar cost and profit but also supply and demand‚ changing situation‚ income and substitution effect‚ equilibrium
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Assignment Eco 101 1. a) Briefly explain the factors that determine the price elasticities of demand and supply. b) The accompanying table presents the prices and associated demand quantities of ready-made garments of Bangladesh at different world incomes. Price of RMG Quantity demanded when Quantity demanded when world GDP is $ 65 trillion world GDP is $ 70 trillion $10 500‚000 800
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