precious gas. I would have to adjust my budget to either lower it or cut something out that isn’t necessary. Instead of pizza every Friday‚ I would have to cut back to every other week or none at all. Not many consumers have the luxury of not using gasoline at all. Gasoline is used in many different gas powered tools‚ and in the farming industry. I would suggest he start off with opening one gas station with a convenience store in a high population and
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An Assignment On PRODUCT MIX OF TOYOTA KIRLOSKAR MOTOR PVT LTD Submitted to :- Submitted by :- .
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respond substantially to a change in price‚ but the response is very slow. c. buyers do not alter their quantities demanded much in response to advertising‚ fads‚ or general changes in tastes. d. the demand curve is very flat. 5. For a good that is a necessity‚ a. quantity demanded tends to respond substantially to a change in price. b. demand tends to be inelastic. c. the law of demand often does not apply. 6. Other things equal‚ the demand for a good tends to be more inelastic‚ the a. fewer the available
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Everyone’s Gasoline Problem: As we all know that the price of gasoline is definitely driven by the concept of supply and demand. Never the less prices fall‚ quantity demand will rise‚ when price rises‚ quantity demanded will fall. Usually this is a true statement in most cases. But gasoline is a necessity to most Americans. The demand for fuel does not decrease when the price increase. Consumers often influence the price of gasoline. Gas prices in the late spring and summer months are the highest
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It is a luxury product because it has high income elasticity of demand. Consumers with higher income can afford to buy Toyota Vios which cost around RM80‚000‚ whereas consumers with low income could not afford it. They will choose to buy cars such as Proton Kancil that only cost around RM30‚000 or use public transport that are much more cheaper. When consumers’ income increases‚ they will tend to buy more luxury goods. However‚ when their income decreases‚ they will buy less luxury goods. Therefore
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been on the market for very long‚ the longevity of fully electric cars remains to be proven Opportunities • • • Moving towards the family sedan market and making a product that is meant for more of the automotive market Price of oil and gasoline skyrocketing‚ making the price premium for an electric car less of an issue Expanding into developing lithium-ion batteries and other energy technologies‚ partnering with a battery company to improve battery technology Threats • • • •
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Section One: Multiple Choice 1. If a 20% decrease in the price of long-distance phone calls leads to a 35% increase in the quantity of calls demanded‚ you may conclude that the demand for phone calls is a. elastic b. inelastic c. unit elastic d. stretchy elastic 2. Which of the following pairs are examples of substitutes? a. Popcorn and soda b. Automobiles and bicycles c. Boats and fishing tackle d. Wine and cheese 3. If a price in a competitive market is “too high to clear the
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chosen a car to be the item that I will discuss today. I will be discussing what factors can cause possible changes in supply and demand for my good. I will also discuss some substitutes and compliments for my good. Finally I will discuss how the necessity of my chosen good impacts price elasticity. Many factors can cause changes in supply and demand when going to buy a car. One factor that can cause changes in demand would be when the national income falls. When people are struggling with money
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Tesla Motors Table of Contents Executive Summary 3 1. Introduction Chapter 4 2. Motivation 4 3. Research question and Sub questions 4 4. Interpretation 4 5. Scope/Delimitation 5 6. Methodology 6 6.1 Project type 6 6.2 Method 7 6.3 Theories and models used 7 6.4 Data collection 10 6.5 Structure 11 6.6 Critisium sources 11 7. Analysis 12 Part 1 12 7.1 Sub question 1 12 7.2 Sub question
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S87-S100_Krugman2e_PS_Ch06.qxp 9/16/08 9:20 PM Page S-87 chapter: 6 Elasticity 1. Nile.com‚ the online bookseller‚ wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A (sales per week) Group B (sales per week) Volume of sales before the
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