Income Elasticity

Assuming there are three determinants for demand of good X. There are price of good X and Y and money income. How to find out and calculate 1.INCOME ELASTICITY 2.CROSS-PRICE ELASTICITY 3.OWN PRICE ELASTICITY. Make sure have to Indicate which determinants of demand are variable and which are fixed.

Elastic Demand and Price rise.

There are six condition given. Assuming only PRICE changes. 1. Elastic demand and Price rises. 2. Inelastic demand and Price rises. 3. Elastic demand and Price falls. 4. Inelastic demand and Price falls. 5. Unit elastic demand and Price rises. 6. Unit elastic demand and Price falls. Which three should work for those ...continues

Price elasticity of demand

Is the price elasticity of demand for desktops (comsumer line & high profile sommercial line) price elastic or price inelastic?

Impact on revenues

What would be the impact on revenues generated from sales of a. consumer line desktops and b. high profile enterprise level desktops if the firm raised the price of the product? What if the firm lowered the price?

need to solve the following problem

What would be substitutes for a. consumer line desktop computers and b.high profile enterprise lever desktop computers? What would be a compliment to them? What has happened to the price of the substitute and complimentary goods or services over the last year? How have those price adjustments impacted the demand fo ...continues

Suppy Demand

Last month, concerns that political infighting in Moscow might choke future supplies drove the price of palladium to nearly $1,000 an ounce. Although there is less than an ounce of palladium in most vehicles -- it is used inside the catalytic converter -- that kind of price surge means palladium suddenly is becoming a big-ticket ...continues

MicroEconomic Questions

1.What should Cosgrove recommend regarding next year's total output and price per unit of the incis-a-matic? (See attachment for all questions)

Price elasticity of demand

I am having difficulty understanding the concept of the price elasticity of demand in regards to a product. I would choose the example medical supplies. Would the price elasticity of demand for this product price elastic or price inelastic? Also what would the impact on revenues generated from sales of this good or service if my ...continues

Market Structures

Can you please give me two examples of companies within each market structure, and explain why they belong there.

Why does producing at MC=MR maximize profit for a monopolistic competitor?

Why does producing at MC=MR maximize profit for a monopolistic competitor?