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Managerial Economics
Question 1.(a) List and briefly explain, in your own words, the determinants of the price elasticity of demand.
(b) Choose one of the goods from exhibit 6 on page 163 in your text. Explain whether or not each of the determinants of elasticity would make demand for that good more elastic.
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Consider the same good you chose in question #1 and the short-run elasticity given for it in exhibit 6. Using the relationship between elasticity and revenue, explain whether or not the firm will want to raise its price.
Question 3
(a) Would the short-run elasticity of supply for a football stadium be elastic, inelastic, perfectly elastic, or perfectly inelastic? Explain.
(b) Would it be the same for the long-run elasticity of supply? Why or why not?
Question 4
(a) Would the short-run elasticity of supply for a football stadium be elastic, inelastic, perfectly elastic, or perfectly inelastic? Explain.
(b) Would it be the same for the long-run elasticity of supply? Why or why not?
Question 5
(a) Give an example of a normal good. (Do not use the examples from the text.) Will the income elasticity of this good be greater than or less than 1? Explain.
(b) Give an example of an inferior good. (Do not use the examples from the text.) Will the income elasticity of this good be greater than or less than 1? Explain.
PLEASE USE ONLY THE READING MATERIAL PROVIDED AS A REFERENCE.
PLEASE DO NOT COPY AND PASTE ANY OF THE ANSWERS FOR THE ANSWER TO ANY OF THE QUESTIONS.
PLEASE SEPARATE THE ANSWERS LIKE I DID THE QUESTIONS AND MAKE SURE TO NUMBER THEM SO I CAN NOTICE THAT THERE ARE 5 ANSWERS. THIS CAN BE ON ONE DOCUMENT.
EACH QUESTION NEEDS TO BE AROUND 300 WORDS.
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