1. How are the concepts of Price elasticity of Demand relevant to your personal endeavors?

2. Also, include the determinants of Elasticity in your discussion.

3. Assuming you are a business owner, how would you use the price elasticity for your products or service to set the price and determine total revenue. Note: Consider Elastic, Inelastic and Unitary Elastic demand in your explanations.

The current market price is $250 and quantity demanded at that price is 100 for textbooks. If price decreases to $100, and quantity demanded increased to 350. How much is the price elasticity of demand. Is the market for the economics textbook elastic, inelastic or unit elastic, and why?

Given the information on the price elasticity of demand of textbook, what happens to total revenue for this market for the decrease in price from $250 to $100.

2. (i) First describe in general, a tariff and an import quota.
(ii) What are the primary differences between them?
(iii) Using a diagram for each, show how an increase in demand would affect such macroeconomic variables as (a) the price, (b) imports, (c) domestic production and (d) government revenue, much as we did in class. Be sure to show these effects on your two graphs.

Use the information below to answer the folloiwng question: Inverse demand function:

P = 300 – 0.5Q

Marginal revenue: MR = 300 – Q

Total Cost function: C = 4000 + 90Q

Marginal Cost: MC = 90

The equilibrium P and Q under Duopoly are: P = 160, Q= 280 with each firm's output = 110

Select one: True False

Students need to answer case study questions and two following tutorial questions.

Answers need to present in the point form, include 100 to 200 words for each question.

1. What are the key characteristics of a digital business strategy model?
2. Evaluate the range of restructuring options for an existing ‘bricks-and-mortar’ organization to move to ‘bricks-and-clicks’ or ‘clicks-only’ contributing a higher online revenue.

Each response should be about one paragraph long, describing the justification for your decision.

Costco Wholesale sells a yearly Executive Membership on April 1st, and receives $120 in cash from the customer. The contract states that the membership is not refundable, unless the member relocates to an area in which there is not a Costco within 20 miles. Are the revenue recognition criteria met or not met? Why or why not?

(Attributes) Competitive Market    Monopolistically Competitive Market

___________________________________________________________________________________________________________________________________________

Price is equal to marginal revenue

_________________________________________________________________________________________________________________________________________________

Product Differentiation

_____________________________________________________________________________________________________________________________________________

Many Sellers

_____________________________________________________________________________________________________________________________________________________

Free Entry

_________________________________________________________________________________________________________________________________________________

Complete the table by indicating if each attribute characterizes a competitive market, a monopolistically competitive market, both, or neither. Check all that apply.

Please! Respond in a way that is easy to understand and organize it just the way i have shown above.

A company that manufactures and sells tricycles around the world just completed a sale of 3,000 units to a chain of stores in Sweden at a contracted price of 375 krona per tricycle, with payment to be received in 90 days. The exchange rate today is 7.5 krona per dollar but it unexpectedly moves to 7.7 at the time of the payment. What is the fall in domestic revenue due to this move in the exchange rate?