Question 1The success of large hypermarkets in Spain is anexample of which of the following in industrializedcountries?a.) Size of the average store increases.b.) There are more specialty stores.c.) There are more levels of stores.d.) There are more stores in rural areas.e.) The role of non-retail (peddler, door to door)declines.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the ff. should influence the decision of Jollibee Foods Corp. in choosing whether to open a store in a given locality? A. Own price elasticity of demand B. Cross price elasticity of demand C. Income elasticity of demand D. Elasticity of supply
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Good or Service Price Elasticity Income Elasticity Beef -0.5 0.51 Long Distance Telephone -0.32 1.2 Cigarettes All smokers -0.7 0.9 Ages 15-18 -1.4 1.5 What will happen to sales for long-distance telephone if its price increases by 5% and income increases by 8%? Select one: a. Sales will decrease by 5%. b. Sales will increase by 5%. c. Sales will decrease by 8%. d. Sales will increase by 8%.
12. What will happen to the market supply curve of gadgets if a new gadget producer enters the market? It will not change. It will become more elastic. There is insufficient data to determine. It will shift right at every price with more output supplied. It will shift left at every price with less output supplied.
Assume that the following table represents the demand schedule for the product of your company: Price 0 10 20 30 40 50 60 70 80Quantity 160 140 120 100 80 60 40 20 0per day TotalRevenue (TR) a. Complete the table by calculating the total revenue (TR) figures. b. At what price and quantity is revenue maximised? c. Use the data above to draw the relevant demand curve and the corresponding total revenue(TR) values.d. Use your knowledge about the relationship between elasticity, prices and revenue how you would maximise the total revenue of a company that produces an inelastic good. Substantiate your answer with appropriate diagrams.
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