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- a. Why do suppliers want to create more inelastic demand relationships in the products that they sell? b. When the price of cellphone charges rises from $480 to $600 a month, the quantity demanded decreases from 204 million to 196 million subscribers. Calculate the price elasticity of demand for cellphone charges. Is the demand for elastic or inelastic? Would the demand for Flow charges be more elastic or less elastic than the demand for overall cellphone charges? Why?a. Why do suppliers want to create more inelastic demand relationships in the products that they sell? b. When the price of cellphone charges rises from $480 to $600 a month, the quantity demanded decreases from 204 million to 196 million subscribers. Calculate the price elasticity of demand for cellphone charges. Is the demand for elastic or inelastic? Would the demand for Flow charges be more elastic or less elastic than the demand for overall cellphone charges? Why? c. When the price of rice falls from $100 to $80, the quantity demanded of rice increases from 10 to 25, the quantity demanded of potatoes decreases from 20 to 15, and the quantity demanded of chicken increases from 18 to 35. i. Calculate the cross elasticity of demand for potatoes with respect to rice.ii. Calculate the cross elasticity of demand for chicken with respect to rice.iii. Of what use are these two cross elasticities of demand to the owner of abusiness that sells potatoes and chicken?The table above gives the demand schedule for Maritime Museum in Beşiktaş. How does the price elasticity of demand change if you move along the demand schedule from $10 to $8 to $6 ultimately to $4. What does this tell us?
- What is the percent increase in quantity demanded?According to a study, the price elasticity of shoes in the United States is 0.7, and the income elasticity is 0.9. a. Would you suggest that the Brown Shoe Company cut its prices to increase its revenue? b. What would be expected to happen to the total quantity of shoes sold in the country if incomes rise by 10 percent?How would you calculate the price elasticity of supply?