1)Some business owners or service providers offer lower prices to lower income individuals. These sliding fees are often explained as a charitable gesture. How could the sliding fees also be a profit-maximizing strategy?
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Hello, please answer the questions below. Thanks!
1)Some business owners or service providers offer lower prices to lower income individuals. These sliding fees are often explained as a charitable gesture. How could the sliding fees also be a profit-maximizing strategy?
2)And how does the type of pricing in part (a) make consumers better off?
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- Refer to the table below to answer the questions. Use the mid- point formula. $4 10 B 8 F Demand 1 2 3 4 5 Number of gardenburgers 4.1) If the price of a gardenburger increases from RM8 to RM10, the price elasticity of demand equals and demand is 4.2) If the price of a gardenburger increases from RM6 to RM8, the price elasticity of demand equals and demand is 4.3) If the price of a gardenburger decreases from RM7 to RM6, the price elasticity of demand equals results in a(n). 4.4) If the price of a gardenburger decreases from RM9 to RM8, the price elasticity of demand equals , and the decrease in total revenue. and demand is 4.5) If the price of a gardenburger decreases from RM8 to RM7, the price elasticity of demand equals and demand is 4.6) If the price of a gardenburger increases from RM7 to RM9, the price elasticity of demand equals results in a(n). and the increase in total revenue. E. 6. %24 PriceFinish the following sentence. The slope of a demand curve is... * 1.A poor measure of the response to quantity demanded to price changes 2.Equivalent to elasticity as a measure of responsiveness 3.The best way to measure a response in quantity demanded for a change in price 4.The proportional change in quantity demanded given a proportional change in priceRefer to the table below to answer the questions. Use the mid-point formula. $4 A 10 B 9. C 8 7 F Demand 1 2 3 4 5 Q Number of gardenburgers 4.1) If the price of a gardenburger increases from RM8 to RM10, the price elasticity of demand equals 4.2) If the price of a gardenburger increases from RM6 to RM8, the price elasticity of demand equals 4.3) If the price of a gardenburger decreases from RM7 to RM6, the price elasticity of demand equals 4.4) If the price of a gardenburger decreases from RM9 to RM8, the price elasticity of demand equals 4.5) If the price of a gardenburger decreases from RM8 to RM7, the price elasticity of demand equals 4.6) If the price of a gardenburger increases from RM7 to RM9, the price elasticity of demand equals and demand is and demand is and the decrease results in a(n) in total revenue. and demand is and demand is and the increase results in a(n) in total revenue. Price
- Use the following graph to answer the question below. P₁ B 0 C D E F G H Multiple Choice I J Q₁ Q₂ Q₂ Q₁ Quantity Demanded If the price increases from P₁ to P2, then the total revenue will gain areas Demand B + E, but it will lose areas H+1+J. C+F+H, but it will lose area J. E+F+ G. but it will lose area J. A + B + C, but it will lose areas G + I + J.Refer to the table below to answer the questions. Use the mid-point formula. $4 A 10 B 9. E 7 Demand 1 2 3 4 5 Number of gardenburgers 4.1) If the price of a gardenburger increases from RM8 to RM10, the price elasticity of demand equals and demand is 4.2) If the price of a gardenburger increases from RM6 to RM8, the price elasticity of demand equals 4.3) If the price of a gardenburger decreases from RM7 to RM6, the price elasticity of demand equals 4.4) If the price of a gardenburger decreases from RM9 to RM8, the price elasticity of demand equals and demand is and the decrease results in a(n) in total revenue. and demand is 4.5) If the price of a gardenburger decreases from RM8 to RM7, the price elasticity of demand equals 4.6) If the price of a gardenburger increases from RM7 to RM9, the price elasticity of demand equals and demand is and the increase results in a(n) in total revenue. Price 00When your bumper stickers were priced at $6, you sold 35 in one month. This month, you priced them at $8, and you sold 30. a. Find the corresponding equation for the demand q in terms of the unit price p in dollars. b. Give the corresponding monthly revenue as a function of unit price Pin dollars. C.. What should you price the bumper stickers at in order to earn the maximum monthly revenue?
- CHOOSE AN ANSWER Taxi men have to pay for their licenses before being allowed to operate a taxi.This only happens once in their taxi driving careers, the price of licenses has been falling in cities. What will have happened to the profit-maximizing quantity of rides as a result? A) The profit-maximizing quantity is increasing.B) The profit-maximizing quantity is decreasing.C) The profit-maximizing quantity is remaining the same. D) The profit-maximizing quantity is changing ambiguously.For each of the following situations, state whether total revenue received by the seller increases, decreases, or does not change. Type your answer in the blank space provided. Your answers should be increases, decreases, or does not change. a) If price elasticity of demand is -0.75 and price decreases, total revenue b) If price elasticity of demand is -1.5 and price decreases, total revenue c) If price elasticity of demand is -0.25 and price increases, total revenue d) If price elasticity of demand is -3.25 and price increases, total revenue e) If price elasticity of demand is -1.00 and price decreases, total revenueRefer to the table below to answer the questions. Use the mid-point formula. $4 10 B 9. 7 6 Demand 1 2 3 4 5 Q Number of gardenburgers 4.1) If the price of a gardenburger increases from RM8 to RM10, the price elasticity of demand equals 4.2) If the price of a gardenburger increases from RM6 to RM8, the price elasticity of demand equals 4.3) If the price of a gardenburger decreases from RM7 to RM6, the price elasticity of demand equals 4.4) If the price of a gardenburger decreases from RM9 to RM8, the price elasticity of demand equals 4.5) If the price of a gardenburger decreases from RM8 to RM7, the price elasticity of demand equals 4.6) If the price of a gardenburger increases from RM7 to RM9, the price elasticity of demand equals and demand is and demand is and the decrease results in a(n) in total revenue. and demand is and demand is and the increase results in a(n) in total revenue. Price 00
- There is a sale going on at XYZShop. As a consumer, can you consider the sale or increase in demand as a cost-effective way to reduce the price?Show it.... The State government is considering building a new highway. Linda lives near the proposed highway. Her demand for trips per month is given by Q = 60 - 0.5P, where Q is the number of trips and P is the average cost per trip in cents. The current average cost per trip is 60 cents, and the new highway is expected to reduce it to 40 cents. A legislator asks Linda how much she is willing to pay per month for the construction of the new highway. Linda: I am making 30 trips now when it costs me $0.60 per trip. With the new highway, the cost will be reduced to $0.40, so I am willing to pay up to 30 (0.6 - 0.4) = $6 per month. Do you agree with her reasoning?What does the concept of 'price elasticity of demand' in microeconomics measure? A) The responsiveness of the quantity demanded of a good to a change in the income of consumers. B) The change in demand when a good’s price remains constant. C) The responsiveness of the quantity demanded of a good to a change in its price. D) The responsiveness of a good’s supply to a change in its price