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I Need Help From Anyone Capable To Assist Me With This Economis Question by phl3moGh(m): 9:46pm On Oct 26, 2016 |
helo people, im sorry to bother anyone(which i hope im forgiven) but i need help from fellow students seriously! I have an economics question i'd like someone to help me with. im in level 100, Accra Technical University, Ghana! the qtn is; 1. Educare incorporated is into educational consultancy. In 2015, Educare charged a consultancy fee of $1000 per service rendered to each customer. A total of ten(10) institutions registered with the company in 2015. An economic research firm has estimated that the *price elasticity coefficient* for the company's service as at January 2017 is -2.5. As the chief marketing Officer, you are required to: (a) Use the arc elasticity of demand formula to determine the price that the comapny should charge for its services in 2017, if it wants to increase its customer base to twenty(20) institutions. (b) calculate the change in total revenue if the new price is implemented 2. Discuss the relevance of price elasticity of demand to the marketing manager in terms of revenue maximization. support your argument with appropriate diagrams..... please help me with this qtn... thank you! |
Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by Girl360(f): 11:10pm On Oct 26, 2016 |
Oh Uhh I had lectures on this today Lemme see if I can help Brb phl3moGh:Oh Uhh I had a lecture on this today Lemme see if I can help Brb |
Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by EmperorLee(m): 11:11pm On Oct 26, 2016 |
Very simple thing. I dey CUM. |
Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by Girl360(f): 11:17pm On Oct 26, 2016 |
EmperorLee:Oh Emperor will help you then |
Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by Asgafconcepts(m): 11:18pm On Oct 26, 2016 |
EmperorLee: Loz...answer it na |
Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by Girl360(f): 11:46pm On Oct 26, 2016 |
This is for the first question. You can always Google the second one Cc: Phl3moGh 1 Like 1 Share
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Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by Asgafconcepts(m): 11:56pm On Oct 26, 2016 |
Girl360: You are good!! But can you please help with interpretation ? |
Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by Girl360(f): 12:18am On Oct 27, 2016 |
Asgafconcepts:Okay so in order to maximize revenue, one would have to look at the elasticity of demand for the product involved. In this case demand is price elastic, that is the co-efficient of elasticity, which is 2.5 is >1 **we ignore the negative sign Hence an increase in price of the commodity will lead to a reduction in the quantity demanded, which will lead to a reduction in total revenue. However a decrease in price will lead to the opposite of the above since demand is elastic, all other things being equal. From this we can conclude that the manager needs to reduce price in order to maximize total revenue You just have to draw a demand curve and a corresponding TR curve illustrating the above 2 Likes 1 Share |
Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by phl3moGh(m): 12:37am On Oct 27, 2016 |
Girl360: Thank you soooo much, ma/sir... You are a genius.. |
Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by phl3moGh(m): 12:38am On Oct 27, 2016 |
Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by phl3moGh(m): 12:40am On Oct 27, 2016 |
Girl360: |
Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by phl3moGh(m): 12:51am On Oct 27, 2016 |
Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by Girl360(f): 1:55am On Oct 27, 2016 |
phl3moGh:Lool I'm not a Sir, neither am I a Ma. I'm also in level 100, okay? Anyways you're welcome |
Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by phl3moGh(m): 2:27am On Oct 27, 2016 |
Girl360: Ok... Well noted, Thank you very much |
Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by EmperorLee(m): 8:05am On Oct 27, 2016 |
Girl360: phl3moGh: Asgafconcepts: Sorry, I was sleep-typing last night, I no know anything |
Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by Eleniyan15: 11:46am On Oct 27, 2016 |
Girl360: scholar |
Re: I Need Help From Anyone Capable To Assist Me With This Economis Question by phl3moGh(m): 2:06pm On Oct 27, 2016 |
EmperorLee: |
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