23 Jun Write a four to six (4-6) page paper in which you:
Write a four to six (4-6) page paper in which you:
1. Compute the elasticities for each independent variable. Note: Write down all of your calculations.
2. Determine the implications for each of the computed elasticities for the business in terms of short-term and long-term pricing strategies. Provide a rationale in which you cite your results.
3. Recommend whether you believe that this firm should or should not cut its price to increase its market share. Provide support for your recommendation.
4. Assume that all the factors affecting demand in this model remain the same, but that the price has changed. Further assume that the prices are 100, 200, 300, 400, 500, 600, 700, and 800 cents.
?
o Plot the demand curve for the firm.
o Plot the supply curve ( QS= -7909.89 + 79.0989 P ) using the same prices 100, 200, 300, 400, 500, 600, 700, and 800 cents.
5. Determine the equilibrium price and quantity. (Show this graphically and/or calculate using algebra.)
6. What short-term and long-term changes in market conditions could shift the demand and supply curves for this product?
7. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia does not qualify as an academic resource.
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Your assignment must follow these formatting requirements:
? Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
? Include a cover page containing the title of the assignment, the student?s name, the professor?s name, the course tit
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