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elasticity

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You just opened a flower shop and are trying to understand pricing issues. You were told that elasticities are very important in determining prices and what products to supply, so you decide to investigate this concept. You call your friend, an economics professor, and ask, "What is the price elasticity of demand? What determines it? What is elastic and inelastic demand?" To really understand it, compute the following price elasticities of demand: The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. The price of a pack of cigarettes increases by 10% and there is a 5% drop in the quantity demanded. Of the above examples, which is more elastic, and which is the least elastic? Why? Answer the following questions: Why is elasticity an important concept for a business? Bridge tolls Beachfront properties Gourmet coffee Gasoline Cell phones Now that you are an expert on elasticities, what do you think would be the best time of year to raise prices, and why? What do you think the elasticities are in the flower business?
Oct 22nd, 2013
Hi,,,
I can give u a perfect answer for this....but plz increase the pledge ..
Thankks
Oct 22nd, 2013

This is supposed to be my free question. The most I could do for the first one is 5

Oct 22nd, 2013

K...just to make you my client...let me show you my work through this answer...Is it okie if i send u d answer in 12-15 hours time? 

Oct 22nd, 2013

If you could do it by midnight that would be better for me

Oct 22nd, 2013

in how many hours do u need it ?

Oct 22nd, 2013

ill send it to u in 8-9 hours time...

Oct 22nd, 2013

hey plz increase the pledge....


Oct 22nd, 2013

u need the answer ,.,,right?

Oct 22nd, 2013

Yes I need the answer you said u would do it as it is my first question

Oct 22nd, 2013

How long is this going to take. You told me 8 to 9 hours and I have heard nothing back from you. 

Oct 23rd, 2013

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Oct 22nd, 2013
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Oct 22nd, 2013
Dec 9th, 2016
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