Need help with Economics homework

timer Asked: Mar 20th, 2016

Question description

The research department of the COLLEGE STUDENT BLUE-JEANS has estimated the income elasticity of demand for blue-jeans of the Gap Corporation to be 1.4. Further, most economic forecasts predict a 4.5% increase in incomes for students during the upcoming year. If among the blue-jeans sold to college students last year, 820,000 were of the Gap brand, please estimate the number of additional blue-jeans that Gap expects to sale in the upcoming year. Further, if the Gap Corporation has estimated that, on the average, one sales person is needed for every 800 blue-jeans sold annually, please estimate the number of additional sales persons Gap needs to hire in the upcoming year.

Tutor Answer

(Top Tutor) Studypool Tutor
School: UC Berkeley
Studypool has helped 1,244,100 students
flag Report DMCA
Similar Questions
Hot Questions
Related Tags

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors