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Assume that a store rises the price of butter from $3.7 to $4.3. Consequently, the quantity demanded cuts from 270 to 190 and using the mid-point elasticity approach, compute the price elasticity of demand.

1. Assume that a store rises the price of butter from $3.7 to $4.3. Consequently, the quantity demanded cuts from 270 to 190 and using the mid-point elasticity approach, compute the price elasticity of demand.

 Answer:  the price elasticity of the demand equation is (Q2-Q1)/{(Q2+Q1)/2}/(P2-P1)/{(P2+P1)/2}

 Q1=270
Q2=190
P1=3.7
P2=4.3
= (190-270)/{(190+270)/2}/(4.3-3.7)/{(4.3+3.7)/2}
=(-80/230)/(0.6/4)
= -0.348/0/15=2.32>1
It represents the product is highly elastic by nature.


2 

 A. How many Nash equilibrium are there in the game below? Explain your answer. Hindalco Advertise Does Not Advertise $50 million $37.5 million Advertise $50 million $75 million Coca-Cola $75 million $67.5 million Does Not Advertise $37.5 million $67.5 million

 B. The economic analysis that includes all costs for the entire life span, from concept to disposal of an alternative is called: Present worth analysis Life cycle analysis Capital recovery Cost-effectiveness analysis.

Answer A. There is a Nash equilibrium.

Nash's balance in the game above is when both companies choose to announce that they will receive a bonus (50 million, 50 million) because there is no other score that any player can improve without making others worse.

Answer B.

Life cycle analysis is the economic analysis that includes all costs over the entire useful life, from concept to disposal of an alternative called life cycle analysis.

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