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Task:
Since you know from research that the demand for Netflix streaming services in England is inelastic, detail whether the demand for the service or the quantity demanded of the service from Netflix is impacted for the following events:
1. A substantial increase in the price of Netflix subscription services occurs.
b. The price of Disney+ streaming services is substantially decreased.
c. The price of internet connectivity services declines.
d. England levies a new the tax on all streaming services.
In your response, please distinguish whether a movement along a given demand curve occurs, an the demand curve itself shifts (and the direction), or there is no impact. Be sure to fully but briefly explain.
Q2.
Research indicates that the demand for Wheatie O’s cold breakfast cereal can be characterized by the following:
own price elasticity = [-0.80]
cross-price elasticity with Ricey Crisp’s brand cold breakfast cereal = 2.0
income elasticity = 3.0
Considering the information provided, answer and explain the following:
1.If the firm wants gross sales revenue for Wheatie O’s to increase (independent of costs), should price be raised or lowered? Why?
2.How do you expect the demand for Wheatie O’s to change if the price of Ricey Crisp’s were to increase by 10%? Explain.
3.How do expect the demand for Wheatie O’s to change when consumer income falls by 4%?
4.Should Wheatie O’s be thought of as a normal or an inferior good? Why?
Q2.1:
A recent proposal has been put forward to increase the legal minimum wage which needs your expert evaluation as part of the state employment office staff.
The increase is set at 21% for the roughly 200K workers who would likely be affected in your state, you know. Your research shows that the ‘best’ estimate of the elasticity of demand for ‘unskilled labor’ is -0.30.
How many new claims might be filed next year if the proposal goes into effect? What steps might be prudently taken by your bureau to prepare for such a policy change?
Q3.1: Is the own price elasticity of demand measured by the slope of the demand equation with respect to own price? Why or why not?
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