I’m studying for my Economics class and need an explanation. The price elasticity of demand has been identified for nine markets: Salt: 0.1; Gasoline, short-run: 0.2; Gasoline, long-run: 0.7; Automobiles, long-run: 0.2; Chevrolet automobiles: 4; Coffee: 0.25; Restaurant meals: 2.3; Airline travel, short-run: 0.1; Airline travel, long-run: 2.4. Which of the goods listed would be considered price elastic? Price inelastic? What do the goods that are price inelastic have in common? Can you explain why the price elasticity of demand for automobiles is 0.2 but the price elasticity of demand for Chevrolet automobiles is 4.0? Why is the long-run elasticity of demand for gasoline different from the short-run elasticity of demand?
Using the same hypothetical company from Assignment 1, for this assignment, you …
Using the same hypothetical company from Assignment 1, for this assignment, you will focus on the company’s branding strategy, primary and secondary target markets, positioning statement, and consumer behavior. Note: You should create and/or make all necessary assumptions needed for the completion of this assignment. Instructions Create the second part of your marketing plan: Describe […]