A few days ago
If 10,000 two-liter bottles of Pepsi are currently being demanded in your community each month, and the price?
A If 10,000 two-liter bottles of Pepsi are currently being demanded in your community each month, and the price increases from $0.90 to $1.00 per bottle, what will be the new quantity demanded? Be specific.
c. By how much would the price of ground beef have to increase (in percentage terms) in order to reduce quantity demanded by 5 percent?
Top 2 Answers
A few days ago
Favorite Answer
a—probably the same amount, as long as it stays cheaper than Coca-Cola. pepsi drinkers drink it because it costs less. If the retail price can rise by 10%, other manufacturers may enter the market, selling at a lower price, and that will lower the demand for pepsi, as the cost conscious will flock to the newer cheaper product
b—again, we do not really have enough info to tell you. how much disposable income is available. will the increase in the price of ground beef be matched by an increase in all like products, such as ground pork and ground turkey, and will it be matche by price increases on similar yet different items, such as cube steak. if similar items are perceived as now being a better value, use of ground beef will go down. there are a lot of variable which you either do not know or have not revealed for both of these questions
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5 years ago
Ah – but the real question is: Why does my grocery store sell one-liter, two-liter and twelve-ounce sized sodas for the same 99-cent price, and why are there some occasions when I’ll actually take the 12-ounce soda for my 99 cents?
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