Is demand in your product category elastic or inelastic? Explain in your own words what the price

Fantastic news! We've Found the answer you've been seeking!

Question:

Is demand in your product category elastic or inelastic? Explain in your own words what the price elasticity for your product means and use the principles of price sensitivity to support your choice. company: Nike product : Nike shoes.

Related Book For answer-question

Managerial Economics and Business Strategy

ISBN: 978-0071267441

7th Edition

Authors: Michael R. baye

See More Books

Posted Date: Feb 22, 2024 05:29 AM

See More Questions

In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon. This is a 33% increase in price from January 2008. During that time, the total quantity of gasoline purchased fell by 3%....
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this...
an unadjusted trial balance as of December 31, 2020. (6points)Account TitleBalanceDebitCreditCash36,910Accounts Receivable5,750Office Supplies1,400 PART1: The following transactions occurred for...
The opening vignette mentions that Amazon has acquired a patent for "anticipatory shipping" that would enable it to ship products to customers even before they go online. What do you think of this...
Why are data considered a valuable resource that is worthy of extensive protection?
One year ago, Bioette, a biotech incubator, entered into a forward contract to sell one of its patents to Pharm, a major drug company, in 2 years for $\$ 10$ million. Currently, with only 1 year...
Podsednik Corporation has 20 employees who each earn $140 a day. The following information is available. 1. At December 31, Podsednik recorded vacation benefits. Each employee earned 5 vacation days...
Net income for June\ Withdrawals by Billie Soares in June\ Additional investment by Billie Soares in June\ 115,000\ 25,000\ 50,000 \ a. Prepare a statement of owner's equity for the month ended June...
12. The value of a product offering is determined by the customer and varies accord- ingly. How does a retailer like Walmart deliver value differently than Banana Republic? 13. Explain how Apple...
When planning an audit, the auditor must consider: (i) The extent of audit procedures. (ii) The timing of audit procedures. (iii) The nature of audit procedures. Briefly explain the meaning of each...
(a) When should a financial asset or liability be recognised? (b) What are the approaches to derecognition of financial assets under IFRS? (c) What are the provisions of IAS 39 relating to...
How can applied digital technology support and enable organisational learning?
Consider the firm discussed in Problem 23-13. If the firm were to produce the 12th unit and thereby incur hourly total costs of $65, what would be its marginal cost? Based on this answer and your...
(a) Distinguish between mandatory audit firm rotation and mandatory tendering. (b) Explain what is meant by an open book approach to tendering and outline the advantages of this approach for those...
Take an array of db and dw having 10 values and add values using single register explain the logic as well you used? Note: Assembly language
Walker, Inc., is an all-equity firm. The cost of the company's equity is currently 11.4 percent and the risk-free.rate is 3.3 percent. The company is currently considering a project that will cost...
Some have argued that higher cigarette prices do not deter smoking. While there are many arguments both for and against this view, some find the following argument to be the most persuasive of all:...
For the first time in two years, Big G (the cereal division of General Mills) raised cereal prices by 2 percent. If, as a result of this price increase, the volume of all cereal sold by Big G dropped...
Suppose Toyota and Honda must decide whether to make a new breed of side-impact airbags standard equipment on all models. Side-impact airbags raise the price of each automobile by $500. If both firms...
Verify that $\left|\Delta v_{\mathrm{u} x} ight| /\left|\Delta v_{\mathrm{s} x} ight| \approx 1 / 3$ for the two carts in Figure 4.9. Figure 4.9 Velocity-versus-time graph for a standard cart and a...
What is the ratio of the $x$ components of the change in velocity for the plastic and metal carts, $\Delta v_{\mathrm{p} x} / \Delta v_{\mathrm{m} x}$, in Figure 4.10? Figure 4.10...
Is the inertia of the cart of unknown inertia in Figure 4.9 greater or less than that of the standard cart? Figure 4.9 Velocity-versus-time graph for a standard cart and a cart of unknown inertia...

Is demand in your product category elastic or inelastic? Explain in your own words what the price

Question:

Expert Answer:

In the context of Nike shoes the demand for this product category would likely be considered relatively inelastic Price elasticity of demand measures ... View the full answer

Managerial Economics and Business Strategy

Students also viewed these marketing questions