ECO 550 Complete Course ECO550 Complete Course
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ECO 550 Week 1 Discussion
"Supply and Demand" Please respond to the following:
From the scenario for Katrina’s Candies, identify some key factors that you believe have the greatest impact on the demand for (and the supply of ) Katrina’s Candies. Use the graph below to distinguish between "changes in demand and/or supply" and "changes in the quantity demanded and/or quantity supplied". What could account for the initial change indicated in this market? Will Katrina's price (P) be increasing or decreasing as a result, and what is likely to happen to their volume of sales (Q)?
ECO 550 Week 2 Discussion
"Estimating Demand and Its Elasticities" Please respond to one of the following:
From the scenario for Katrina’s Candies, examine the procedure Herb will use to estimate the demand model developed in the scenario for Week 1. Would you expect to find elastic or inelastic demand for products within the industry relevant to Katrina’s Candies ... and why? What factors do you believe will be most influential when making pricing decisions for Katrina's products?
(For those who like math): Data has been collected from 15 regions where Widgets were sold last month. See table below:
Region
Quantity Sold
Price of Widgets (in dollars)
Median Income (In thousands of dollars)
Pricie of Zuggies (in dollars)
1
20
14
30
15
2
25
13
30
15
3
15
15
35
10
4
30
12
28
16
5
30
14
29
16
6
28
14
29
17
7
35
11
32
18
8
38
12
29
20
9
42
10
28
20
10
16
15
32
9
11
40
9
22
18
12
30
12
34
13
13
30
13
35
14
14
45
9
40
15
15
40
10
38
14
Use multiple regression to estimate the demand function for widgets. Is this a good equation overall? (Why) Which variables are...