Consider the market for generic soda, a product that only has "soda" on its label. we know that demand for generic soda falls when income increases, demand rises when the price of other soda increases, and that demand rises when the price of potato chips falls. graph and explain the effect on equilibrium price and quantity on an increase in income. what type of good is "soda"? graph and explain the effect on equilibrium price and quantity of an increase in the price of premium soda (ex: pepsi). how arc the goods related? graph and explain the effect on equilibrium price and quantity of soda due to an increase in the price of potato chips. how are the goods related?

The selling price of houses would be most likely to decrease if there were first a decrease in which of the following? a. new-housing construction. b. mortgage interest rates. c. the unemployment rate. d. construction workers' wages. 2b2t

Recently, verizon wireless ran a pricing trial in order to estimate the elasticity of demand for its services. the manager selected three states that were representative of its entire service area and increased prices by 5 percent to customers in those areas. one week later, the number of customers enrolled in verizon's cellular plans declined 4 percent in those states, while enrollments in states where prices were not increased remained flat. the manager used this information to estimate the own-price elasticity of demand and, based on her findings, immediately increased prices in all market areas by 5 percent in an attempt to boost the company's 2016 annual revenues. one year later, the manager was perplexed because verizon's 2016 annual revenues were 10 percent lower than those in 2015"the price increase apparently led to a reduction in the company's revenues. did the manager make an error? yes - the one-week measures show demand is inelastic, so a price increase will decrease revenues. yes - the one-week measures show demand is elastic, so a price increase will reduce revenues. yes - cell phone elasticity is likely much larger in the long-run than the short-run. no - the cell phone market must have changed between 2011 and 2012 for this price increase to lower revenues.

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