When you gather data note prices and number of cars at each station. Use the number of cars for all stations to calculate market share. Then plot market share against price.
I cannot figure out how to plot this in excel. Could you give me a quick tutorial in excel and show me how this is done. I have the data. See below.
Total number of cars 25
Gas Station 1 price 2.39--4 cars 16 % market share
Gas Station 2 price 2.40--5 cars 20 % market share
Gas Station 3 price 2.39--5 cars 20% market share
Gas Station 4 price 2.40--2 cars .08% market share
Gas Station 5 price 2.40--3 cars 12% market share
Gas Station 6 price 2.38--6 cars 24% market share
Please see attached file© BrainMass Inc. brainmass.com October 24, 2018, 11:56 pm ad1c9bdddf
A Complete, Neat and Step-by-step solution is provided in the attached file.
Economics - Microeconomics.
1. A major cereal manufacturer decides to lower prices from $3.60 to $3.00 per 15-ounce box. If quantity demanded increases by 18%,
what is the price elasticity of demand?
We need percentages change in quantity and the percentage and the percentage change in price.
Need to use the average of the two end values to calculate percentage change.
P2 - P1
____________ x 100 = Percentage change in price
1/2(P1 + P2)
3.00 - 3,60
____________ = - 0.6/ 3.3 = 18 percent change in price
1/2(3.60 + 3.00)
Q2 - Q1_______ x 100 = Percentage change in price
1/2(Q1 - Q2)
I am trying to figure out what q2 is?
How do figure this out by mathematical equation and by graph
I know q1 = 18%View Full Posting Details