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Steve
Steve, MBA
Category: Homework
Satisfied Customers: 23342
Experience:  MBA
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1) I need to know how to solve for the future price of a good

Customer Question

1) I need to know how to solve for the future price of a good (at the end of the year) with the following information.

2) and How to figure the increase in the quantity demanded as a result of the change in price only

starting price $300
price increase 4%
dollar depreciation 5%
consumer income increase 3%
price elasticity of demand -1.5
Submitted: 5 years ago.
Category: Homework
Expert:  Steve replied 5 years ago.

hello is there any additional info given?

Customer: replied 5 years ago.

In a given year (1) the price of the good increases by 4% in foreign country. (2) the dollar depreciates by 5% with respect to competitors currency, (3) consumer income in U.S. increase by 3%, (4) price elasticity of demand for good in U.S. is -1.5 and (5) income elasticity of demand for good in U.S. is 2.

 

if imported good price was $300 in U.S. at beginning of year approx how would same imported good be in U.S. at years end?

 

how much would quantity demanded of imported good in U.S. change as a result of price only change?

Expert:  Steve replied 5 years ago.

this is significantly different than your original post.

 

I will work on this and provide the answer shortly

 

 

Expert:  Steve replied 5 years ago.

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Before reading my answer below, please note that I do not receive any credit or compensation whatsoever for my time and effort until the green ACCEPT button is pressed. Thank you.

 

 

 

 

 

Here is your answer as promised: CLICK HERE and then press "download"

 

Please let me know if you have further questions.

 

 

thank you in advance.

 

Steve

 

 

Customer: replied 5 years ago.

Steve,

 

I there anyway you can give me a little more information on what figures you use for the equation the last e-mail sent me to your original answer. I am trying understand it, so I can do it on the test next week.

 

Thanks.

 

Phil

Expert:  Steve replied 5 years ago.

Hi again,

 

Please do not forget to press ACCEPT as this is the only way I get credit for my answer - thanks!

 

All calculations and formulas are shown in the file I posted for you. There is no further detail I can provide.

 

If you have a question about something specific please ask, but there is no additional breakdown I can give, except for that 0.95 is calculated as 1 - 0.05 (0.05=5%)

 

Please let me know if you have further questions.

 

 

thank you in advance.

 

Steve

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Expert:  Steve replied 5 years ago.
THIS ANSWER IS LOCKED!

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