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A highly competent MBA 2019 graduate while participating in the CELEBRITY APPRENTICE was given the task of selling a product in the vicinity of Trump
A highly competent MBA 2019 graduate while participating in the CELEBRITY APPRENTICE was given the task of selling a product in the vicinity of Trump Tower in Las Vegas. The same product was given to the fellow participants namely Lionel Messi, Kim Jong Un and Angelina Jolie. The economic features of the product are as follows: Constant demand not affected by any other factor is 40 Price elasticity of demand is - 0.1 Income elasticity of demand is - 0.5 Cross price elasticity with taxi fare is - 9.5 The elasticity of demand with respect to the leisure time is -1.2 1. Kindly write a demand function of the product and explain any abbreviations you use. 2. Can you think of a few products which may fit the criteria? Please explain briefly. 3. Spell out a price discrimination strategy without any alteration in the product
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