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Scenario 9.2 Use the Following to Answer the Questions

question 113

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Scenario 9.2
Use the following to answer the questions.
Regardless of their age, income, or gender, an increasing number of people are turning to the Internet to search for information, products, people, news, maps, entertainment, and whatever else you can think of. At the forefront of this massive search is Google; accompanying Google are social media sites such as Facebook, Twitter, and Pinterest. Google has developed methods for making information useful to all types of Internet users. Some users want to critique the information, some just want to read the information, and some want to be the information writers. Facebook, originally used as a social networking application, is now picked up by retailers, brands, celebrities, churches, political campaigns, and non-profit agencies who are designing Fan Pages. Twitter is a more real-time site and, as is Pinterest, a more personally-affiliated medium.
-Refer to Scenario 9.2. Political parties are also utilizing social media to connect with voters and to keep individuals informed about the up-to-the-minute activities in the political campaigns. If the politicians wanted to involve the potential voters in the campaign, they could utilize , a new trend in video marketing, and create input for their Facebook Fan Pages.

Definitions:

Supply

The total amount of a product or service available for purchase at any given price point.

Price Elasticity

A gauge of the degree to which the amount of a good sought or offered adjusts when there's a change in its price.

Demand

The consumers' willingness and ability to purchase a product or service at a given price.

Cross Price Elasticity

A measure of the responsiveness of the quantity demanded for one good to a change in the price of another good, indicating the degree of substitutability or complementarity between them.