11. Problems and Applications Q3 Johnny Rockabilly has just finished recording his latest CD. The company can produce the CD with no fixed cost and a variable cost of $18 per CD. His record company's marketing department determines that the demand for the CD is as follows: Complete the following table by computing total revenue for each quantity listed and marginal revenue for each 5,000 increase in the quantity sold. Price Total Revenue Marginal Revenue (Dollars) Number of CDs (Dollars) (Dollars) 30 10,000 28 15,000 26 20,000 24 25,000 22 30,000 20 35,000 Profit is maximized at a quantity of CDs and a price of This results in a profit of If you were Johnny's agent, you would advise Johnny to demand a recording fee of from the record company.

Please help answer the following questions

Macy's adopts a 3-period markdown strategy for a skirt with a selling season of 3 months (each month corresponds to a period). Demand for the skirt is 2000 - 50p, where stands for the unit selling price. Unit prices in different periods are $20, $10, and $5, respectively. ■ What is the total revenue? Complete the table below. Period Price Total Demand Purchase in The Period Cumulative Revenue $20 2 $10 3 $5 ■ If optimal prices in the three periods are used, how would the total revenue change? Complete the table below. Price - EA EA $ N EA 3 Total Demand Purchase in The Period Cumulative Revenue $ $ $ р " Back to the original setting, i.e., ignore the price changes you suggest in part b and use the original prices $20, $10 and $5. But now 10% customers are patient enough to wait one month for the next lower price, even if the current price is below their willingness to pay. Finish the following table to compute the total revenue. Period Price Total Demand 1 $20 2 $10 3 $5 Purchase in…

Problem 03-06 (algo) You are the manager of a firm that receives revenues of $40,000 per year from product X and $80,000 per year from product Y. The own price elasticity of demand for product X is -1.5, and the cross-price elasticity of demand between product Yand X is -1.8. How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 1 percent? Instructions: Enter your response rounded to the nearest dollar. If you are entering a negative number, be sure to use a (-) sign. GA

How do I calculate the price elasticity in this chart? and how do I graph the results? P Q Price Total       Elasticity Revenue   $9.00 1 - 9   $8.00 2   16   $7.00 3   21   $6.00 4   24   $5.00 5   25   $4.00 6   24   $3.00 7   21   $2.00 8   16

Answer this question in the image below.

3. The effects of price changes on total revenue Edison's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Edison produced four fire engines, but he has decided to increase production to five fire engines. The following graph shows the demand curve Edison faces. As you can see, to sell the additional engine, Edison must lower his price from $105,000 to $90,000 per fire engine. Note that while Edison gains revenue from the additional engine he sells, he also loses revenue from the initial four engines because he sells them all at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial four engines by selling at $90,000 rather than $105,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $90,000. (Note: Area is shown in thousands.) ICE (Thousands of dollars per fire engine). 150 135…

How do I get the price elasticity number?? and how do I graph it?    P Q Price Total       Elasticity Revenue   $9.00 1 - 9   $8.00 2   16   $7.00 3   21   $6.00 4   24   $5.00 5   25   $4.00 6   24   $3.00 7   21   $2.00 8   16

The following graph illustrates the weekly demand curve for motorized scooters in Roanoke. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per scooter) 300 275 250 200 175 150 125 100 75 50 0 0 + 3 6 9 x 4 * B Demand 12 15 18 21 24 27 QUANTITY (Scooters) 30 33 36 39 Total Revenue ?

3. The Burrito Barn is considering a price reduction on the Firegut Burrito, which currently sells for the price of $5.00. Giuseppe, the proprietor of Burrito Barn, knows the price elasticity for the Firegut is roughly equal to -2.3 over the range being considered for the price change. The Firegut has been selling at the brisk pace of 500 burritos per week. To increase market share, Giuseppe would like to increase sales to 750 per week. What price should Giuseppe set?