4 questions. Price (in dollars) Total revenue (in dollars) 50 0 10,500 4,500 P TR T 40 0100 700 9-20 Quantity 1- The price for which 700 units can be sold is $ 2- The price at which Total Revenue is maximized is $ 3-The Marginal Revenue of the 700th unit is $ 4-The maximum possible Total Revenue is Demand 1,000 Total Revenue and demand is at this point.

4 questions. Price (in dollars) Total revenue (in dollars) 50 0 10,500 4,500 P TR T 40 0100 700 9-20 Quantity 1- The price for which 700 units can be sold is $ 2- The price at which Total Revenue is maximized is $ 3-The Marginal Revenue of the 700th unit is $ 4-The maximum possible Total Revenue is Demand 1,000 Total Revenue and demand is at this point.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 4E

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DesGames used your table from the previous screen to create a revenue model: r(p)=p(20000-500p). p represents the price of the video game. At what prices will DesGames make $0 in revenue?
Suppose tuition fees for a university increase from £3,000 to £9,000. Afterthe increase, enrolment drops by 5%.a) Calculate the price elasticity of demand for education at this university.Explain.b) Do tuition revenues at this university increase or decrease following thetuition fee change? How is this related to the price elasticity of demand foreducation at this university? Explain.c) Focusing on welfare (private and social costs and benefits), give the maineconomic argument(s) as to whether the government should subsidizehigher education or not, and if so by how much. Provide sufficient detail for your argument(s).d) In some countries higher education is provided free of charge to allstudents. Does this make such higher education a public good? Explain.e) Explain why setting up a cartel and maintaining collusion may be difficultin general.f) Explain how a maximum tuition fee of £9000 imposed by the government may facilitate collusion between universities.
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“A direct inducement that offers an extra value or incentive for the product to thesales force, distributors, or the ultimate consumer with the primary objective of creatingan immediate sale. As an intellectual and dynamic marketer of Singer BangladeshLimited, explain with appropriate examples, what promotional tools you will throw topromote your Television in the rural areas of Bangladesh and how?
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The price p (in dollars) and the quantity q sold of a certain product obey the demandequationq − 800 - 20P and 0 < p < 40 (answer iv and v) (i) Express the revenue R as a function of q.(ii) What is the revenue if 20 units are sold?(iii) What quantity q maximizes revenue? What is the maximum revenue?(iv) What price should the company charge to maximize revenue?(v) What price should the company charge to earn at least $3500 in revenue?
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A firm with pricing power (i.e. a price-maker) estimates that the elasticity of demand for its product is __A= -3.50___. To maximize profits by what percentage above cost should it markup its price?