A buyer for a retail store negotiates discounts of 30%, 15%, and 5% (taken successively) on a certain mattress. If the mattress has in initial price of $984, what price will the buyer actually pay after the discounts are applied? (Round to the nearest cent.)
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- A firm with market power has an individual consumer demand of Q = 10 − P and total costs of C = 2Q. What is the optimal amount of this product to package in a single block? Multiple Choice 6 2 4 8Suppose research at Panasonic reveals that prospective buyers are anxious about buying high definition television sets. What strategies might you recommend to the company to reduce consumer anxietyIf the price match policy is a good idea, how widely should it be advertised? Explain. You woke up this morning to a troubling advertisement on TV: A+ Rental Cars' local competitor is discounting their economy rentals. After doing a little digging, you discover that your competitor has launched an aggressive advertising campaign, reducing the price on their economy line from $32.99 to $24.99. Based on your knowledge of previous pricing practices, you expect a similar price reduction across all vehicle types.
- Price matching is a strategic move that A- seeks to make cheating unprofitable. B- must generally be announced publicly in order to have the desired effect. C- has no usefulness to managers if a simultaneous pricing decision is going to be made only one time. D- both a and b E- all of the aboveExplain how the strategic choice of reservation price can raise expected profitability yet threaten efficiency in an English auction.If your marketing department estimates that the semiannual demand for the highlander is q=150,000. - 1.5 P, what price should you charge in order to maximize revenues from the sales of highlander
- You have three tickets to a Celtics game on a night that you are going to be out of town (so the value of unsold tickets is zero to you). There are only four possible buyers of a Celtics ticket. The table below lists the respective reservation prices of these four possible buyers: Customer Reservation Price 1 $25 2 $35 3 $50 4 $60 a) How much revenue can you generate using the English auction mechanism from the sale of the first ticket? [Bids can be made in increments of $1.00] b) How much revenue can you generate using the English auction mechanism from the sale of the second ticket? [Bids can be made in increments of $1.00] c) How much revenue can you generate using the English auction mechanism from the sale of the third ticket? [Bids can be made in increments of $1.00] d) How much total revenue can you generate using the English…The average consumer at a firm with market power has an inverse demand function of P = 10 − Q. The firm's total cost function is C = 2Q. If the firm engages in two-part pricing, what is the optimal price to charge a consumer for each unit purchased? Multiple Choice $2 $0 $1 $4Three consumers who want to buy a TV and a sound system have the following valuations for options offered by the store: (a) Assume that the dealer can charge only individual prices, one price for TV and one price for the Sound System. The goods are sold individually and are not bundled together, and any of the consumers may purchase either one or both goods separately. The store does not charge each consumer the price they are willing to pay but must charge the same price for all TV and the same price for all Sound Systems. What prices will the store charge for each item separately to maximize its total revenue from these three consumers, and what will be its total revenue? Please explain. Suppose that the store bundles TV and Sound Systems together and sells them as a bundle and does not sell them separately any longer. The consumers can no longer buy the goods separately, they will either have to buy a bundle containing both goods or buy nothing. The prices that the consumers…
- Bill offers to sell his car to Tom for $9,000. Tom replies"Your price is too hight I will offer to buy your car for $8,000.Tom's response. a counteroffer a rejection of the original offer only. the creation of a new offer only. a refusal to dealWhich factor would facilitate tacit collusion among firms in a market? a. a decrease in the interest rate. b. a decrease in the probability the market will continue into future periods. c. an increase in the number of firms. d. none of these.You have three tickets to a Celtics game on a night that you are going to be out of town (so the value of unsold tickets is zero to you). There are only four possible buyers of a Celtics ticket. The table below lists the respective reservation prices of these four possible buyers: Customer Reservation Price 1 $25 2 $35 3 $50 4 $60 You consider inviting bids using an English auction to sell your tickets. How much total revenue can you generate using the English auction mechanism from the sale of the three tickets? [Bids can be made in increments of $1.00]