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?
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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
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- The overall effect of advertising on economic efficiency is positive, since it tends to lead to increased sales. indeterminate, since it leads to increased excess capacity but may also guide consumers to better decisions. negative, since it utilizes resources that could otherwise be used to expand production. Advertising is not important for efficiency.Exercise 4.6 An econometrician hired to analyse a local golf course has determined that there are two types of golfers, the regular and the occasional. The annual demand for games from regular players is given by QH = 24 – 0.3P, where P is the price of a round of golf. On the other hand, the annual demand for occasional items is given by QO = 10 – 0.1P. The marginal cost and the average total cost per item are equal to €20. a) If you could distinguish between regular and casual players, what price would be set for each type? How many games would each type of player play? How much profit could the golf course generate? Represent graphically. b) As an alternative to the discrimination of third degree prices, those in charge consider a double tranche rate according to which the members can play as many games as they wish at a price of € 20 per game. How much profit will the golf course generate if it charges all players the same annual fee for becoming a member of the club? What if you…Bluth’s Bananas is considering expanding its retail operations for its one-of-a-kind frozen banana stands on Jones Beach, which is 10 kilometers long. Bluth’s Bananas estimates that the typical day has 2,000 visitors to the beach, spread uniformly, and that each will demand a single frozen banana provided the price plus any disutility of traveling to a stand does not exceed $6. To visit a stand a beach goer incurs a disutility of $0.50 for each 1/4 kilometer they have to walk to reach a stand. Each Bluth Banana costs $0.75 to make and each stand requires an operating fee to be paid to the city of $50 per day. Determine the equilibrium number of stands Bluth’s Bananas should operate on the beach given it is not in competition with any other firm. Determine the profit maximizing price for the bananas and calculate the profit realized by BB in equilibrium.
- You are a medical group manager. Some market research has suggested that the price elasticity of demand for the services of your physicians is −4.1. The marginal cost for the average unit of physician service in your group is approximately $536. A. Using the economic pricing model formula, calculate your profit-maximizing price for each unit of physician services. B. Suppose that your medical group is considering new contracts with two particular businesses to provide physician services to their employees. If the marginal cost for each service unit is the same as with the rest of your customers, but the price elasticity of demand from the first new business customers is −0.9, and the second group of business customers is −4.4, how would that change your profit-maximizing price for each of the new groups? Would you recommend that your medical group obtain contracts with both new groups, just one of them or none? Explain your reasoning. C. In order to maximize your profits, what specific…A manufacturer of automobiles is planning a new model and wants to determine the responsiveness of demand in a number of scenarios. The demand function for the new model is given by the following function: Q = 30000 – 3P + 2000ln(PA) + Y Where Q is the quantity sold of the new model, P is the price for the new model, PA is the price of the competitor’s model and Y is the annual income of a typical purchaser. The new model price is planned to be £20,000 and the competitor is charging £25,000. The annual income of a typical purchaser is £30,000. (a) The manufacturer wishes to determine the responsiveness of the demand for the new model if the price of a competitor’s model changes. Which measure of elasticity would be appropriate to fulfil this requirement? And provide a calculation of its value.When the announcement was made in January about the availability of Starlink in Nigeria, which of the following occurred in the market for internet connectivity?
- Many restaurants think that Buffets can give more revenue compared to normal food servings.GM’s Food Shops has completed a study of weekly demand for its “new-fashioned” tacos in 53 regional markets. The study revealed that where Q is the number of tacos sold per store per week, A is the level of local advertising expenditure, Pop denotes the local population (in thousands), and Pr is the average taco price of local competitors. For the typical GM’s outlet, P = P1.50, A = P1,000, Pop = 40, and Pr = P1. Q = 400 - 1,200P + 0.8A + 55Pop + 800Pr Estimate the weekly sales for the typical GM’s outlet. Determine the equilibrium price and equilibrium quantity, if supply is Qs = 700 + 1,200P considering the general demand function of GM’s outlet Should GM raise its taco prices? Why or why not?According to International Data Corporation (IDC), the number of worldwide smartphone owners will soon exceed 1.5 billion. That number is expected to grow at nearly 10 percent per year for the next five years. While the actual cost of a smartphone is about $300, wireless carriers in some countries offer their customers a “free” smartphone with a two-year wireless service agreement. Is this pricing strategy rational? Explain
- Should the company also reduce price in order to maintain market share, or should the company maintain its current price?The price p (in dollars) and the quantity x sold of a certain product obey the demand equationp = (-1/6) x + 100(a) Find a model that expresses the revenue R as a function of x. (Remember, R = xp.)(b) What is the domain of R?(c) What is the revenue if 200 units are sold?(d) What quantity x maximizes revenue? What is the maximum revenue?(e) What price should the company charge to maximize revenue?Miron Floren, of Lawrence Welk Show fame, now tours the country performing at accordion concerts. A careful analysis of demand for tickets to Mr. Floren’s concerts reveals a strange segmentation in the market. Demand for tickets by senior citizens is described by Qo = 500P^–3/2 , while demand by those under 65 years old is Qy = 50P^–4. If the marginal cost of a ticket is £3, how should tickets to Mr. Floren’s concerts be priced to maximize profits? A. £3 for senior citizens and £8 for those younger B. £6 for senior citizens and £12 for those younger C. £9 for senior citizens and £4 for those younger D. £4.71 for all tickets E. £12 for senior citizens and £4.50 for those younger