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- EconomicBoth the subpartscalculate rians marginal revenue and marginal cost for the first 7 phone cases they produce ans plot them on the graph. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.please answer all the questions in details within 30 minutes as to why the otpion is right and why other options are wrong. make sure all the questions are answered else i will give negative ratings for sure.
- How does Nokia's wrong strategic response to changing market conditions cope with economic decision's concepts, such as rational-actor paradigm, fail to create value, sunk cost/hidden cost fallacy, adverse selection, extent decision, elasticity, etc.?Please correct adn incorrect option explain A typical characteristic of joint products is that: Select one: a. a rise in the price of one of them reduces the demand for the others. b. a fall in the price of one of them decreases the demand for the others. c. the average fixed cost of production remains constant. d. the average variable cost declines as the variety of products increases. e. the average total cost decreases throughout as the production increases. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.ASAP!! Mr. Salman Saleem is doing a business of Dairy Products in Karachi. His main products are Milk, Yogurt and Eggs. Last month he has sold around 8000 KG of Milk, 5000 KG of Yogurt and 3000 Dozens of Eggs. The average current market price of the Milk is Rs.120/KG; the Yogurt is 200/KG; and the Eggs is Rs.160/Dozen. In order to increase revenue, Mr. Salman is planning to change the pricing strategy for some or all of the products but he is confused and looking for an expert advice. Market research has suggested that the price elasticity of demand for each product is: Milk: (-) 1.0; Yogurt: (-) 1.5; Eggs: (-) 0.5 Being an expert of the subject, you are required to calculate, evaluate and suggest the planned price change on following situations. Would a 5% price increase have been better for some or all of the products? Would a 5% price reduction have been better for some or all of the products?…
- The setting is a Ralph Lauren outlet store, and the product line is Polo golf shirts. A product manager and the General Manager for Outlet Sales are analyzing the discounted price to be offered at the outlet stores. Let’s work through the decision at the level of one color of golf shirts sold per outlet store per day. The decision being made is how low a price to select at the start of any given day to generate sales at that price throughout the day. The demand, revenue, and variable cost information is collected on the following spreadsheet:Questions1. Identify the change in total revenue (the marginal revenue) from the fourth shirt per day. What price reduction was necessary to sell four rather than three shirts?2. Does this fourth shirt earn an operating profit or impose an operating loss? How large is it?3. What is the change in total revenue from lowering the price to sell seven rather than six shirts in each color each day? In what sense is the decision to sell this seventh shirt…Answer all as they are subparts and get like don't upload any graph. Hand written solutions are strictly prohibited.Maximize the following total revenue TR=-Q2+120Q by finding the critical value(s), testing the second-order conditions, and calculating the maximum total revenue.