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Is the consumer marketing approach taken by “LIVE TESTS” appropriate for all Bto-B marketers? Explain.
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- E4 The demand function below is estimated using the data generated by a randomized controlled trial: Lnqx^d=a+b*Lnpx+c*LnpY+d*Lnpz+e where qx^d is the quantity demanded of the product of interest (X), px is the price of the product of interest (X), py is the price of a substitute product (Y), and pz is the price of a complement product (Z). Also, e is the error term. The table below shows the 95% confidence interval estimation for parameters b, c, and d: Parameter Lower Limit of 95%CIE Upper Limit of 95%CIE b -0.052 -0.031 c -0.025 +0.045 d -0.154 -0.075 16. Consider the lower limit of 95%CIE for parameter b. A 10 percent increase in price of X is expected to reduce the demand for X by _____ percent. Note: Round your answer to two decimal points. 17. Consider the upper limit of 95% CIE for parameter b. A 10 percent increase in price X is expected to reduce the demand for X by ______ percent Note: Round your answer to two decimal points.Compare and contrast two quantitative tools for decision-making in conditions of certaintyA monopolist sells its product in two di§erent countries. The demand in country 1 is Q1 = 50-0.5P1, whereas the demand in country 2 is Q2 = 25-0.25P2. The firm's cost function is C(Q)=10+0.5Q2, where Q = Q1 + Q2.a) Calculate the amount of the product that the profit maximizing monopolist should sell in each country. Q1*=?, Q2*=?b) The determinantal test suggests that the firm's profit function (which one is correct) is locally concave around the critical point, but not elsewhere is globally concave is locally convex around the critical point, but not elsewhere is globally convex has a saddle point at the critical point
- The demand price for a monopolistic firm's product is a function of quantity q and quality s: P (s,q) = s(a-bq), while the firm's production cost is a function of quality s only:C(s,q) = 0.5s^2.1. Find all three stationaries (i.e., critical) point (s*, q*) of the monopolistís proÖt maximizationproblem.2. Use the determinantal test to check whether the stationary points is the firm local maximum, global maximum, local minimum, global minimum, or neither.Find the indicated probability for a binomial random variable X. Round your answer to three decimal places, e.g. 0.628. P(X is at least 15) when the number of trials (n) is 16 and the probability of success (p) is 0.7.Hansel has been making a cuckoo wristwatch, which he sells over the web. Customers are willing to pay $600 for Hansel’s watch, and each one costs him $240 to make. He has no fixed costs. Gretel is considering entry into this market. Her consultant has conducted a large-scale study of customers to determine how much they are willing to pay for watches of various quality levels. The consultant has found that customers’ willingness to pay equals 150q per watch, where q is a quality index the consulting firm has developed that ranges from 1 to 10. Gretel’s cost would be 15q2 per watch. Regardless of whether or not Gretel enters the market, and regardless of the quality level she chooses, Hansel will not change his competitive positioning. Suppose Gretel chooses to enter the market with a lower quality level to save on costs. Specifically, her quality index equals 3. What is her added value vis-à-vis Hansel (per watch)? What is the optimal quality level Gretel should choose…
- Bargaining power of customers is likely to be the lowest for markets involving Apparel Automobiles Patented drugs InsuranceIt is argued that government agencies force companies to give consumers information and this this will improve market efficiency. Group of answer choices a. true b. falseIn experiments with randomly assigned private values, the highest average revenue is typically generated by (A) first-price auction; (B) second-price auction; (C) pay-to-bid (bidding fee) auction; (D) English auction.
- One-Jet Airlines has 100 customers and is the only airline servicing two small cities in the Midwest. Half of One-Jet’s customers are leisure travelers and half are business travelers. Business travelers are willing to pay $600 for a ticket that does not require a Saturday stayover and $100 for a ticket that requires a Saturday stayover. Leisure travelers are flexible, willing to pay $300 for a ticket regardless of whether it requires a Saturday stayover. One-Jet is unable to determine whether a particular customer is a business or leisure traveler. Consequently, the airline’s current pricing policy is to charge $300 for all tickets. As a pricing consultant for One-Jet Airlines, can you devise a self-selection mechanism that will permit One-Jet to increase revenues and continue to serve all its customers? Explain.Advertising testing that studies dilation or constriction of the eye in response to stimuli is called: Multiple Choice A) pupillometrics B) galvanic eye responses C) Flesch testing D) the reactive test.A dominant or price setting firm and several smaller price takers serve a market where total market demand is Qd = 560 – 2P and the combined supply from all the smaller firms is Qs = - 60 + 2P. Does this market meet the assumptions that the dominant firm has at least a market share of 50%? (you must motivate your answer numerically)