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- Explain the type of pricing strategy that you as the manager of a company would implementfor Good X and Good Y with the following price elasticity of demand co efficients. Usediagrams to motivate your answer.a). Good X: 2.3 b). Good Y: 0.6Make graph for demand curve of:1. When good x is normal and y is bad.2. When good one good is normal and other is neutral. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.Assume that you are in an interview session and the panel asks you to give a pricing decision that will maximize company’s interest (revenue maximization). Price Qd Qs 10 80 20 11 75 30 12 70 40 13 65 50 14 60 60 15 55 70 16 50 80 This is demand and supply schedule, estimate the equations, calculate the elasticity, and justify your positions based on your calculations. Based on your demand equation, what price will maximize the revenue and what would be the elasticity at the revenue maximization point.
- Greentech- a high technological pharmaceutical company, has developed a clot-dissolving drug called TPA that will halt a heart attack in progress. TPA saves life, minimizes hospital stays, and reduces damage of the heart itself. It is priced at $ 2,200 per dose. What pricing approach does Greentech appear to be using? Is demand for this drug is likely to be elastic with price? Note: Please answer the question with points and exampleUrgent needed within 30minThe Hevishus Corp. (HC) is a profit-maximizing company that owns the only cement factory in Charleston, South Carolina, and is the only seller of cement in that area; it also owns the only cement plant in Portland, Oregon, and is the only seller of cement there. 1. Its statistician-consultant has determined that the elasticity of demand for cement in Portland is -3.50 and in Charleston is -2.25, and HC has priced its cement in accordance with this information. In which city does it charge a higher price for cement? Explain. 2. The mayor of Portland has levied a $250,000 annual factory fee on any cement factory in the city. Though it is not happy about the fee, HC pays it and continues producing and selling cement in Portland. How will the fee affect the price of cement that HC sells in Portland? Explain.Genovia has experienced exceptional growth in recent years. Its GDP per capita (orIncome) has increased from around $30,000 to $50,000 in last 5 years. Over theperiod quantity demanded of personal cars has increased from 450,000 units per yearto 600,000 units. Quantity demanded of public transport, however, has declined from10,000 buses to 7,000 buses. Calculate income elasticity of demand and tell whichproduct is a normal good and which one is inferior.
- Suppose a firm has estimated the function of its demand (Qv) as follows: Qv = 400000-10Pv+10Pc+0.5I+0.5A where, Qv = quantity demand of good V Pv = price of Qv (own price) = 10 000 Pc=price of the competitor's product = 8 000 I = average income of consumers = 10 000 A = average advertising expenditure= 30 000 1.Calculate the total amount of vehicles that wouldbe sold given the equation and values of the variables? 2.Calculate price income and advertisement elasticity?The quantity demanded (QD) of a soft drink brand A has decreased. Thiscould be because:i) A’s consumers have had an increase in income.ii) The price of A has increased.iii) A’s advertising is not as effective as in the past.iv) The price of rival brand B has increased.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?
- Cikli is the manager of a firm that receives a revenue of RM3000per month from product X and RM7000 per month from productY. The price elasticity of demand for product X is -2.5 whenoriginal quantity (Q) for X and Y are 150 and 175 units,respectively and the cross price elasticity of demand betweenproduct X and Y is 1.1. If Cikli increases the price of good X by1%.a. How much will Cikli’s total revenue change for product X?b. How much is Cikli’s new total revenue for both of the products?he elasticity of demand for a firm’s product is −3 and its advertising elasticity of demand is 0.12. a. Determine the firm’s optimal advertising-to-sales ratio. Instruction: Enter your response rounded to two decimal places. Numeric Response1. Edit Unavailable. not attempted, incorrect. b. If the firm’s revenues are $60,000, what is its profit-maximizing level of advertising? $ Numeric Response2. Edit Unavailable. not attempted, incorrect.b) The manager could have charged Joe a single price per round. How much extra profit does theclub earn by using two-part pricing?c) Joe marries Susan, who is also an enthusiastic golfer. Susan wants to join the Northlands Club.The manager believes that Susan’s inverse demand function is ? = 100 − 2?. The manager has apolicy of offering each member of a married couple the same two-part prices, so he offers themboth a new deal. What two-part pricing deal maximizes the club’s profit?d) Will this new pricing have a higher or lower access fee and per-unit fee than in Joe’s originaldeal? How much more would the club make if it charged Susan and Joe separate prices?
