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- Price1 Price2 Quantity 1 Quantity2 demand for a.cashews 7.50dollar per pound 6.00 dollar per pound 800 pounds per month 1,000 pounds per month 65 per year b.portable hard drive (1 terabyte) 80 dollar 120 dollar 75 per year 65 per year c.12-gauge copper wire 0.60 per lineal foot 0.45 per lineal foot 2,5000 lineal feet per week 5,000 lineal feet per week d.Toothpaste 2.00 dollar per tube 2.40 dollar per tube 10 tubes per moth 9 tubes per month Using the midpoint formula, calculate elasticity for each of the following changes in demand.A restaurant owner is trying to decide whether tostay open at lunchtime. She has far fewer customers at lunch than at dinner, and the revenue shebrings in barely covers her expenses to buy foodand pay the staff. What do you recommend thatshe do? Explain your reasoning to her22. Which one of these will continuously increase as more products are produced? a. None of the choices b. Variable cost c. Average fixed cost d. Fixed cost
- A movie theater shows films for a community of 10000 people. Right now, the price per ticket is $17.50. In the past, when they increased or decreased the price per ticket, they discovered that for every dollar (or fraction) that the price was increased or decreased, the attendance decreased or increased proportionally by 200 people. The theater owner pays the Film Distribution Company $10 (incremental cost) in royalties per person whoviews the film. Find a. The willingness to pay distribution of the movie goers. b. The average price they would be willing to pay. c. The price per ticket that maximizes revenue. d. Should the theater owner increase or decrease the price per ticket if she wants to maximize contribution? e. Find the consumer surplus if the tickets are priced at the price that maximizes contribution. Please complete in excel showing formulas on how it was completedQuestion 2 A university is planning to install many mini steel structures within the campus. Three companies have provided their quotation to get the job with below variable and fixed cost. For up to 20,000 units per year, determine what ranges of supply (annual supply) each quotation would be suitable. Provide justification of your answer. Quotation A: has annual variable cost $20 with annual fixed cost $100000 Quotation B: has annual variable cost $5 with annual fixed cost $200000 Don't ignore any part all part work u48. Whenever there is an improvement in the technology, the supply of the products using that technology will__________. a. Decrease b. None of these. c. Remain the same d. Increase
- A company that produces cleaning products is considering a proposal to begin production of a new detergent that would cost $1 a bottle to make and distribute, and retail for $2.19 a bottle. Fixed cost for the operation would be $3000 a week. Assume that all output can be sold. (a) What would be the total cost, revenue and profit for a weekly volume of 10,000 bottles?Use the following table for questions 7-10 Carving knives Home users Professional Chefs No-name brand $40 $70 High-end professional series $60 $130 Given that the firm wants to sell both the versions, how should it price its products to have the users self-sort themselves profitably?Opal & Co. produced and sold 500 dog beds. The average cost of production per bed was $50. Each dog bed sold for a price of $65. Suppose regulations increased per unit cost by $5 per bed. Opal & Co’s total profit: a. Increased by $5,000 b. Decreased by $5,000 c. Increased by $2,500 d. Decreased by $2,500
- E4 P Q ARC POINT Total Revenue Marginal Revenue 7 100 6.5 200 6 300 5.5 400 5 500 4.5 600 4 700 3.5 800 3 900 2.5 1000 2 1100 1.5 1200 find the remaining values and writ the comments on the results?Software Plus has a patent on software that estimates economic damages for clients involved in maritime injury lawsuits. Consumer demand is Quantity = 287.5 - 12.5P. Software cost $985. Producing a copy of the software is $11 per unit. a. How many copies of the software should I attempt to sell? At what price should I sell it? How much profit would I make?4) A company produces radios which it sells for $33 each. There are fixed costs of $27,000 each month and marginal costs of $15 per radio. How many radios must be produced and sold per month to make a profit of $1800?