Question 3 While charging a normal admission fee for adults most days of the week, local cinema offers special low price for ladies admission every Wednesday. Why do you suppose the cinema often price this way, offering lower fee on one day during the week? Why would they choose a day like Wednesday rather than Saturday?
Q: optimal number of units that should be produced and sold each month and at a profit occurs (instead…
A: ANSWER: a. Profit = Total Revenue (TR) - Total Cost (TC) Profit should be greater than zero, if the…
Q: Which statement about their pricing plans is true? A Company A charges $25 a day more than Company…
A: Company B rental fee=Change in charge Change in number of days Service fee of company B=Total…
Q: In the car rental industry, each car rental firm typically offers many different types of cars at…
A: Market demand for a commodity can change as a result of a change in consumers income, their tastes…
Q: Two street vendors (Vendor Y and Vendor Z) with mobile carts produce the same good which they sell…
A: A condition or state in which economic forces are balanced is known as economic equilibrium. In the…
Q: How many brands enter the flat-panel tv market between 2002 and 2007? what will economic profit in…
A: In early 2002, there were analog televisions in the market and they were the primary players in the…
Q: Questions 1-3 use the following case to determine a way to take a single product, like toilet and…
A: Equilibrium quantity:Equate marginal revenue and marginal cost to ge the value of equilibrium…
Q: Subject:Business economics Q.1): Apublisher faces the following demand schedule for the next novel…
A: Given: The fixed price author is paid is = $2 million The marginal cost of the book is constant at =…
Q: If you want to increase demand for your restaurantbut are unable to lower prices or increase…
A: As it is given in the question, a restaurant does not have more funds to advertise higher level and…
Q: Equilibrium Question 1 Sunny Ltd has produced a new DVD player for the UK market. The following…
A: At the equilibrium, the quantity demanded and the quantity supplied are equal. There is no shortage,…
Q: Is there perfect competition in the food delivery market? Why and How?
A: Monopoly, Oligopoly, Monopolistic Competitive forces, and Perfect Competition are the four market…
Q: 10. How much should Frostee's Doggie Donuts charge to maximize its revenue? 11. What is the maximum…
A: Price times quantity gives the total revenue of a firm.
Q: . Maximizing Revenue The John Deere company has found that the revenue, in dollars, from sales of…
A: Revenue is the receipt a producer receives by selling its goods. In the equation, total revenue…
Q: Can you give some answers to the factors that affect the supply and demand in the restaurant…
A: Demand is the total quantity of goods or services demanded by people in the economy at the going…
Q: For each of the following, is the business a price-taking producer? Explain your answers. a. A…
A: Perfect or pure competition is a theoretical market structure wherein: There are many buyers and…
Q: I need help filling out the this Table, i need helpwith the more revenue and least revenue boxes…
A: Usually the seats in the football stadium as well as in the airlines are priced according to the…
Q: Price (dollars per flight) Based on the figure 14.1 problem 1 below answer the following questions…
A: In the given graph, We have given the average total cost curve and market demand curve we have seen…
Q: Use economic theory to detail and examine the reason why electricity network and gas pipeline…
A: It can be said that both electricity network and gas pipeline businesses are monopolies or oligopoly…
Q: The price p (in dollars) and the quantity q sold of a certain product obey the demand equation q p =…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first three questions for…
Q: Price Discrimination: SouthSide Salon is a local bar and nightspot in Mankato. On weekends, it…
A: The economic significance of cover is that it is an indirect means of generating extra revenue for…
Q: profit-maximizing point for suppliers in a competitive market is where MR = MC. True False
A: Profit maximization- It is a process of short-run or long-run which helps in determining the price,…
Q: Why would good quality second hand cars withdraw from the market? Use economic theory to discuss…
A: The used-car industry is frequently used to explain the consequences of imperfect information. In…
Q: A Caterpillar tractor one of the largest farm machinery in the world has requested for your services…
A: Meaning of Monopoly: The term monopoly refers to the situation under which there is only an…
Q: The Cowtown Hotel is the only first-class hotel in Fort Worth, Texas. The hotel owners hired…
A: The price elasticity of demand plays an important role in determining the total revenue. It measures…
Q: The table below shows Deion's demand schedule for web tutoring before and after winning the lottery.…
A: Demand schedule gives us the data regarding the quantity demanded at various price levels for a…
Q: Question 5: Jimmy has a room that overlooks, from some distance, a major league baseball stadium. He…
A: TR = Price * Quantity Note that MR has been given for the lot of 50. We need to divide that MR by…
Q: How will you recall price? List five other words that mean the same thing as price. Compare and…
A: Price is the monetary value of any good, resource, and service. Price is set according to the cost…
Q: Use the following data to analyze the condition when the product price is set at $56. A. How much…
A: The profit-maximizing output is achieved in purely competetive market is when:P=MCNow, P=$56We will…
Q: U.S. pharmaceutical companies charge different prices for prescription drugs to buyers in different…
A: Many companies, to maximize their profits and to increase their market share, charge different…
Q: he price signals the willingness-to-pay of all consumers in the market. I if a producer plans on…
A: Demand and supply, in financial aspects, connection between the quantity of an item that makers wish…
Q: Connecting U dropped its price from $20 to $16 per gigabyte of data. Joe, according to the midpoint…
A: Price of gigabyte of data decreases from $20 to $16. Hence new price is $16 and old price is $20.…
Q: Question 4 The following information on demand, revenue and costs of a car maker: Demand: P = 1000 –…
A: We know that the firm maximizes it's profit at a point where…
Q: Imagine a scenario in which the fashion industry is suffering from monopolistic price gouging and a…
A: Market failure refers to a situation in which market fails to perform its basic functions and fails…
Q: While charging a general admission price of $15 for adults most days of the week, the Museum of Fine…
A: Costs are the expenses that firms incur in the production of goods and services. In the short run,…
Q: You live in a town with 300 adults and 200 children, and you are thinking about putting on a play to…
A: Since you have posted a question with multiple subparts, we will solve the first three subparts for…
Q: Questions 1-3 use the following case to determine a way to take a single product, like toilet and…
A: In the case where the buyer sells one role at the time, the seller will sell the roll at the…
Q: Think about the definitions of competition and consumer sovereignty in economics. How could we get…
A: Competition is the practice where more than one producer compete in the market with the other…
Q: Is a firm that satisfies the immediate needs and wants of target markets always doing what’s best…
A: Consumer: It refers to the people who buy goods and services from the market. The producer will be…
Q: Why do some restaurants charge very high prices for wine, drinks and bottled water and yet quite…
A: People usually assess the restaurants based on their food prices. A restaurant is expensive if the…
Q: What kind of business is a travel agency? What problems are solved with the help of a travel agency…
A: 1. A travel agency is a private merchant or government agency that offers tourism and travel related…
Q: Economics As you read in the articles for Chapter 11, several brands are replacing their brand…
A: PepsiCo was changed to pepsi because sales and revenue was not increasing that much. Therefore Pepsi…
Q: 5. Demand and Supoly - Begin each question with a graph showing the following: the market clears at…
A: 5. The demand and supply are the main factors that determine the equilibrium price and quantity in…
Q: I need full explanation for these questions so that I can understand. 1. Which of the following is…
A: 1. Non Price competition offers strategic moves through a firm can increase its sales and revenue…
Q: what are the reason why business sell their products on a discount?
A: Offering discounts on buys is an approach to rapidly bring individuals into your store. Whenever you…
Step by step
Solved in 2 steps
- Think back to a purchase that you made recently. How would you describe your thinking before you made that purchase?Qd = β0 +β1Psh +β2M+β3Pcg+β4Ax+ β5C Where, Qd = Quantity demand for a deluxe room in sh Psh = Price of a deluxe room in sh (US$/room) = US$. 200.00 M = Visitors per capita income (US$/Day) = US$ 120 Pcg = Price of a deluxe room in CG (US$/room) = US$. 150.00 Ax = Average advertising expenditure in sh (US$/room) US$. 18.00 C = Customer Satisfaction Index = 8.56 DV: Q R- Square: 0.86 T table value 1.671 No of obse: 62 F- Ratio: 154.15 Var Para Esti SE β0 127.8 49.6 β1 -1.3.0 0.42 β2 2.75 1.01 β3 2.55 1.21 β4 1.41 0.48 β5 1.85 0.23 a) Are estimated parameters comparable with economic theory? why ,What are the significant parameters that could be impact on the demand for a deluxe room b) Construct the Total Revenue (TR) function of Sh hotel and determine the TR maximize demand c) Calculate and interpret, cross-price elasticity, income elasticity, and advertising elasticity of demand for a deluxe room and Calculate Adjusted R2 and interpret it.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.
- only typed answer. Suppose the demand for concert tickets is given by Q=240-4P. The concert manager wants to maximize revenue (the price where elasticity is equal to -1). There are no capacity constraints on the venue. What price should she charge? a. 50 b. 40 c. 30 d. 20 please show work. thanks.During the night, the electricity sector has a marginal cost of $1/MWh (megawatt-hour) forthe first 100 MWh produced (from wind turbines), and $20/MWh for each additional unit (from gasgenerators). During the day, they have a marginal cost of $1/MWh (megawatt-hour) for the first 50MWh produced (from solar panels), and $20/MWh for each additional unit (from gas generators).Nighttime and daytime demand are given by QnightD = 50 −P and QdayD = 200 −P , respectively.What are the market quantity and price during the day, and the market quantity and price at night?This is a model of the wholesale market for electricity, which you can think of as being competitive,but there is no resale between night and day.4. You have been hired as a consultant to estimate the demand for various brands ofcoffee in the market. You are provided with annual price data for two years by U.S.state and the quantities sold. You want to estimate a demand function for coffeeusing this data. What problems do you think you will encounter if you estimatedthe demand equation by OLS?
- The market demand for productXis given by: \[ Q_{d}=6-1 / 2 P \text { or } P d=12-2 Q \] The market supply for goodXis given by: \[ Q_{s}=-14+2 P \text { or } P s=7+1 / 2 Q \] whereP=price per unit andQis number of units. Draw a supply-and-demand graph with these curves. 1.) Using the line drawing tool, draw the supply and demand curves. Properly label your lines. 2.) Using the point drawing tool, plot the equilibrium point. Label your point 'E'. Note: Carefully follow the instructions above and only draw the required objects. The equilibrium price is$and the equilibrium quantity is unit(s). (Enter your responses as integers.) A per-unit excise tax is imposed on suppliers of productX, and the market supply with the tax is now given by: \[ Q_{s}=-19+2 P \text { or } P s=9.50+1 / 2 Q \] Using the graph on the right, show this supply curve. 1.) Using the line drawing tool, draw the new supply curve. Label your line 'S1+tax'.1. Note: Carefully follow the instructions above and only draw…(a) Explain verbally and digramatically why Christmas trees are cheaply sold on Christmas Eve (compared to their intial price) by considering both demand and supply. (b) Assuming zero disposal costs, why is the correct profit maximising price to charge for the unsold trees on Christmas Eve the one at which the elasticity of demand is equal to -1? Illustrate using a diagram. Would the price be lower still if there were some disposal costs that the seller would face to dispose of the unsold trees?Why do many Carmex product prices end in 9?What type of pricing is this called? What shouldhappen to demand when this approach is used?
- If gasoline prices continue above $4.00 a gallon, what would tend to hap- pen to the demand for eight-cylinder SUVs? What would that tend to do to the market price of those SUVs? Please answer correct explain plz asap Don't answer by pen paperA5Some online retailers include free shipping while others charge for shipping. In July 2006, bajangles.com offered a Sony 60-inch rear projection TV for $2,968.99 with free shipping, while MB superstore offered the same TV for $2,692.95 with shipping charge of $299.50 to Alaska. (a) Using relevant demand and supply curves, explain whether it matters for consumers if the retailer offers free shipping or charges for shippin (b) If consumers view bajangles.com and MB superstore as equivalent (in terms of quality of service), how should their prices for the same TV compare? Are the prices consistent with your answer in (a (c) If consumers are biased in decision-making by anchoring, how would that affect your answer in (a)?)?g.A. Using the mid point equation, calculate the price elasticity of demand for the market demand curve for a change from the equilibrium price of $4.00( show the equation and all calculations) is the demand curve elastic or I elastic for this price change? What would happen to the total market revenue if the price changed to $4.00 b. If a new firm(competitor) enters this market so that 6adsitional units are supplied at each price above $0, what would happen to the equilibrium price and quantity and the total market revenue of the market. Add a new market supply curve to your original graph and indicate the new equilibrium price and quantity on the appropriate axes.