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- A local specialty wine store normally sells an average of 129 imported wines from France - per month - over 6 months at an average of $15.86 each. The price elasticity of Demand for these wines is estimated to be -1.64. Recent government regulations, Canadian Dollar value changes and transportation costs have increased costs considerably resulting in higher breakeven prices for all items. In order to capture economic profits the store manager decides to take some action and re-prices the inventory in the store. If the manager increases the price of French Wines by 10% how many bottles of French Wine will they sell? ** HINT - use the basic formula: Elasticity = (Unknown Q / Change in Price) x (Average Price / Average Quantity sold) ** enter your answer for HOW many bottles of French Wine will be sold FOLLOWED by whether the elasticity value is inelastic or elasEXAMPLE 18.3 Micro Pizza Heater: Market Demand A factory renovation is needed to build a compact microwave with a new shape, which will be called the Micro Pizza Heater. The low sales-volume prediction (20,000 heaters per year) has a subjectively estimated probability of 30%. The most likely market prediction is 30,000 units sold per year. The optimistic market prediction (30,000 sold the first year, with annual increases of 5000) has a subjectively estimated probability of 10%. In all cases, the factory equipment and the market will last 5 years. The net revenue will be $10 per microwave. What is the probability distribution for the net revenue?Company X has been unable to keep up with customer demands for product Y. They are considering two options. The first is to replace the existing tooling machine with a new machine or start a second shift to increase throughput. The cost of the new machine is $500,000. The cost of ramping up the second shift is 150,000. With the new machine option, there is a 60 percent opportunity of generating 750,000 in revenue. There is also a 40 percent opportunity of making $200 in revenue. With the second shift option, there is a 50 percent opportunity to generate $400,000 of revenue and a 50 percent opportunity to generate $100,000 of revenue. Which option would you recommend?
- solve the question 7 with complete explanation within 10 mins or else downvoteA zero profit implies that this is a breakeven point, and the amount of demand equals the amount of supply. (true or false)For the first blue blank, answer options are 0.33, 0.67, 1.33, or 1.5 For the second blue blank, answer options are elastic, inelastic, unit elastic For the third blue blank, answer options are correct or incorrect For the fourth blue blank, asnswer options are decrease or increase
- A large company in the communication and publishing industry has quantified the relationship between the price of one of its products and the demand for this product as Price = 150−0.01 × Demand for an annual printing of this particular product. The fixed costs per year (i.e., per printing) = $50,000 and the variable cost per unit=$40. What is the maximum profit that can be achieved if the maximum expected demand is 6,000 units per year? What is the unit price at this point of optimal demand?Philips Inc is considering investing in a new project and to estimate the consumer demand they hired a marketing consulting team. The consulting team concluded that the project is viable if the discount rate is smaller than 20%. How would you classify the cost of this marketing study? Group of answer choices Cost of debt Erosion cost Opportunity cost Sunk cost Correct answer is not availableGive me correct answer otherwise i give downvote 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.
- A firm has an annual demand of S units for a good whose purchase cost is £c per unit. Each order costs £a to place, and the cost of holding stock is b% of the average value of stock per annum. Determine the optimal order quantity. A local firm uses 2000 units of a particular component each year. The component has a purchase price of £4/unit, while the cost of holding stock is estimated at 20% of the average stock value. If the cost of placing each order is £12.50, find the optimal number of orders placed each year. Suppose the component supplier offers a discount of 2% on the purchase price if orders are placed in units of 1000. Is the discount worth accepting? Suppose that instead of a single figure you had been given a probability distribution for the number of units used each year. Indicate the effect on stock policy.. Please explain fully , the last part is also important to solve.You are setting up a part-time business with an initial investment of $15,000. The unitcost of the product is $11.80, and the selling price is $19.30.a) Find equations for the total cost C and total revenue R for x units.b) Find the break-even point by finding the point of intersection of the cost and revenueequations.c) How many units would yield a profit of $1000?Over a relatively short time horizon demand for petrol is likely to be inelastic with respect to price. But over the longer term, as motor vehicle owners have the scope to change to other types of fuel such as gas, demand for petrol will be more elastic with respect to price. Group of answer choices! aTrue b.False