The demand for meat pies is given by Qd = 60,000 – 10,000P. The current price for meat pies is $3.50. a) If the price increases, will more or less money be spent on meat pies? b) At what point will revenue on pies be maximized?
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- The demand function of a good is P = (123 - 5Q)0.6 .Find the value of Q which maximizes total revenue. Round your answer to 1 decimal place.Cikli is the manager of a firm that receives a revenue of RM3000 per month from product X and RM7000 per month from product Y. The price elasticity of demand for product X is -2.5 when original quantity (Q) for X and Y are 150 and 175 units, respectively and the cross price elasticity of demand between product X and Y is 1.1. If Cikli increases the price of good X by 1%. How much will Cikli’s total revenue change for product X?Cikli is the manager of a firm that receives a revenue of RM3000 per month from product X and RM7000 per month from product Y. The price elasticity of demand for product X is -2.5 when original quantity (Q) for X and Y are 150 and 175 units, respectively and the cross price elasticity of demand between product X and Y is 1.1. If Cikli increases the price of good X by 1%. How much will Cikli’s total revenue change for product X? How much is Cikli’s new total revenue for both of the products? Plot a graph for product X and another for product Y, showing the before and after change in price. Give an appropriate example for each product.
- The consumer demand for a given product (where x represents number of units and p represents price is $) is given by the function x= (45-3p)2 Using the concept of Elasticity of Demand, determine the price that the product should be sold at to maximize revenue. Round to the nearest tenth.Cikli is the manager of a firm that receives a revenue of RM3000 per month from product X and RM7000 per month from product Y. The price elasticity of demand for product X is -2.5 when original quantity (Q) for X and Y are 150 and 175 units, respectively and the cross price elasticity of demand between product X and Y is 1.1. If Cikli increases the price of good X by 1%. How much is Cikli’s new total revenue for both of the products?Using a linear specification, you estimate your demand curve to equal Q=10-5P+20C+2A, where • Q = the quantity demanded of your product • P = the price of your product • C = college-ratio, which is the percentage of the local population that attends college. For instance, C=0.10 would indicate 10% of the local population attends a college. • A = digital advertising spend (in thousands of dollars) What is your demand elasticity with respect to the college-ratio when your price is $5, your digital advertising spend is $100,000 (i.e. A=100), and the college-ratio equals 0.25? a. εQ,C=0.0013 b. εQ,C=0.0263 c. εQ,C=20 d. εQ,C=15200
- Suppose demand is given by the equation: QD = 50 - 5P At what price will total revenue be maximized?Demand for Corn Flakes is: P = 10 - Q. Supply of Kellogg's Corn Flakes is: P = 2 + Q. Now a generic company enters the market, selling generic Corn Flakes for $3. Assume consumers are indifferent between generic and Kellogg's Corn Flakes. When the generic corn flakes enter the market, Kellogg's will sell how many less boxes of their own cereal? Enter as an absolute value (NOT a negative number).the demand equation for a product is q=1.5p+600, where q is the number of a products that can be sold in a month and p is the price per product. (a) what price will produce the largest revenue? (b) what is the largest monthly revenue?
- The daily demand for movie rental from a movie theatre operator Silver Screen is given by the equation P = 5 - 0.5Q, where P is the price in dollar ($) and Q is the quantity demanded. The manager of Silver Screen claims that consumers are always sensitive to the price of movie rental and hence the company should always reduce the price to earn more revenues. Is this claim valid? What should the manager do to maximise the revenue? Explain.Total revenue is maximized when price equals $_____ (Enter your response as a real number rounded to two decimal places.)The price p (in dollars) and the quantity q sold of a certain product obey the demand Equation : q = 800 - 20p and 0 ≤ p ≤ 40 Express the revenue R as a function of q. What is the revenue if 20 units are sold? What quantity q maximizes revenue? What is the maximum revenue? What price should the company charge to maximize revenue? What price should the company charge to earn at least $3500 in revenue?