Question 18....Multiple Choice Joe owns a restaurant, and many of his competitors recently closed, which shifted his perceived demand curve. The following two tables show his old and new perceived demand curves.
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Question 18....Multiple Choice
Joe owns a restaurant, and many of his competitors recently closed, which shifted his perceived demand curve. The following two tables show his old and new perceived demand curves.
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- Ram Roy's firm has developed the following supply, demand, cost, and inventory data. Supply Available Regular Demand Period Time Overtime Subcontract Forecast 40 15 10 40 30 15 10 55 40 15 10 55 Initial inventory Regular-time cost per unit Overtime cost per unit 20 units $100 $160 $250 $6 Subcontract cost per unit Carrying cost per unit per month Assume that the initial inventory has no holding cost in the first period and backorders are not permitted. Allocating production capacity to meet demand at a minimum cost using the transportation method, the total cost is $ (enter your response as a whole number).Systems applicationSolve and analyze the following problems. Make sure all the steps are properly justified. Correctly use mathematical notation or terminology. Interpret the solution in the context of the problem.Suppose the supply and demand equations for printed shirts for a graduating class are given byp = 0.7q + 3p = -1.7q +15where p is the price in dollars and q is the quantity in hundreds.Determine supply and demand if the shirts cost $ 9.00. Analyze and discuss the stability of the shirt market at this price level. Prepare the graph of the two equations in the same coordinate system and identify the equilibrium point, the supply curve, and the demand curve.Tennis Products, Inc., produces three models of high-quality tennis rackets. The following table contains recent information on the sales, costs, and profitability of the three models: Average Quantity Current Total Variable Cost Contribution Margin Contribution Sold Price Revenue Per Unit Per Unit Margin* Model (Units/Month) ($) ($) ($) ($) ($) 15,000 30 450,000 15.00 15 225,000 В 5,000 35 175,000 18.00 17 85,000 10,000 45 450,000 20.00 25 250,000 Total $1,075,000 $560,000 *Contribution to fixed costs and profits. The company is considering lowering the price of Model A to $27 in an effort to increase the number of units sold. Based on the results of price changes that have been instituted in the past, Tennis Products' chief economist estimates the arc price elasticity of demand to be -2.5. Furthermore, she estimates the arc cross elasticity of demand between Model A and Model B to be approximately 0.5 and between Model A and Model to be approximately 0.2. Variable costs per unit are…
- )A two Product finm faces the follow- = 40-2P1 demand and Cost function 8- a) Find the output levels that satiaty the 12 demand amd 40-2P,-P2 タ,=35-P、- 8 follow- ng Cont function8 32 Demand function. C%=8it 20+ 10 cost function. a) Find the output levels that sati. order Conditions ythe tor maximum profit. 6)check the 2nd (ondition. Can you conclude that this Problem Posses a Order for sufficient unique maximum) c)What in the maximal profit?Panther Acre Cattle Company - Chapter 7 Lab A typical farm or ranch problem is determining the optimum or profit-maximizing weight to sell fed cattle. Assume the feeder cattle are purchased at 600 pounds. The feed required and the weight gain is shown in the table below. Feed costs 7¢ per pound and feeder cattle prices are as follows: Weight Price per Pound 600-899 lbs 72¢ go to 3rd 900-1099 lbs decimal 1100 lbs or more 70¢ Point 67¢ Pay attention to the price changes when computing MVP. Input Output Feed Weight Selling Required Gain Weight Total Average Marginal Marginal Marginal Revenue Physical Physical Value Input (lbs) (lbs) (lbs) Product Product Product Cost 600 0 0 600 432 XXX XXX XXX XXX 500 50 So 650 468 0.10 0.083 1,100 145 as 745 536.40 0.132 6.158 1,700 235 aol 835 601.20 0.138 0.15 2,300 320 85 920 644 0.139 2,900 400 80 1,000 700 0.138 3,500 465 65 1,065 745, 50 0.133 4,100 525 60 1,125 753.75 0.128 4,700 575 SO 1,175 787.25 0.122 5,300 615 40 1,215 814.05 0.116 5,900 645…A multi-plex theatre area is experiencing a decline in the number of ticketssold, falling revenues, and inadequate profits. The average price of a ticketis $20 and there are 1000 tickets sold daily on average. The estimated priceelasticity of demand is 1.5 and the theatre currently operating at an averageof 75 percent of capacity. There are three proposals in front of themanagement to consider:Proposal A: Proposal B: an aggressive advertising campaign (which is expected to reduce the elasticity of demand to 1), and a 10 percent increase in the average price of a ticket.
- B Product Product A Product B Product C Product D Widget 1 Widget 2 Widget 3 Gadget X Gadget Y Gadget Z 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Required: 17 Calculate the following statistics for both Advertising Expenses and Sales: 18 Advertising Expense Sales Advertising Expense $36,900 $38,000 $33,000 $25,900 $26,000 $42,987 $39,008 $42,009 $19,067 $61,002 C $19,067 $61,002 $135,568,977 $8,268 $36,387 $37,450 $41,935 $27,750 $41,259 Sales $83,025 $85,500 $74,250 $90,650 $91,000 $150,455 $70,214 $75,616 $34,321 $244,008 $34,321 $244,008 $3,378,809,900 19 Minimum 20 Maximum 21 Variance 22 Standard Deviation 23 Mean 24 Median 25 Range 26 1st Quartile 27 3rd Quartile 28 88th Percentile 29 Inner Quartile Range 30 31 What is the correlation between the amount spent on advertising and the sales of a product? 32 33 Correlation 34 35 This number indicates a 36 $58,128 $99,904 $84,263 $209,687 $74,592 $90,913 O relationship between the two variablesQuantity of Resort Units Marginal Capacity Cost Marginal Operating Cost Peak Marginal Revenue Off-Peak Marginal Revenue Peak Demand Off-Peak Demand 150 $5,000 $1,000 $8,000 $2,000 $10,000 $2,500 200 $5,000 $1,000 $7,500 $1,500 $8,000 $2,000 250 $5,000 $1,000 $6,700 $1,000 $7,800 $1,750 300 $5,000 $1,000 $6,000 $750 $7,000 $1,250 350 $5,000 $1,000 $5,000 $500 $6,250 $1,000 The table above summarizes Gorgeous Sands Resort's marginal capacity cost, marginal operating cost, peak marginal revenue, off-peak marginal revenue, and its peak and off-peak demand for its resort units. Refer to the table above. What is the profit-maximizing number of resort units for Gorgeous Sands Resort during the off-peak period? 200 250 300 350The demand function for FreshFood Exclusive Brand's product is D = 80 - 2p , where D is the number of units and 'p' is the price per unit. The value of D that will achieve maximum revenue is __________________.
- Design a process flowchart for hotel staff who are in charge of getting online room bookings and confirming rooms for customers through emails after receiving their orders with a required deposit. Your process flowchart needs to solve 3 following situations: •Out of room •Available rooms matching demand •Available rooms not matching demandDemand curve of electric vehicles versus gas vehiclesYou are currently in a job as a chef in a restaurant earning $100,000 per year. You are considering opening up a restaurant in a building which you currently own. You estimate that, if you wanted to, you could rent out your building for $25,000 per year to another restaurant. Last year, your revenues and expenses from the restaurant were the following: Revenues $400,000Cost of Food $120,000Salaries/Wages $100,000Utilities $25,000Taxes $20,000 What is your accounting profit? Show your calculations What is your economic profit? Show your calculations Assuming that you are indifferent between being a chef or owning a restaurant, should you open up your restaurant? Explain why. Now suppose that instead of owning the building where your restaurant will be located, you had to pay rent of $25,000 per year for the building. Will your answers to parts 1-3 change? Show your calculations. Explain how and why your answers will change or…