Suppose that a company wishes to predict sales volume based on the amount of advertising expenditures. The sales manager thinks that sales volume and advertising expenditures are modeled according to the following linear equation. Both sales volume and advertising expenditures are in thousands of dollars. Estimated Sales Volume = 48.06 + 0.53 (Advertising Expenditures) If the company has a target sales volume of $100,000, how much should the sales manager allocate for advertising in the budget? Round your answer to the nearest dollar.
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- According to the equation, sales (Y, measured in $1,000 per month) and advertising (X, measured in $1,000 per month) are related as follows: Y=40+3X Suppose you are told that the sales committee has set an ambitious goal of $64,000 for next month’s sales. The treasurer needs to know how much to budget for advertising, and you have to come up with the answer.Suppose ABC Corp. spends $300,000 per year on some basic level of advertising, regardless of its revenues. In addition, the company spends 25 percent of each dollar of revenue on extra advertising. Write a mathematical equation that describes the functional relation between advertising (A) and revenue (R). A=??? (Enter your response as an expression.)Suppose ABC Corp. spends $200,000 per year on some basic level of advertising, regardless of its revenues. In addition, the company spends 15 percent of each dollar of revenue on extra advertising. Write a mathematical equation that describes the functional relation between advertising (A) and revenue (R). A= (Enter your response as an expression.)
- Walmart recently asked Mondelez, owner of Oreos to bring back a new-and-improved version of its 1990's cereal, Oreo O's. By studying social media comments, Walmart discovered a preference for cereal to address late-night snacking. What should Walmart measure during the initial 90-day relaunch, exclusive to its stores? At what level should it measure, and why?A consumer has the following utility function: U(X,Y)= 400X2/5Y3/5 Suppose that the price of a spa day (x) is £200 and the price of a city break (y) is £300 Find the number of spa days and city breaks that minimise expenditure if 12,800 units of utility are obtained. Also calculate the consumer's minimised expenditureMr. Jones sells scrapbooking materials. He charges $20 per album and sells 120 albums month at this price. He plans to decrease the price to generate more sales. A survey indicated that for every $0.50 decrease in price, he can expect to sell 5 more albums. Write the expressions for the price of an album and the number of albums sold in one month Write an equation for the revenue using your expressions from part a. What price will generate the maximum revenue? What is the maximum revenue he can generate in one month?
- a)Assume that the typical consumer always spends a small share of her overall budget on Vietnamese meals and use the utility maximization conditions to find the demand for Vietnamese food of the typical consumer (keep in mind that since utility is quasi-linear, you can find demand without information about the consumer’s weekly budget). b) Sum across consumers to find the weekly market demand for Vietnamese meals in NYC.You own a company selling wristwatches. This is its inverse demand equation: Q = 10 - (P/ 60) Part A: Suppose the current market price is $120 per watch. The pandemic has caused major supply shortages and the price is expected to rise to $300 per watch next month. Calculate the price elasticity of demand for this expected change in price (from $120 to $300). Show your steps. Part B: Your store manager has informed you that revenue from the next month would not be maximized with this expected price of $300. Should you agree with your manager or not? i.e. would it make more sense to raise price beyond $300 per watch in order to increase revenues further? Provide a detailed reasoning.Mattel has conducted studies to determine the best price to set for their Barbie doll figures. Based on data received through these studies, it was calculated that Mattel could sell 3,000 Barbie dolls at a set price of $17.99. However, it was also determined that if the price per doll was reduced to $9.99, they could sell an additional 2,000 Barbie dolls. Find the linear demand equation (price function, y) as a function of the quantity, x, sold.
- You are a manager of an advertisingcompany. The company is running short offunds, so you decide to increase revenue.Should you increase or decrease the price ofrunning ads? Explain.ABC Co, a store that sells various types of sports clothing and other sports items, is planning to introduce a new design of Arizona Diamondbacks’ baseball caps. A consultant has estimated the demand curve to be Q = 2,000 - 100P where Q is cap sales and P is price. How many caps could ABC sell at $6 each? How much would the price have to be to sell 1,800 caps? Suppose ABC were to use the caps as a promotion. How many caps could ABC give away free? At what price would no caps be sold? Calculate the point price elasticity of demand at a price of $6.Suppose that at a price of $1 per subscription, 100,000 subscriptions are demanded for The Post-Standard (the major daily newspaper servicing the greater Syracuse, New York). But, if the price is raised to $1.1, demand is 70,000 subscriptions. As the head of the analytic team, will you suggest to the editor of Post- Standard that an increase in subscription price will not significantly influence consumer demand? E = |-3|>10Elastic demand (an increase in subscription price will significantly influence consumer demand)