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Amalgamated Popcorn, Inc. is a fairly small firm selling bags of flavored gourmet popcorn in a popular mall. As shop owner and operator, you have observed that your daily sales tend to follow a pattern that can be stated as: QP = 500 - 100PP + 1.25A - 20PS + 2I where QP = unit sales of popcorn bags, PP = price of bags in dollars, A = advertising expenses, PS = price of soda pop sold at your stand in dollars, I = per capita income of customers in thousands of dollars. You are currently charging $1 per bag of popcorn, spending $200 in advertising, charging $1 for a soda pop, and per capita income is $22,000.
a. Compute the elasticity coefficients for price, advertising, income, and cross-price.
b. You are currently paying $.45 for popcorn (including cost for the corn, cost to pop, and bag). Is this the profit-maximizing price? Explain.
A firm has this linear production function: Q = 5K + 2L. Each unit of labor costs $10 to employ and each unit of capital cost $8 to employ. The firm is currently employing 100 units of labor and 200 units of capital. a. Calculate the total number of..
Suppose that the inverse demand for shale gas is given by p = 400 - 2q. The private marginal cost of producing shale gas is PMC = 100 + q. Suppose that in order to produce shale gas at the PMC given above, the oil and gas (O&G) companies (that pro..
P = 800 - 0.16 If the goal of the transit authority was to maximize total revenues, what is the new price it should set Also, what would the total revenue raised in this new price scheme
The store found that 75% of all sales made to credit card users were for purchases of the new line of sportswear, while 30% of all sportswear sales were for the purchase of the outdated fashions. Records indicate that credit cads are used in 80% o..
In what kind of market structure does the firm sell its output? How can you tell In what kind of market structure does the firm rent robots How can you tell Calculate the marginal product and the value of the marginal product for each additional robo..
Explain how you would test null hypothesis that b1=0 in the multiple regression model, Y=b0+b1*X1+b2*X2+b3*X3+u. Also, explain how you would test the joint null hypothesis that b1=b2=0
There are six companies in the industry. Assume their sales in the year 2006 are as follows, Determine the concentration ratio in the industry
CRA CDs, Inc., wants the mean lengths of the "cuts" on a CD to be 135 seconds (2 minutes and 15 seconds). This will allow the disk jockeys to have plenty of time for commercials within each 10-minute segment.
A small manufacturing company has an estimated annual taxable income of $95,000. Due to an increase in business, the company is considering purchasing a new machine that will generate additional before-tax annual revenue of $50,000 over the next 5..
company is currently considering the following possible projects (which are NOT mutually exclusive). You have a budget limitation of $400,000. What is the minimum internal rate of return that a NEW project (in addition to these) would need to ea..
Your firm designs training materials for computer training classes, and you have just received a request to bid on a contract to produce a complete set of training manuals for an 8-session class. From previous experience, you know that your firm f..
An incumbent firm, Firm 1, faces a potential entrant, Firm 2, with a lower marginal cost. The market demand curve is p=120-q1-q2. Firm 1 has a constant marginal cost of $20, while Firm 2's is $10.
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