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Use simple regression on the data in the spreadsheet to come up with a mathematical expression for the demand curve for your product.
Using your regression equation, calculated the expected quantity and the price elasticity of demand at each of the following price points: $20, $25, $30, $35, $40, $45 $50. Identify which prices are in the elastic range and which are in the inelastic range. Assume your company is currently selling shirts for $25 each. Should they increase or decrease their price in order to maximize total revenue? Why? According to your regression results, at which price ($20, $25, $30, $35, $40, $45, $50) is total revenue maximized?
P Q
50 165
45 210
40 270
35 300
35 270
35 315
35 240
30 375
30 345
30 354
25 390
25 405
25 401
20 439
20 430
20 442
Suppose that there is a fixed number of workers. Each worker is at a certain instance either employed or unemployed. What is the rate of job separation (s) ? What is the equilibrium unemployment rate (u) ?
Your firm offers only a preferred provider organization (PPO) with a large deductible, high coinsurance, and a limited network. You pay $400 per month for single coverage. Some of your employees have been urging you to offer a more generous plan. Who..
Describe the transnational media business environment as characterized in the textbook. What assumptions and/or misconceptions exist in this industry?
Plot these curves and be sure to P on the vertical and Q on the horizontal axis. Find the equilibrium price and quantity.
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A prominent national columnist recently advised his readers that they should bypass their local travel agencies and obtain their air tickets and arrange
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Carefully explain the difference between the marginal rate of substitution and the marginal rate of transformation. Be sure to explain the economic meaning of each of these terms. What value does each of them take? (Answer should be in terms of margi..
Garden plots at the Aches and Pains Elderxare facility rent for $1 per square foot per month. Lucky has $100 per month to spend on her garden and bus with each bus ride costing $5. The good news is that Lucky's children will pay for half the cost of ..
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