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Taco Bell. Assume the price elasticity of tacos is 1.13, and the current price is $0.99. If we sell an average of 220/day, how will sales change if the prices goes up to $1.09? What will happen to total revenue? Our other product, burritos, has a current price of $1.29 and we sell, on average, 190/day. If we drop the price to $1.19 and then sell 224/day, what can we infer about price elasticity? Compare the price elasticity of both products and recommend a pricing strategy for each.
Fast Food. Wendy's recently changed the price of their classic Single burger from $1.39 to $1.49. Sales went from 497/day to 366/day. Across the street, the Bojangles chicken sandwich maintained its price of $1.99 but sales rose from 172/day to 188/day. What is the cross-price elasticity of burgers with chicken sandwiches? Are these products complements or substitutes and how do you know?
You are the sales manager for an appliance store. You have a total of 100 sales people. 40 sales people sold $1000 or less and the rest sold over $1000. Of the 40 who sold $1000 or less, there is a 0.20 probability that the sales person was new.
A clinic uses doctors and nurses optimally and is servicing the maximum number of patients given a limited annual payroll. The last doctor hired treated 1,600 extra patients in a year, while the last nurse hired treated 1,000 extra patients in a y..
Five separate projects have calculated rates of return of 7, 11, 15, 18, and 20 percent per year. An engineer wants to know which projects to accept on the basis of the rate of return. She learns from the finance department
Country A has soil that is suited to corn production and yields 135 bushels per acre. Country B has soil that is not suited for corn and yields only 45 bushels per acre. Country A has soil that is not suited for soybean production and yields 15 bu..
An investor bought 100 shares of stock at a cost of $10 per share. He held the stock for 15 years and then sold it for a total of $4000. For the first 3 years, he received no dividends.
Customer orders are placed, the order is picked and packaged, and then shipped to the customer. A fixed order quantity inventory control system helps monitor and control these SKUs. The following information is for one of the calculators that they..
Mr. Smith has a weekly income of M = $24. Initially the prices of X and Y are both $2/unit and Mr. Smith buys 6 units each of X and Y each week, a bundle on indifference curve I0. Then, ceteris paribus, the price of X increases to $4/unit, with th..
If planned investment = 100 Government purchases and taxes are both 50 Then calculate the equilibrium level of income.Where r is the interest rate in percentage, money supply (M)is 1000 and the price level (P) is 2. What is the equilibrium interestr..
The DOJ does not observe firms costs and therefore assumes that marginal costs are constant and equal to c1, c2, and c3 in the three markets. a. If firms in M2 or M3 are colluding, what price will we observe
Suppose your company is considering three health insurance policies. The first policy requires no tests and covers all preexisting illnesses. The second policy requires that all covered employees test negative for the HIV virus.
Your credit card has a current balance of $4965.20. This Balance is accruing interest at a nominal rate of 9.0% compounded monthly. Assuming you didnt spend any more on this card, what uniform monthly payment over the next 36 months would be requi..
Suppose now that an advertising campaign, paid for by the employers who offer risky jobs, stresses the excitement associated with "the thrill of injury," and this campaign changes the attitudes of the work force toward being employed in a risky jo..
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