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Management of McPablo's Food Shops has completed a study of weekly demand for its "old-fashioned" tacos in 53 regional markets. The study revealed the demand function ofQ=400-1,200P+0.8A+55Pop+800PLWhere Q is the number of tacos sold per store per week. A is the level of local advertising expenditure (in dollars), Pop denotes the local population (in thousands), and PL is the average taco price of local competitors. For the typical McPablo's outlet, P=$1.5, A=$1,000, Pop+40, and PL =$1.
a.) Estimate the weekly sales for the typical McPablo's outlet.
b.) What is the current price elasticity for tacos? What is the advertising elasticity?
c.) Should McPablo raise its taco price? Why or why not?
A new gear grinding machine for composite materials has a first cost of P=$100,000 and can be used for a maximum of 3 years. Its salvage value is estimated by the relation S=P(0.85)n, where n is the number of years after purchase. The operating co..
Identify whether the variables in your model suffer from non-stationarity. Discuss the possible implication of non-stationarity for your model and how this problem could be addressed.
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In late 1990s more than twenty-five domestic steel firms have filed for bankruptcy. A combination of low values with strong competition through foreign competitors and so-called legacy expenses of unions are cited as the primary reason why so many s..
Suppose that market demand is given by Q = 10 - 0.01P in which Q is the quanity of a good given in million units, and P is the price of the good given in $ per unit. In the long-run, a typical producer faces average cost AC = 9 + 2Q and marginal c..
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A consumer's budget set for two goods ( X and Y ) is 500 >2X +4Y a.Illustrate the budget set in a diagram.b.Does the budget set change if the prices of both goods double and theconsumer's income also doubles Explain.
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