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You operate a small but popular and profitable restaurant/bar in a college town. There are several other restaurants and bars nearby. You have conducted a market research study and discovered that the price elasticity of demand for local residents is lower (less elastic) than the price elasticity of demand for college students, who are usually in town only while the college is in session about 9 months out of the year. Discuss at least two pricing strategies you can use to increase your revenues and analyze them in terms of their ability to generate additional profits. Indicate any additional assumptions you are making
Which firm's product provides the greatest value-created. In an industry equilibrium in which the firms achieve consumer surplus parit.
Zero salvage value with the SL method. This machine will produce metal parts that will generate revenues of $180,000 (time zero dollars) per year. It is a policy of the company that the annual revenues will be increased each year to keep pace with th..
Briefly explain why empirical consumer demand studies such as Patrick McCarthy's study of automobile demand are relevant to managers?
Compute the compensated demand (at the new prices) for the following utility functions. Assume I = 1, initial prices are px = 1 = py, and price of x rises to p?x = 3 while py is unchanged.
Suppose that the demand for bentonite is given by Q = 40 ? 0.5P, where Q is in tons of bentonite per day and P is the price per ton. Bentonite is produced by a monopolist at a constant marginal and average total cost of $10 per ton. How much profit i..
looking backplease respond to the followingbull thinking about everything you have learned in this course discuss the
In the Castorian Airline market there are only two firms. Each firm is deciding whether to offer a frequent flyer program.
Many papers look at the impact of credit frictions onto business cycles, and they almost unambiguously find that credit frictions work as an amplification mechanism of other shocks. A lot of these models (in the tradition of Kiyotaki and Moore) have ..
Unions tie the hands of management and inhibit efficient decision making. Unions contribute to economic efficiency in that union wage pressure hastens the weeding out of the high-cost, least efficient producers in each industry.
You are manager of BlackSpot Computers, which competed directly with Condensed Computers to sell high-powered computers to businesses. Explain how will impact BlackSpot bottom line.
Cute Camel Company is a small firm and several of its managers are worried about how soon the firm will be able to recover its initial investment from Project Delta's expected future cash flows. How much value does the discounted payback period metho..
Whay Tara is leaving her current job, which pays € 56,000 per year, to start a new company that manufactures a line of special pens for personal digital assistants.
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