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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?
the Marginal product of labor (measured in units of output) for a firm is:MPN = A(100 - N) Where A measures productivity and N is the number of labor hours used in production. The price of output is $2.00 per unit. if A = 1, what will demand for labo..
Quantity.Price .Total Revenue. Marginal Revenue 0 55 10 50 20 45 30 40 40 35 50 30 Please find TR and MR
Explain what would happen to equilibrium price and quantity in the market for Pepsi if the following occurred (be sure to indicate WHY it happens as well): a. The price of Coke decreases. b. Average household income falls from $50,000 to $43,..
Determine the present worth of 5 annual deposits of $1,200 at the end of years 1 through 5, followed by 4 equal annual withdrawals of $700 at the end of years 4 through 7. Note that both years 4 and 7 will have a depsoit and a withdrawal. Interest..
a) Calculate the coefficients for price, advertising, income and cross-price with soda pop. b) If the current company cost for a bag of popcorn is $0.45, including cost of corn, cost to pop it and the bag, is this the profit maximizing price?
Despite very low growth of GDP in 2008 and 2009, and still high unemployment rate of 9.5 percent in June 2010.
There is a belief that a person's performance on the GMAT (entrance exam to get into graduate school) can be predicted by their undergraduate GPA. Based on regression analysis what are the following values, (Round to three decimal places; put it ..
Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston: Price Quantity Demanded Quantity Demanded for business travelers for Vacationers 150 2,900 1,000 200 2,700 750 250 2,550 550 300 2,..
Draw a histogram of household size variable. On the histogram, mark in the mean and median. Comment on the shape of the distribution and what are the mean and standard error of your sampling distribution
You have given the following data about the amount your firm can manufacture per day given the number of workers it hires.
You are attending the yearly shareholder's meeting of PIC firm. A fellow stockholder points out that manager of PIC received $100,000 last year, while the manager of a rival company, CUP Enterprises, earned only $50,000.
The cost, demand and revenue functions have been determined By Delta and given below. The total amount of widgets sold in the market by all producers, including Delta's sales, is 238 units. Delta's current p..
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