Price elasticity of demand for college students

Assignment Help Macroeconomics
Reference no: EM131153750

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.

Reference no: EM131153750

Questions Cloud

Degussa global code of conduct : What are the advantages and disadvantages of using an approach similar to Degrussa's?
Describe the forecasting process : Write a 300 -word paper in which you explain your proposed supply chain forecasting methods, your inventory management plan, and how you will integrate your sales and operations planning into your overall strategy. Describe the forecasting process..
What does douglass hope to accomplish here : What does Douglass hope to accomplish here? Does he succeed? Discuss the overall tone and supply examples of the diction (word choice) that support the tone of the piece.
Utilizing a valid analysis framework : The purpose of this assignment is to develop and demonstrate your ability to analyze a case, utilizing a valid analysis framework. This assignment will require the synthesis of the video with course concepts from your management text, supported wi..
Price elasticity of demand for college students : 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..
Brief explanation of the project and the process implemented : In addition, provide a brief explanation of the project and the process implemented to formulate the estimates and initial budget. Justify your selection of necessary resources based on the budget you prepared.
Free health care : Use qualifications, exceptions, exclusions, or stipulations to rewrite each statement with sufficient precision to resolve the problematic vagueness or ambiguity Workers carried signs downtown the read "Free Health Care."
Review on internal and external recruitment : Literature Review on Internal and External recruitment. Must be at least 8-10 full pages minimum, in current APA format, utilizing at least 12 scholarly articles from peer-reviewed journals.
What is the cause of crisis money of global : What is the cause of crisis money of global? And what is it effect to Malaysia?

Reviews

Write a Review

Macroeconomics Questions & Answers

  Determining the security market line

Please help, According to the CAPM (capital asset pricing model), the security market line is a straight line. The intercept of this line should be equal to?

  Briefly restate how a market equilibrium is generated

What about labour markets Is there any difference between labour and commodities that would make the theory a better representation in one case than the other. Do you feel that theory works for commodities markets in general.

  Economic concepts from previous modules

The government often has two conflicting roles. It protects consumers by keeping prices fair and promotes a free market (entry of firms). Suppose your firm has a special patent. Do you think patent licenses should expire? Be sure to support your a..

  Different theoretical views on national debt

Different theoretical views on national debt

  Which country should produce wheat and why

Supposed the USA and Canada are considering to trade. Assume there are only two goods in the economy; wheat and corn.  USA 4 (units of wheat), 2 (units of corn); Canada 5 (units of wheat), 8 (units of corn). In this case, which country should produce..

  Mcq from economics

Which of the following is the best example of a monopolistic competitor? Firms in a monopolistically competitive industry produce:

  Elucidate the likely effects on savings investment

Please elucidate the likely effects on Savings (Gross Private Domestic) Investment, Long Term Real Interest Rates, The Capital Stock, Natural RGDP.

  Significant economies of scale in chicken production

Mega Farm produces 100,000 chickens per month, at a total cost of $91,000. These data suggest that there are significant economies of scale in chicken production. Do you agree or disagree with this statement? Explain your answer.

  Elucidate the economic cost of most international trade less

Elucidate the economic cost of most international trade less than the economic benefit of that trade for both the companies and countries.

  Computing the growth rate of real gdp

Suppose past year's real GDP was $7,000 billion, this year nominal GDP is $8,820 billion, and GDP deflator for this year is 120. Determine the growth rate of real GDP? Does this demonstrate an improvement in economic welfare?

  Utilize your knowledge of supply-demand analysis and show

Utilize your knowledge of supply/demand analysis and show graphically the impact of a government minimum wage of $6 hour with a market wage for unskilled workers of $7 hour with 1 million workers employed at the market wage.

  Which one should be selected on the basis of rate of return

Robot X has a first cost of $84,000 an annual maintenance and operation (M&O) cost of $31,000, a $40,000 salvage value, and will improve net revenues by $96,000 per year. Robot Y has a first cost of $146,000 an annual M&O cost of $28,000, a $47,00..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd