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The forecasting staff for the Prizer Corp has developed a model to predict sales of its air cushioned ride snowmobiles. The model specifies that sales S vary jointly with disposable personal income Y and the population between ages 15 and 40 Z, and inversely with the price of snowmobiles P. Based on past data, the best estimate of this relationship is S= k YZ/P where k has been estimated ( with past data) equal to 100 1. If Y= $11,000, Z=$1200 and P=20000, what value would you predict for S? 2. What happens if P is reduced to $17500? 3. How would you go about developing a value for k? 4. What are the potential weakness of this model?
Suppose you have been recently employed as manager of a restaurant and a very important credit card firm offers you a deal that is supposed to raise your sales.
Imagine an economy with a standard Cobb-Douglas production function, population growth of 2%, 1% total productivity growth, a savings ratio of 10% and a profit share of 20%. Assume that machines depreciate by 5% per annum.
At the end of the 8-year planning horizon, the mixer will have a salvage value of $5,000. If the mixer is replaced, a new mixer will require an initial investment of $375,000. At the end of the 8-year plaaning horixon, it will have a salvage value..
The manager of the aerospace division of central Aeronautics has estimated the price it can charge for providing satellite launch services to commercial firms.Her most optimistic estimate(a price not expected to be exceeded more than 10 percent of..
The company recently bid on a Gulf-front causeway improvement in Biloxi, Mississippi.Nash Bridges has incurred bid development and job cost-out expenses of $25,000 prior to submission of the bid.
An auto dealership estimates that its demand curve has an elasticity of 2.78. If it wishes to increase sales by 12%, by how much should it decrease price What will happen to revenue (rise or fall) If instead it raises price by 20%, what is the per..
What is the optimal price of the textbook from the author's point of view and by how much would the demand for the textbook change if advertising were increased by 2%?
a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market b. If the actual price in this market were ABOVE equilibrium price, what would drive the price toward the equilibrium
Use the sales data given below to determine a. the least squares trend line b. the predicted value for 2002 sales c. the MAD d. the unadjusted forecasting MSE Year / Sales 1995 / 130 1996 / 140 1997 / 152 1998 / 160 1999 / 169 2000 ..
at a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1.0). So how many popsicles will be sold each da..
Enumerate the various objectives a firm might have and how the price mechanism can be used to realize such goals. While you're at it, calculate the price and quantity to: (a) Maximize TR (b) Maximize total profit
A monopoly produces widgets at a marginal cost of $10 per unit and zero fixed costs. It faces an inverse demand function given by P = 50 - Q. The demand elasticity of a widget at the monopoly price and quantity is what
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