Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Chez Henri is a restaurant chain that operates in 40 different cities. It hired an economist to estimate the factors affecting the demand for its sales. The following equation was estimated using cross sectional data from each of its 40 restaurants.Y Annual restaurant sales (in thousands)X1 Disposable per capital income (in thousands) of the residents living within 5 miles of a restaurantX2 Population (in thousands) within a 5-mile radius of a restaurantX3 Number of competing restaurants within a 5-mile radiusThe following information was obtained from the regression analysis:Multiple R: 0.92R-Square: 0.85Std. Error of Est.: 0.40Analysis of VarianceDF Sum Squares Mean Sqr. F-Stat Regression 3 220 73.3 18.2Residual 36 60 1.7Variable Coefficient Std. Error T-ValueConstant 0.4 0.2 2.0X1 0.01 0.004 2.5X2 0.02 0.015 1.3X3 -20.2 4.50 -4.6
Answer the following questions:
a. Give the estimated demand equation for predicting restaurant sales.
b. Provide an interpretation for each of the regression coefficients.
c. Which of the coefficients are statistically significant and which are not? Explain.
d. What percent of variation are restaurant sales explained by this equation?
The company faces a market price of $15. Algebraically calculate the profit maximizing output and the level of optimal profit for the company.
Explain the basic distinction between microeconomic analysis and macroeconomic analysis. Describe the types of issues that each branch of analysis focuses on - Describe the types of issues that each branch of analysis focuses on.
Outline a plan that managers in the low-calorie microwaveable food company could follow when selecting pricing strategies for making their products as inelastic as possible. Provide a rationale for your response. 2.Examine the major effects that gove..
Evaluate the statistical significance of the three estimated parameters using a significance level of 5 percent and what is the profit-maximizing unit price PoolVac
Weekday vs. weekend demand. How did they differ? What are they a proxy for? How did their price responsiveness differ and why? How did you use this information in your pricing decisions?
Discuss why Jimmy's might offer its distributors exclusive territories, the potential problems that this policy might create in terms of retail pricing, and potential policies that Jimmy's might use to address this pricing problem.
How can firms avoid legal and ethical problems when setting or changing their prices?
Calculate the break-even quantity, Calculate the break-even revenue and develop a chart to show profits at quantities.
Company B has invested 5-years and $6 million in creating a new product. Even now, it is not clear whether product can compete profitably in the market.
Compare the relative merits of pro-market and interventionist solutions to regional decline
(a) Bus travel for pensioners at all times of the day, as is the case in Scotland; (b) Bus travel for all?
Calculate the price elasticity of demand for Type B consumers at the monopolist's profit maximizing price.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd