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- The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues. They have three classes of tickets: Classic, Silver, and Gold. The accompanying table provides information on the average ticket sales, revenue and price elasticity on demand. They have a total seating capacity of 300. The table also provides the price range within which they plan to reduce their ticket rates. According to the nonlinear model, which of the following is the projected revenue figure for Silver tickets based on its new price? Click the icon to view the ticketing model. OA. $1,224.63 B. $1,132.08 C. $1,163.02 D. $1,316.92 Ticketing Model Atlas Movie Theater Ticketing Data Ticket Class Classic Silver Gold ... Current Average Elasticity Total Rate Daily Seating Sold Capacity $8.45 $13.25 80 $17.50 30 150 Print -1.5 -2 -1 Done 300 Price Range $6.50 $7.50 $11.50 $12.50 $15.50 $16.50 1 XUse the following information to answer the following question. The following linear demand specification is estimated for Spiker Drones, a price-setting firm: Q= a + bP + CM + DPR where Q is the quantity demanded for the product Spiker Drones sells, P is the price of that product, M is the income, and PR is the price of a related good. The results of the estimation are presented below: DEPENDENT VARIABLE: Q OBSERVATIONS: 32 R-SQUARE 0.7984 F-RATIO P-VALUE ON F 36.14 0.0001 PARAMETER VARIABLE ESTIMATE STANDARD ERROR T-RATIO P-VALUE INTERCEPT 846.30 76.70 11.03 0.0001 P -8.60 2.60 -3.31 0.0026 M 0.0184 0.0048 3.83 0.0007 PR -4.3075 1.230 -3.50 0.0016 Assume that the income is $10,000, the price of the related good is $40, and Spiker Drones sets the price of this product at $30. At the prices and income given above, what is the income elasticity? A. -1.62 B. -0.87 C. 0.21 D. 0.31 E. None of the above.Globalization’s fast pace around the world has helped people to adopt new trends and fashion at a higher rate as compared to the era with low level of FDI and trade. In Pakistan the growing concentration for Coffee cafes has opened new horizons for the investors to endow. If TYJ using the annual sales data of Gloria Jeans’ estimated the demand function for their upcoming venture in coffee market, answer the following:QC=10,000-20PCa) Derive the demand curve and explain the relationship between demand and price.b) If TYJ wishes to sell 5,000 cups of coffee a day, find the price for selling the same.c) Suppose if the price is determined at 350 identify the quantity TYJ would be able to sell.d) Suppose Espresso increases its price for per cup of coffee, illustrate and explain the impact it might create on the demand of coffee provided by TYJ. e) Calculating the risk, help TYJ identify at what price the demand for coffee would fall to zero. Also, explain in your opinion the demand of…
- What are the values of P1,P2,Q1,Q2P1,P2,Q1,Q2 given the two commodity demand and supply model: Qd1=24−8P1+2P2Qs1=−6+12P1Qd1=24−8P1+2P2Qs1=−6+12P1 Qd2=28+P1−8P2Qs2=−6+2P2Qd2=28+P1−8P2Qs2=−6+2P2What are the assumptions of Arbitrage Pricing Theory (APT) modelAlter the desmos.com model using the following daily market demand and supply of burritos: P = 6.37 0.025 Q and P = 1.2 + 0.016 Q 8 7 6 5 4 3 2 1 50 100 150 200 250 30 To find the number of burritos that are supplied by firms and demanded consumers, you solve demand equal to supply (6.37 0.025 Q = 1.2 + 0.016 Q) for Q or use your Desmos model. It equals burritos. To find the market-clearing price, substitute his value into demand or supply or use your Desmos model. It is dollars per burrito. Regarding the first burrito supplied, the • maximum price the first consumer is willing to pay is • minimum price firms are willing to accept is • price that is paid for it is dollars • first consumer surplus is dollars dollars dollars
- Apparel manufacturer Nike produces high-end and low-end versions of their running shirts. They estimate that the demands for their products are given by: High-end shirts: P = 130 - 2QH , andLow-end shirts: P = 80 - QL, where Q is measured in 1000 shirts, "H" denotes High-end and "L" denotes Low-end Both types of shirts are produced on the same production line in the same facility, so the marginal cost of producing and selling both types of shirts is constant at $30. Supposing that (i) the two demands are independent and (ii) Nike can produce and market the shirts such that the high- and low-end markets are successfully segmented, what are the profit-maximizing prices Nike would charge for each version?Answer Options:a) by the midpoint rule, PH = $65 and Pl = $40b) PH = $80 and PL = $55c) Nike will set price equal to marginal cost for both versionsd) PH = $130 and PL = $80Q.5. Consider the following Cobweb model: Determine (a) the market price P in any time period, (b) the equilibrium price Pe, and (c) the stability of the time path. Qat = 40 – 10P; Qst = 2 +9Pt-1 Pg =All questions utilize the multivariate demand function for Smooth Sailing sailboats in C6 on text page 83, initially with: PX = $9500 PY = $10000 I = $15000 A = $170000 W = 160 This function is: Qs = 89830 -40PS +20PX +15PY +2I +.001A +10W Where Qs=quantity purchased Ps= the price of Smooth Sailing sailboats Px= the price of company X’s sailboat Py= the price of company’s Y’s motorboat I= per capita income in dollars A= dollars spent on advertising W=number of favorable days of weather in the southern region of the United States Use the above to calculate the arc price elasticity of demand between PS = $5000 and PS = $4000. The arc elasticity formula is: Calculate the quantity demanded at each of the above prices and revenue that will result if the quantity is sold (fill in table below). PS QS Revenue…
- Demand Curves. The Eastern Shuttle, Inc., is a regional airline providing shuttle service between New York and Washington, DC. An analysis of the monthly demand for service has revealed the following demand relation Q = 26,000 - 500P - 250POG + 200IB - 5,000S where Q is quantity measured by the number of passengers per month, P is the price ($), POG is a regional price index for other consumer goods (1967 = 100), IB is an index of business activity, and S, a binary or dummy variable, equals 1 in summer months and 0 otherwise. A. Determine the demand curve facing the airline during the winter month of January if POG = 4 and IB = 250. B. Determine the demand curve facing the airline, quantity demanded, and total revenues during the summer month of July if P = $100 and all other price-related and business activity variables are as specified previously.Globalization’s fast pace around the world has helped people to adopt new trends and fashion at a higher rate as compared to the era with low level of FDI and trade. In Pakistan the growing concentration for Coffee cafes has opened new horizons for the investors to endow. If TYJ using the annual sales data of Gloria Jeans’ estimated the demand function for their upcoming venture in coffee market, answer the following: QC=10,000-20PC Derive the demand curve and explain the relationship between demand and price. If TYJ wishes to sell 5,000 cups of coffee a day, find the price for selling the same. Suppose if the price is determined at 350 identify the quantity TYJ would be able to sell. Suppose Espresso increases its price for per cup of coffee, illustrate and explain the impact it might create on the demand of coffee provided by TYJ. Calculating the risk, help TYJ identify at what price the demand for coffee would fall to zero. Also, explain in your opinion the demand of coffee is…Globalization's fast pace around the world has helped people to adopt new trends and fashion at a higher rate as compared to the era with low level of FDI and trade. In Pakistan the growing concentration for Coffee cafes has opened new horizons for the investors to endow. If TYJ using the annual sales data of Gloria Jeans' estimated the demand function for their upcoming venture in coffee market, answer the following: Qc=10,000-20PC a) Derive the demand curve and explain the relationship between demand and price. b) If TYJ wishes to sell 5,000 cups of coffee a day, find the price for selling the same. c) Suppose if the price is determined at 350 identify the quantity TYJ would be able to sell. d) Suppose Espresso increases its price for per cup of coffee, illustrate and explain the impact it might create on the demand of coffee provided by TYJ. e) Calculating the risk, help TYJ identify at what price the demand for coffee would fall to zero. Also, explain in your opinion the demand of…