Use the price-demand equation below to determine whether demand is elastic, is inelastic, or has unit elasticity at the indicated values of p. x= f(p)=3360-3p-0.2p² (A) p=70 (B) p=90 (C) p=65 (A) Describe the demand's elasticity for the given price-demand equation at p = 70. Choose the correct answer below. о Inelastic Unit Elastic Elastic
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- 8. An acquaintance in marketing has requested your help in pricing the Spider Cider product for the launch. They tell you that for every day after the Spider Cider beverage is produced the company incurs a $3,650 fee to keep the unbottled beverage in vats, at 17.00°C, and the postponement of sales in stores. If Witch's Brew wants to make a minimum profit of $50,000, how much will each Spider Cider drink need to cost after choosing the bid with the lowest overall unit cost? (Hint: think of ALL the costs associated with the final beverage.) References:Answer the question based on the following supply and demand schedules in units per week for a product. Price Quantity Demanded Quantity Supplied $ 60 100 400 50 140 340 40 180 280 30 220 220 20 260 160 10 300 100 Refer to the above table. If demand increased by 100 units at each price level and the government set a price ceiling of $40, then there would be Multiple Choice a shortage. a surplus. no shortage or surplus. a decrease in supply.What does the elasticity coefficient refer to? a Od It is the responsiveness of price to a change in quantity demanded It is price multiplied by the quantity of the product sold It indicates the responsiveness of quantity demanded to a change in price It is quantity demanded at any given price.
- In pricing models, elasticity of demand is an input which specifies the: A. range of demand B. level of demand C. sensitivity of price to changes in demand D. sensitivity of demand to changes in priceThe third question free food from your distributor. The annual -A commercial company orders a type of gluten demand is 5,000 packages, the price of one package is $8, the cost of maintaining one unit is $1, and the cost of preparing the order is $25. If the distributor offers some selling temptations to this company in the form of a discount as follows: 5% discount if the quantity purchased at one time is at least 3000 packs. 6% discount if the quantity purchased at one time is at least 4000 units Decide on the quantity to be purchased so that the total cost of inventory is as low as possible.A business that will open a gift shop in Los Angeles is considering making and selling love-themed magnets. It is thought that it will not be possible to order new magnets during the fair period, and magnets that are not sold during the fair period will not be sold later. A box of magnets costs the business $100 and generates $460 from its sale. The table includes predictions about demand probabilities.1) What is the understocking cost?
- SoundsUp, a local amphitheater is getting ready for the upcoming summer concert season. They want to purchase reusable plastic water bottles to sell to concert attendees. Bottles cannot be reused as they will be customized with that week's artist and date. The expectation for this upcoming concert is an average demand for 3000 bottles with a standard deviation of 600. The bottles sell for $20.00 each and cost SoundsUp $12 per bottle. In the event some bottles are left over after the concert, a local radio station has indicated that they will purchase some of the leftover bottles for $15 per bottle for use in promotions, but they have not committed to any particular number that they will buy. SoundsUp estimates a 5% chance that the radio station will purchase no bottles, a 10% chance they purchase 150, a 40% chance they purchase 175, a 30% chance they purchase 225, and a 15% chance they purchase 275. If SoundsUp has any leftover bottles that are not purchased by the radio station, then…3. Daily demand for tablets of amazon is normally distributed, with a mean of 100 and standard deviation of 30. The tablet supplier takes an average of 15 days to replenish inventory at Amazon. The standard deviation of the supplier lead time is 5 days. Amazon follows a "periodic review policy" with a review period of 30 days. Amazon is targeting a CSL of 98% for its tablet inventory. (a) What is the mean demand during lead time and review period? What is the standard deviation of demand during lead time and review period? (c) What is the safety (b) stock (in units) during lead time and review period?Refer to the slides on buy-back contracts to answer this question. A publisher sells books to Borders at $12 each. The marginal production cost for the publisher is $1 per book. Borders prices the book to its customers at $24 and expects demand over the next two months to be normally distributed, with a mean of $20,000 and a standard deviation of $5000. Borders places a single order with the publisher for delivery at the beginning of the two-month period. Currently, Borders discounts any unsold books at the end of the two months down to $3, and any books that did not sell at full price sell at this price. How many books should Borders order? What is the expected profit? How many books does it expect to sell at a discount? What is the profit that the publisher makes given Borders’ actions? A plan under discussion is for the publisher to refund Borders $5 per book that does not sell during the two-month period. As before, Borders will discount them to $3 and sell any that remain.…
- Implementing Price Strategy is the firm readiness to sell the product which would be effective if given an attractive price strategy listed below: a. Customary pricing is when one price is maintained over an extended period of time. Normally the price of the product will not be easily changed. The entrepreneur must consider the price of the product which is affordable to the majority of buyers. ex. A 1-peso candy. b. Variable pricing is when the price responds to cost fluctuations or differences in demand. The entrepreneur must consider the law of demand and supply. If there are sufficient supplies and few demands, the price will increase and vice versa. c. One-price policy is when the price is charged to all customers buying the product or service under similar conditions. The entrepreneur will set one price for all products available for sale even though they differ in design. d. Flexible pricing is based on the customer's ability to negotiate or buying power of the customer. The…A company is planning to purchase 10,000 units of a particular item in the year ahead. The item is purchased in boxes each containing 10 units of the item, at a price of €400 per box. The cost of holding an item in inventory for a year (including insurance, interest and space costs) is 10% of the purchase price. The cost of placing and receiving orders is to be estimated from cost data collected relating to similar orders, where costs of €7,000 were incurred on 25 orders. It should be assumed that ordering costs change in proportion to the number of orders placed. 5% should be added to the above ordering costs to allow for inflation. Assume that usage of the item will be even over the year. Required: (a) Calculate the economic order quantity (EOQ) in boxes which minimises total costs (b) Outline when and why it is appropriate to use economic batch quantity (EBQ)A chemical company produces a special industrial chemical that is a blend of three chemical ingredients. The beginning-year cost per pound, the ending-year cost per pound, and the blend proportions follow. (Round your answers to the nearest integer.) Cost per Pound ($) Quantity (pounds) Ingredient Beginning Ending per 100 Pounds of Product A 1.50 3.45 25 B 8.75 9.90 15 с 0.99 0.90 70 (a) Compute the price relatives for the three ingredients. Item Price Relative A B C (b) Compute a weighted average of the price relatives to develop a one-year cost index for raw materials used in the product. I = What is your interpretation of this index value? Cost of raw materials is up % for the chemical.