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- SOLVE STEP BY STEP DONT USE CHATGPT In a market, a supply and demand table is presented for a product. Assume that your relationship is linear Price in dollars (P) 300 350 400 450 Quantity (Q) Weekly Offered (O) 1000 2000 3000 4000 Quantity (Q) Weekly Respondent (D) 3000 2500 2000 1000 Find the linear supply and demand functions for this product Find the market equilibrium pointSituation: Lettuces and strawberries have almost doubled in price, and the produce rep says this will likely be the case for a few months until the market can recover. What are you likely to see over the next one to two months as far as food cost?1. Explain the decisions taken for an individual product.
- The marketing mix does NOT include which of the following?Choose one answer.a. Product b. Promotion c. Delivery of the product d. Social classYou are the product development manager of a company that is going to launch a new detergent against its competitors Ariel, Surf excel and Brite. How will you segment your product mention the classification & explain.PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 0 Demand + 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Oceans's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from DSM to ACY (Dollars per roundtrip) Room Rate at Meadows (Dollars per night) 300 200 40 200 rooms per night to ,hotel rooms at the Oceans and hotel rooms at the Meadows are 200 For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $300 per room per night. If average household income increases by 50%, from $40,000 to $60,000 per year, the quantity of rooms demanded at the Oceans rooms per night to rooms per night. Therefore, the income elasticity of demand is Oceans are ? from meaning that hotel rooms at the If the price of a room at the Meadows were to decrease by 20%, from $200 to $160,…
- 2. please read instructions. show work. use graph. label. thank youQuestion 3 A local firm produces three types of pizza, for delivery to homes in the area. The owners have completed research, to discover the demand curves for each of the three pizzas. The schedules are shown below: (Quantities are per week). Pric Pizza A Pizza B Pizza C e (Qd) (Qd) (Qd) 12 800 100 11 840 200 10 880 400 300 9. 920 800 400 960 1200 500 7 1000 1600 600 1040 2000 700 5 1080 2400 800 Plot the three demand curves, on one graph.Calculate PED for all three pizzas over the price increases from £9 to £10. For pizza C only, what price must be charged if the firm wishes to maximize its sales revenue? (Hint: more elastic demand will affect the revenue adversely).PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 0 Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Big Winner's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from LAX to LAS (Dollars per roundtrip) Room Rate at Lucky (Dollars per night) 200 300 40 250 250 For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Big Winner is charging $200 per room per night. If average household income increases by 25%, from $40,000 to $50,000 per year, the quantity of rooms demanded at the Big Winner from rooms per night to rooms per night. Therefore, the income elasticity of demand is , meaning that hotel rooms at the Big Winner are If the price of a room at the Lucky were to decrease by 20%, from $250 to $200, while all other demand factors remain at their initial values, the quantity…
- One of the main objectives for firms is profit maximization. (a) Explain, using diagrams, how price-setting firms choose the quantity and price that maximise their profits. (b) Compare your answer to part (a) with the profit maximization process in a price-taking firm. E Please select file(s) Select file(s)QUESTION 1 Demand equation for a product is P = 100 – 0.01Q and the total cost is TC = 50Q + 10000 - (a). Write down the equation for the total revenue. (b). Write down the equation for the profit. (c). Find the value of Q when the firm breaks even. (d). Determine the maximum profit and the value of output (Q) at which profit is maximum.Answer correctly and explain it within 40 mins will give you positive feedback