In a survey of the dining preferences of 110 dormitory students at the end of the spring semester, the following facts were discovered about Adam's Lunch AL, Pizza Tower PT, and the Dining Hall DH. 23 liked AL but not PT 19 liked AL only 42 liked AL 60 liked PT 34 liked DH 14 liked PT and AL but not DH 29 liked PT and DH
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- 5. 24.A large Coca-Cola vendor recently hired some economic analysts to assess the effect of a price increase in its 16-ounce bottles from $1.00 to $2.00. The analysts determined that, on average, the vendor's customers spend about $15.00 on soda (Coke and all other brands) each week, and the average price for other 16- ounce soda bottles is $1.00. The analysts also utilized some focus groups to determine the preferences of the vendor's customers. They used this analysis to build the following graph: Bottles of Budget line with price of $1.00 Other Soda Budget line with price of $2.00 Bottles of Coke Suppose Xo = 9 and X1 = 7. Should the vendor expect to sell 7, more than 7, or less than 7 bottles of Coke after raising the price to $2.00 if Coke is a normal good?2 8 Macmillan Learning (Figure: Coats and Sweaters II) What is the marginal rate of substitution between points A and B? Winter coats 10 69 A 8 7 B 6 5 4 3 2 1 0 Wool 1 2 3 4 5 6 7 8 9 10 11 12 sweatersKroger, the country's leading grocery-only chain, added a line of private latbel organic and natural foods call Simple Truth to its stores. If you've priced organic foods, you know they are more expensive. For example, a dozen conventionally farmed Grade-A eggs at Kroger costs consumers $1.5, whereas Simple Truth eggs are priced at $3.5 per dozen. One study found that, overall, the average price of organic foods is 85 percent more than that of conventional foods. However, if prices get too high, consumers will not purchase the organic options. One element of sustainability is organic farming, which costs much more than conventional farming, and those higher costs are passed on to consumers. Suppose that a conventional egg farmer's average fixed costs per year for conventionally-farmed eggs are $1 milion per year, but an organic egg farmer's fixed costs are four times that amount. Further assume that the organic farmer's variable costs of $2.7 per dozen are three times as much as…
- According to a researcher at the FDA, vegan foods are “the way if the future”. Morepersons have become health conscious and are looking for foods which will fit thislifestyle. One such food is the Beyond Burger, a plant-based alternative to beef. Notably,despite strong demand for beef burgers, the supply chain has seen a host of disruptionsthat are preventing producers from getting their products to market.Beyond Burger’s sales in Canada totaled $3.0 billion at the end of 2021, accounting for20% of all retail sales of burger patties (meat used in burgers), and 40% of the largermarket for vegan foods. By the end of 2025, sales of Beyond Burgers are projected to makeup 40% of all burger sales.i. Illustrate and explain the effect of the increased use of Beyond Burgers on (i) theburger patties market and (ii) the vegan market.The following scenario examines the relationship between marginal and average values. Suppose Jelani is a high school basketball player. The following table presents their game-by-game results for foul shots. Fill in the columns with Jelani's foul-shooting percentage for each game and their overall foul-shooting average after each game. Game Result Total Game Foul-Shooting Percentage Average Foul-Shooting Percentage Game 1 8/10 80 2 14/20 3 15/25 4 18/30 5 26/40 FREE-THROW PERCENTAGE On the following graph, use the orange points (square symbol) to plot Jelani's foul-shooting percentage for each game individually, and use the green points (triangle symbol) to plot Jelani's overall average foul-shooting percentage after each game. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 100 90 80 70 60 50 40 30 20 10 0 8/10 6/10 1/5 3/5 8/10 0 2 GAME 3 80 4 5 Game Foul-Shooting Percentage Average Foul-Shooting…Assume that a retailer sells 1000 six packs of Pepsi per day at at $3./6pk. You, as an economic analysis , estimate that the cross price elastcity between pepsi and coca cola is 0.4. If the retailer raises the price of coca cola by 10%, how would sales of pepsi be affected, ceteris paribus, why
- The MacDonald sells two popular packages of breakfast all day long: Mac A and Mac B. The sales of these products are not independent of each other (in economics, we call these substitutable products, because if the price of one increases, sales of the other will increase). The store wishes to establish a pricing policy to maximize revenue from these products. A study of price and sales data shows the following relationships between the quantity sold (Q) and prices (P ) of each model: QA = 20 - 0.62PA + 0.3PBQB = 29 + 0.1PA - 0.6PBi . Construct a model for the total revenue and implement it on a spreadsheet. b. Develop a two-way data table to estimate the optimal prices for each product in order to maximize the total revenue. c. Use "Solver" to find the optimal prices.Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A Group B (sales per week) (sales per week) Volume of sales before the 10% discount 1.55 million 1.50 million Volume of sales after the 10% discount 1.65 million 1.70 million Suppose Nile.com knows which group each customer belongs to when he or she logs on and can choose whether or not to offer the 10% discount. If Nile.com wants to increase its total revenue, should discounts be offered to group A or to group B, to neither group, or to both groups?Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A Group B (sales per week) (sales per week) Volume of sales before the 10% discount 1.55 million 1.50 million Volume of sales after the 10% discount 1.65 million 1.70 million Using the midpoint method, calculate the price elasticities of demand for group A and group B. Explain how the discount will affect total revenue from each group.
- Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A Group B (sales per week) (sales per week) Volume of sales before the 10% discount 1.55 million 1.50 million Volume of sales after the 10% discount 1.65 million 1.70 million Using the midpoint method, calculate the price elasticities of demand for group A and group B. Explain how the discount will affect total revenue from each group. Suppose Nile.com knows which group each customer belongs to when he or she logs on and can choose whether or not to offer the 10% discount. If Nile.com wants to…Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A Group B (sales per week) (sales per week) Volume of sales before the 10% discount 1.55 million 1.50 million Volume of sales after the 10% discount 1.65 million 1.70 million Using the midpoint method, calculate the price elasticities of demand for group A and group B.Walmart recently asked Mondelez, owner of Oreos to bring back a new-and-improved version of its 1990's cereal, Oreo O's. By studying social media comments, Walmart discovered a preference for cereal to address late-night snacking. What should Walmart measure during the initial 90-day relaunch, exclusive to its stores? At what level should it measure, and why?