Explain what is meant by the shadow price in linear programming?
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Explain what is meant by the shadow price in linear programming?
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- If the price elasticity for Hostess cupcakes is 2.5, then a 3% increase in their price will lead to: 6% decline in the quantity of Hostess cupcakes sales. 3% decline in the quantity of Hostess cupcakes sales. 5% decline in the quantity of Hostess cupcakes sales. 7.5% decline in the quantity of Hostess cupcakes sales.The hotels in the town received lead information that there was a huge baseball game coming to town in April. Accordingly, the three properties decided on and implemented the rates to be charged. Rain hotel has been in business for a while and always seeks to have all rooms sold out, hence he charges a reasonable rate. Tourree Resort’s Manager realizes that the game is coming and seeks to maximize on the constrained supply sets a higher rate on the other hand Andulasca Resort positions himself as being competitive and sets what he considers to be a reasonable rate. Each property has 200 rooms Questions What do you think about each property’s approach? Which property do you think received the best revenue? The sale and revenue for each property is outlined as follows: Description Rain Hotel Tourree Resort Andulasca Resort Occupied Rooms 200 78 166 ADR 69 249 149 BAR 69 249 149 Revenue $ 13, 8000…Cheryl Druehl Retailers, Inc., must decide whether to build a small or a large facility at a new location in Fairfax. Demand at the location will either be low or high, with probabilities 0.6 and 0.4, respectively. If Cheryl builds a small facility and demand proves to be high, she then has the option of expanding the facility. If a small facility is built and demand proves to be high, and then the retailer expands the facility, the payoff is $290,000. If a small facility is built and demand proves to be high, but Cheryl then decides not to expand the facility, the payoff is $253,000. If a small facility is built and demand proves to be low, then there is no option to expand and the payoff is $220,000. If a large facility is built and demand proves to be low, Cheryl then has the option of stimulating demand through local advertising. If she does not exercise this option, then the payoff is $35,000. If she does exercise the advertising option, then the response to advertising will…
- a premier league football club estimates that whilst the price elasticity of demand for its first-team fixtures is (-)0.3, for second-team games the corresponding elasticity is (-)2 2. provide an explanation for this difference in elasticities and advice the club how this might influence its pricing strategy.Central State College (CSC) is a state-supported college with a large business school. The business school offers an undergraduate degree and training programs for a local manufacturer. The state does not support the training programs, which are paid for by the manufacturer under a fixed-price contract. The college president has asked the dean of the business school for a breakdown of costs by program. The president will be meeting with state legislators asking for an increase in support for the college's programs. The dean has assigned you to lead the team that will develop the costs by program. The business school's computer lab is a major cost item. The lab is used during the day for the undergraduate program and in the evening for the training program. Required a. How will you recommend that the cost of the computer lab be allocated to the two programs? Be explicit in your description of the allocation base. b. The dean tells you that the training program should not be allocated…I am taking in at my optimal bundle, and suddenly I get free goods of 2 good a, will I benefit from the free gift? Why so?
- this type of market is created by the introduction of the first product into a new market and is therefore more difficult to set prices:Please and the question in the image below:Acadia Logistics anticipates that it will need more distribution center space to accommodate what it believes will be a significant increase in demand for its final-mile services. Acadia could either lease public warehouse space to cover all levels of demand or construct its own distribution center to meet a specified level of demand, and then use public warehousing to cover the rest. The yearly cost of building and operating its own facility, including the amortized cost of construction, is $15.00 per square foot. The yearly cost of leasing public warehouse space is $24.50 per square foot. E Click the icon to view the expected demand requirements. a. The expected value of leasing public warehouse space as required by demand is S (Enter your response as a whole number.) More Info Requirements (in sq. ft) Probability 230,000 430,000 630,000 830,000 0.35 0.4 0.2 0.05 Print Done
- Jasmine owns 12 apartment buildings in a college town, which it rents exclusively to students. Each apartment building contains 120 rental units, but the owner is having cash flow problems due to an average vacancy rate of nearly 50 percent. The apartments in each building have comparable floor plans, but some buildings are closer to campus than others. Jasmine’s accumulated data from last year on the number of apartments rented, the rental price (in dollars), and the amount spent on advertising (in hundreds of dollars) at each of the 12 apartments are available below. These data, along with the distance (in miles) from each apartment building to campus, are presented below. Jasmine is looking for expert advice on the available data to inform administrative and business policy. By applying this scenario, help her regress the quantity demanded of her apartments on price, advertising, and distance datasets by using Excel or SPSS. Observation or (Number of Apartments) Quantity…PROBLEM 8 Jim Huang and Roderick Wheeler were sales representatives in a computer store at a shopping mall in Arlington, Virginia, when they got the idea of going into business in the burgeoning and highly competitive microcomputer market. Jim went to Taiwan over the summer to visit relatives and made a contact with a new firm producing display monitors for microcomputers, which was looking for an East Coast distributor in America. Jim made a tentative deal with the firm to supply a maximum of 500 monitors per month and called Rod to see if he could find a building they could operate out of and some potential customers. Rod went to work. The first thing he did was send bids to several universities in Maryland, Virginia, and Pennsylvania for contracts as an authorized vendor for monitors at the schools. Next, he started looking for a facility to operate from. Jim and his operation would provide minor physical modifications to the monitors, including some labeling,…