Macmillan Learning Consider the CEO of a company that sells coffee at small free standing shops around the country. The Board of Directors is considering increasing the number of locations in an effort to increase total revenue, ceteris paribus. Use the data to determine if revenue is responsive to the number of locations. Use the midpoint method to calculate percentages. Number of locations Total revenue Calculate the percentage change in locations. 2012 3000 $60 million Calculate the percentage change in total revenue. Based on the CEO's analysis, he reports to the Board that total revenue is inelastic with respect to the number of locations. total revenue is unit elastic with respect to the number of locations. O total revenue is elastic with respect to the number of locations. 2013 3750 $75 million percentage change in total revenue: percentage change in locations: % %

Macmillan Learning Consider the CEO of a company that sells coffee at small free standing shops around the country. The Board of Directors is considering increasing the number of locations in an effort to increase total revenue, ceteris paribus. Use the data to determine if revenue is responsive to the number of locations. Use the midpoint method to calculate percentages. Number of locations Total revenue Calculate the percentage change in locations. 2012 3000 $60 million Calculate the percentage change in total revenue. Based on the CEO's analysis, he reports to the Board that total revenue is inelastic with respect to the number of locations. total revenue is unit elastic with respect to the number of locations. O total revenue is elastic with respect to the number of locations. 2013 3750 $75 million percentage change in total revenue: percentage change in locations: % %

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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 beforethe 10% discount 1.55 million 1.50 million Volume of sales afterthe 10% discount 1.65 million 1.70 million A. Using the midpoint method, calculate the price elasticities of demand for group A and group B. B. Explain how the discount will affect total revenue from each group. C. 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?
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Price ($) 1000 500 300 0 300 500 Supply Demand What is the total cost of producing 300 iPads? 1000 Quantity
MOER The table below shows how supply and demand Price ($/gal) Demand (million of gal.) 1 1.2 790 700 1.4 640 1.6 580 1.95 497 2.2 450 2.4 430 2.6 420 2.8 390 3 360 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): -21.935p² + 207.365p+339.085 Round your answer to 3 decimal places S(p) ● D(p): = 1.53 • Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): 85.561p² - 543.789p + 1236.729 Round your answer to 3 decimal places Video Solve | Sn... of gasoliine vary depending on the price: Supply (million of gal.) 511 550 600 641 660 680 700 720 735 786 605 - • Use the trendlines to find the price…