Consider the following information for restaurant pricing to three different group of customers: Reservation Price (TL) Group 1 Group 2 Group 3 Appetizer 5 6 0 Dinner 10 8 10 5 Dessert 0 6 5 2 Calculate separate, pure bundling and mixed bundling pricing strategies and the relevant profits in each strategy? Marginal Cost (TL) 3
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- Explain the methods used toallocate the integratedmarketing communications(IMC) budget.Homework (Ch 05) The following graph shows the daily demand curve for bikes in Miami. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. ? 300 275 250 225 200 175 150 A 125 100 75 50 25 77°F Sunny PRICE (Dollars per bike) B Demand a Total Revenue 21 St(a) The reason firm's use non-linear pricing is to increase the firm's sales increase the firm's revenue change the consumer's preferences o reduce the firm's costs
- Explain the type of pricing strategy that you as the manager of a company would implementfor Good X and Good Y with the following price elasticity of demand co efficients. Usediagrams to motivate your answer.a). Good X: 2.3 b). Good Y: 0.66. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 2 Total Revenue PRICE (Dollars per bike) 88NR S 89 88 89 O 300 275 18 27 35 45 54 53 72 QUANTITY (Bikes) 91 Demand 90 99 108Creative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned. however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(I) the concept of elasticity of demand, (2) why raisingprices without undetstanding the elasticity would bea bad move. (3) your recommendations for measurement. and (4) the potential impact on profits for elasticand inelastic demand
- If Omer has sport hall for adults and children. The currently price per ticket is OR 5 for everyone (adults and children). His friend Ali who studied economics course in CCBA advises him that there may be another way of increasing your total revenue. Given the demand curves (adult demand and child demand) shown, Adult Demand Child Demand Price Price $10 $10 8. 7 7 6 5 4 3 3 2 1 1 10 20 30 40 50 60 70 80 90 100 Quantity 10 15 20 25 30 35 40 45 50 Quantity Answer the following questions from the above two curves. a. What is Omer's current total revenue for both groups (adults and children)? b. Which market has the more inelastic demand? d. Given the graphs and what your friend knows about economics, he recommends you increase the price of adult's ticket to $8 and lower the price of a child's ticket to $3. How much could you increase total revenue if you take his advice?Creative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned, however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(1) the concept of elasticity of demand, (2) why raisingprices without understanding the elasticity would bea bad move, (3) your recommendations for measurement, and (4) the potential impact on profits for elasticand inelastic demandCharging a price to different groups depending on their different demand elasticities is described as ... Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a b C Write your response here... d e Question 9 1st Deg Price Discrimination 2nd Deg Price Discrimination 3rd Deg Price Discrimination 2-part pricing Bundling
- Identify atleast 2 pricing strategy being implemented by: 1. Agusan del Norte Electric Cooperative (ANECO) 2. Holcim 3. Mitsubishi 4. Pizza Hut 5. Cebuana Lhullier Support your answer.MIcro: The company “Mike Broonie” operates in the market of monopolistic competition. Just now, the company weekly produces and sells 100 units of pillows for £12 each. The average total cost to produce the pillows doesn’t depend on the output, being £10 per unit. Having evaluated the price elasticity of demand for its product, the company concluded that demand is inelastic at the moment. a. What indicator characterizes the price elasticity of demand? What formula (or formulas) one can use to calculate this indicator? Choose any number for this indicator that, under the conditions specified in the case, could characterize the price elasticity of demand for the company “Mike Broonie”. b. Imagine that the owner of the company wants to increase the price of the company’s product. How will it affect sales, revenue, and profit (will each of these indicators increase, decrease, or remain the same)? Give here theoretically substantiated forecast. To increase the number of points…What are the factors affecting pricing in Hospitality Industry?