umer demand curve for Professor Stefan Schwarzenegger's dumbbells is given by q = (84 – 2p)², where p is the price per dumbbell, and q is r Schwarzenegger should charge for his dumbbells to maximize revenue. (Round your answer to the nearest cent.) %3D
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- ABC Co, a store that sells various types of sports clothing and other sports items, is planning to introduce a new design of Arizona Diamondbacks’ baseball caps. A consultant has estimated the demand curve to be Q = 2,000 - 100P where Q is cap sales and P is price. How many caps could ABC sell at $6 each? How much would the price have to be to sell 1,800 caps? Suppose ABC were to use the caps as a promotion. How many caps could ABC give away free? At what price would no caps be sold? Calculate the point price elasticity of demand at a price of $6.In the Current Events article, it mentioned how DoorDash is trying to increase its amount of subscription users (DashPass). The price for DashPass is $10 per month. Assume the demand for regular DoorDash deliveries (non-subscription) is: P = 20 - 0.04Q where P is the delivery fee on the order. Assume the goal of the company is to maximize combined revenue from both regular deliveries (delivery fees) and the subscription fees (DashPass). A different manager suggest pricing the deliveries at $14 per delivery. Which of the following actions would you select as a manager? Group of answer choices Advise that it should be a $10 fee per delivery Advise that the$14 delivery fee is too low Advise that it should be a $20 fee per delivery Agree that $14 per delivery is optimal in this situationGeorge has been selling 7,000 T-shirts per month for $7.00. When he increased the price to $9.00, he sold only 6,000 T-shirts. Which of the following best approximates the price elasticity of demand? -0.6769 -0.6154 -0.3077 -0.5538 Suppose George's marginal cost is $4 per shirt. Before the price change, George's initial price markup over marginal cost was approximately . George's desired markup is . Since George's initial markup, or actual margin, was than his desired margin, raising the price was
- Jeong's uncompensated demand for gizmos is given by Q = 30 - 2p. Jeong's inverse demand function is 15-0.5Q 30-2Q -2 30-2pWal-Mart charges $20 for the new Ghostbusters DVD and sells 400 copies per month. Then they reduce their price to $18, and sell 500 per month. Assuming a linear demand curve, find the optimal price to charge if the goal is to maximize revenue. (Note: the price does not necessarily have to be $20 or $18.) Show your work/thought processJoe Smiley buys his mobile phone services from Sprint, the sole provider in his state of Wyoming. Sprint offers the following pricing plans: a fee of 10 dollars per month and 50 minutes of free calls per month or a fee of 20 dollars per month and 100 minutes of free calls. Under both plans the price of additional calls is 25 cents per minute.Joe Smiley's demand curve for mobile phone services is P=100 - 0.5Q where P is measured in cents/minute and Q is measured in minutes per month. a) suppose Joe Smiley subscribes to the first plan (10 dollar fee and 50 free minutes) (i) how much calling time would he consume? (ii) what would be his total benefit? What would be his surplus? b) suppose Joe Smiley subscribes to the second plan (20 dollar fee and 100 free minutes) (i) how much calling time would he consume? (ii) what would be his total benefit? What would be his surplus? c) which plan would Joe Smiley choose? He will choose plan (b) because it maximizes his surplus
- Practice #6 Francine is a a dental floss tycoon living in Montana. She faces the following demand curve for her product: Price ( in $/unit) Quantity demanded 2.50 1000 2.20 2000 1.90 3000 1.60 4000 1.30 5000 1.00 6000 .70 7000 .40 8000 Francine has been told by her brother, who is currently taking a marketing class, that if she lowers her price by one increment(for example; changing price from .70 to .40, she will capture market share and increase total revenue. All of her advisors within the company have assured Francine that her brother's advice may be correct, BUT the above demand curve will not change. Assume that Francine knows the above demand curve will not change and is also considering her brother's advice. The prices can only change in…14. The only DVD rental club available to you charges $4 per movie per day. If your demand curve for movie rentals is given by P = 20 – 2Q, where P is the rental price ($/day) and Q is the quantity demanded (movies per year), what is the annual maximum fee you would be willing to pay to join the club?Suppose you are the marketing manager for Fruit of the Loom. An individual's inverse demand for Fruit of the Loom women's underwear is estimated to be P = 25 − 3Q (in cents). If the cost to Fruit of the Loom to produce an item of women's underwear is C(Q) = 1 + 4Q (in cents), compute the price Fruit of the Loom should charge for a package of women's underwear. $108.50 $1.09 $1.02 $136.50
- Q2. Your brother is considering two cell phone providers i.e. UFONE and MOBILINK. UFONE charges Rs.520 (super card) per month for the service regardless of the number of phone calls made. MOBILINK does not have a fixed service fee but instead charges Rs. 1 per minute for calls. Your brother's monthly demand for minutes of calling is given by the equation Q = 150 - 50P, where P is the price of a minute a. With each service provider, what is the cost to your brother of an extra minute on the phone? b. In light of your answer to (a) part, how many minutes would your brother talk on the phone with each service provider? c. How much would he end up paying each provider every month?Joe Smiley buys his mobile phone services from Sprint, the sole provider in his state of Wyoming. Sprint offers the following pricing plans: a fee of 10 dollars per month and 50 minutes of free calls per monthor a fee of 20 dollars per month and 100 minutes of free calls. Under both plans the price of additional calls is 25 cents per minute. Joe Smiley's demand curve for mobile phone services is P=100 - 0.5Q where P is measured in cents/minute and Q is measured in minutes per month. Answer the following questions: a) suppose Joe Smiley subscribes to the first plan (10 dollar fee and 50 free minutes)(i) how much calling time would he consume? (ii) what would be his total benefit? What would be his surplus? b) suppose Joe Smiley subscribes to the second plan (20 dollar fee and 100 free…Joe has just moved to a small town with only one golf course, the Northlands Golf Club. His inverse demand function is p=140-2q, where q is the number of rounds of golf that he plays per year. The manager of the Northlands Club negotiates separately with each person who joins the club and can therefore charge individual prices. This manager has a good. idea of what Joe's demand curve is and offers Joe a special deal, where Joe pays an annual membership fee and can play as many rounds as he wants at $20, which is the marginal cost his round imposes on the Club. Joe marries Susan, who is also an enthusiastic golfer. Susan wants to join the Northlands Club. The manager believes that Susan's inverse demand curve is p=120-2q. The manager has a policy of offering each member of a married couple the same two-part prices, so he offers them both a new deal. What two-part pricing deal maximizes the club's profit? Will this new pricing have a higher or lower access fee than in Joe's original…