4. An economic consultant provides a firm's marketing manager with the following estimate of the demand function for the firm's product: Qx = 1240 – 3.13Px – 0.611P, + 2.01M + 0.30A, Px = the price of the firm's product per unit; Py = the price of another good per unit; M = money income for the average consumer, Ax = advertising costs for the firm's product. The demand function shown above indicates that: A. The firm's good (X) and the other good (Y) are substitutes and that X is an inferior good B. The firm's good (X) and the other good (Y) are complements and that X is an inferior good C. The firm's good (X) and the other good (Y) are substitutes and that X is a normal good D. The firm's good (X) and the other good (Y) are complements and that X is a normal good

What term describes the decrease in general satisfaction a person gets from consuming. each additional unit of a product? A) Consumer Surplus B) Marginal Utility C) Marginal Cost D) Diminishing Returns

P Suppose ABC Corp. spends $300,000 per year on some basic level of advertising, regardless of its revenues. In addition, the company spends 15 percent of each dollar of revenue on extra advertising. Write a mathematical equation that describes the functional relation between advertising (A) and revenue (R). A= (Enter your response as an expression.) W S X d # 3 80, E D C $ 4 888 F4 R F % 5 V S T G ^ 6 B MacBook Air Y H & 7 N U J * 8 FB D - ( 9 M K FO O FP do ) 0 L F10 Clear all P command . FI { Check answer = alt option Y delete

An industrial firm makes two products, A and B. These products require water resources where they are very scarce. The products they make are unique, and hence they can set the unit price of each product at any value they want to. However, experience tells them that the higher the unit price for a product, the less amount of that product they will sell. The relationship between the unit price and quantity that can be sold is given by the following two demand functions: Assume for simplicity that the unit price for product A is (16 - A) and for product B is (18-2.5B). Suppose the total amount of A and B could not exceed the total amount of Tmax. Where Tmax = 10. Please use "Lagrange Multiplier" method to determine what are the amounts of A and B, and their unit prices, that maximize total revenue (Set the marginal increments at 1).

The inverse demand for organic dog food is given by P1 = 24 - 2Q1, and the inverse demand for conventional dog food is given by P2 = 12 - Q2, where P is the price of dog food in USD/lb, and Q is the quantity of dog food in thousand pounds. The cost of producing dog food is C(Q) = 2Q. %3D The profit-maximizing quantity of organic dog food is equal to (1000s): O 6 5.5 O 2

The inverse demand curve facing a resort hotel is during the low season and PL = 100-Q₁ PH = 350 – QH during the high season. The resort's marginal cost is $50 per night in cleaning costs for the room and general maintenance and administration. The resort only has 75 rooms. What is the resort's profit- maximizing peak-load pricing strategy? Illustrate the solution in a diagram. 1.) Using the point drawing tool, indicate the profit-maximizing price during the low season. Label this point 'e' 2.) Using the point drawing tool, indicate the profit-maximizing price during the high season. Label this point 'eH Carefully follow the instructions above, and only draw the required objects. p. $ per night 69 400- 350- 300- 250- 200- a 150- 100- 50- 0- 0 MR D MRH 50 100 150 200 250 300 Q, Rooms per night MG DH 350 400 Q ON

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The demand for brownie dishes is q(p)=361,201-(p+1)^2 where q is the number of dishes they can sell each month at a price of p cents. Use this function to determine a) the number of dishes they can sell each month if the price is 50 cents, b)the number of dishes they can unload each month if they give them away, and c)the lowest price at which they will be unable to sell any dishes

Suppose your firm owns a retirement development that is composed of a gated housing community and a championship level private golf course designed to appeal to retirees that are avid golfers. The development is somewhat isolated and there are no other golf courses within easy driving distance. Obviously, one of the main revenue sources for your company is golf course operations. Suppose the annual individual demand for avid golfers is represented by the following inverse demand function (Q is in annual rounds played): P=100-1.250 Most of the cost to maintain the golf course is fixed in the sense that it is not related to the number of rounds played. Your firm has estimated that the variable cost per round is the result of the cost of leasing and maintaining golf carts and is $20 per round. That is, the variable cost function is: VC (Q) = 200 a. If your firm decides to charge a single price per round of golf, what price should it charge and how many rounds of golf can you expect an…

Parts B and C