All Tutorials will be E-mailed immediately (automatically) after the Payment and can also be Downloaded by clicking on Tutorial Bucket.
Please Check your Spam Email if you do not get the Tutorial.
Click Here to Submit New Syllabus (If course has changed or if you need help with any other course)
Shopping Cart
Your shopping cart is empty!
BUS 640 Week 2 Consumer Demand Analysis and Estimation Applied Problems (New)
$9.00

BUS 640 Week 2 Consumer Demand Analysis and Estimation Applied Problems (New)

This Tutorial was purchased 99 times & rated A by student like you.

 

This Tutorial contains following Attachments

  • BUS 640 new Week 2 Consumer Demand Analysis and Estimation Applied Problems.docx

Week 2 Assignment 

Consumer Demand Analysis and Estimation Applied Problems

Please complete the following two applied problems:

Problem 1:

Patricia is researching venues for a restaurant business. She is evaluating three major attributes that she considers important in her choice: taste, location, and price. The value she places on each attribute, however, differs according to what type of restaurant she is going to start. If she opens a restaurant in a suburban area of Los Angeles, then taste is the most important attribute, three times as important as location, and two times as important as price. If she opens a restaurant in the Los Angeles metropolitan area, then location becomes three times as important as taste and two times as important as price. She is considering two venues, respectively, a steak restaurant and a pizza restaurant, both of which are priced the same. She has rated each attribute on a scale of 1 to 100 for each of the two different types of restaurants.

 

Attribute

Steak Restaurant

Pizza  Restaurant

Taste

80

70

Location

55

80

Price

65

50

 



Show all of your calculations and processes. Describe your answer for each question in complete sentences.

  1. Which of the two options should Patricia pursue if she wants to open a restaurant in a suburban area of Los Angeles? Calculate the total expected utility from each restaurant option and compare. Graph is not required. Describe your answer, and show your calculations.
  2. Which of the two options should she pick if she plans to open a restaurant in the Los Angeles metropolitan area? Describe your answer, and show your calculations.
  3. Which option should she pursue if the probability of finding a restaurant venue in a suburban area can be reliably estimated as 0.7 and in a metropolitan area as 0.3? Describe your reasoning and show your calculations.
  4. Provide a description of a scenario in which this kind of decision between two choices, based on weighing their underlying attributes, applies in the “real-world” business setting. Furthermore, what are the benefits and drawbacks, if any, to this method of decision making?



Problem 2:

The demand function for Newton’s Donuts has been estimated as follows:

Qx = -14 – 54Px + 45Py + 0.62Ax

where Qx represents thousands of donuts; Px is the price per donut; Py is the average price per donut of other brands of donuts; and Ax represents thousands of dollars spent on advertising Newton’s Donuts. The current values of the independent variables are Ax=120, Px=0.95, and Py=0.64.

Show all of your calculations and processes. Describe your answer for each question in complete sentences, whenever it is necessary.

  1. Calculate the price elasticity of demand for Newton’s Donuts and describe what it means. Describe your answer and show your calculations.
  2. Derive an expression for the inverse demand curve for Newton’s Donuts. Describe your answer and show your calculations.
  3. If the cost of producing Newton’s Donuts is constant at $0.15 per donut, should they reduce the price and thereafter, sell more donuts (assuming profit maximization is the company’s goal)?
  4. Should Newton’s Donuts spend more on advertising? 

Write a review

Order Id


Order Id will be kept Confidential
Your Name:


Your Review:
Rating:   A   B   C   D   F  

Enter the code in the box below:



Related Tutorials
$12.00

This Tutorial was purchased 31 times & rated A+ by student like you.

We have another set of final paper based on walmart which could be found on this link   http://www.bus640.com/product-24-BUS-640-Week-6-Final-Paper-(Wal-mart)   Focus of the Final Paper  Research a specific company of your choice and identify some of the manager..
$3.00

This Tutorial was purchased 17 times & rated No rating by student like you.

Sustainable Competitive Advantage. Describe the circumstances under which a firm chooses a low-cost strategy to attain sustainable competitive advantage. What about the situations when a differentiation strategy is chosen? Provide specific real world examples.   ..
$3.00

This Tutorial was purchased 32 times & rated No rating by student like you.

Game Theory and Strategic Behavior. Suppose that GE is trying to prevent Maytag from entering the market for high efficiency clothes dryers. Even though high efficiency dryers are more costly to produce, they are also more profitable as they command sufficiently higher prices from consumers. The ..
$3.00

This Tutorial was purchased 18 times & rated No rating by student like you.

New Product Introduction. Bayer Schering Pharma AG, Germany owns the Alka-Seltzer, which was launched in 1931 and was meant for relief of minor aches, pains, inflammation, fever, headache, heartburn, sour stomach, indigestion, and hangovers. The Alka-Seltzer Plus was a spin-off of the original me..
$3.00

This Tutorial was purchased 13 times & rated No rating by student like you.

Good Will in Price Bidding. Sometimes, a bidder on a work contract may bid lower than what would maximize his/her profit from the contract and the reason for that is to create goodwill (to increase expected future business from the buyer). How would you value the goodwill that is obtained in this..
$8.00

This Tutorial was purchased 19 times & rated A by student like you.

BUS 640 Week 4 Journal  Economics in News ..
$3.00

This Tutorial was purchased 12 times & rated No rating by student like you.

Local Market Power. Bulls Eye department store specializes in the sales of discounted clothing, shoes, household items, etc. similar to the offerings at a regular Walmart or Target. Bulls Eye is the only department store in Show Low and the nearest other discount retailer is Target, located 49 mi..
$3.00

This Tutorial was purchased 11 times & rated No rating by student like you.

Strategic Behavior Oligopolies. An interesting example of strategic behavior comes from a 1997 article about Microsoft’s investment in Apple (New Straits Times, 1997). The article is included in the Required Readings list. Facing tough anti-trust scrutiny from government agencies, Microsoft provi..
$3.00

This Tutorial was purchased 10 times & rated No rating by student like you.

Contribution Analysis. Explain what is meant by “contribution analysis”. Carefully define the term and provide examples to illustrate it.   ..
$3.00

This Tutorial was purchased 11 times & rated No rating by student like you.

Relevant Costs. Two partners own together a small landscaping business in North Carolina, called Summer Lawn Care. They have been specializing in summer grass seeding, installation, and maintenance. Recently, the partners acquired special technology and know-how for winter grass installations and..
$3.00

This Tutorial was purchased 11 times & rated B+ by student like you.

Demand Elasticity. Please, read the article Hainer, R. (2010), provided in the required readings section for this week. The tobacco industry is a prime example to consider when talking about price elasticity of demand. While nicotine use can be addictive for many users, it is not addictive for th..
$3.00

This Tutorial was purchased 7 times & rated No rating by student like you.

Marginal Rate of Substitution. What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate   ..
$3.00

This Tutorial was purchased 10 times & rated No rating by student like you.

Decision Making Under Uncertainty. To save on gasoline expenses, Edith and Mathew agreed to carpool together for traveling to and from work. Edith preferred to travel on I-20 highway as it was usually the fastest, taking 25 minutes in the absence of traffic delays. Mathew pointed out that traffic..
$1.50

This Tutorial was purchased 5 times & rated B+ by student like you.

Firm Objectives. Why do some business firms pursue a triple-bottom-line outcome while others focus only on profit maximization? Please, use a real company example to illustrate your points   ..
$50.00

This Tutorial was purchased 67 times & rated A+ by student like you.

BUS 640 Week 1 DQ 1 Firm Objectives BUS 640 Week 1 DQ 2 Decision Making Under Uncertainty BUS 640 Week 1 Economics of Risk and Uncertainty Applied Problems BUS 640 Week 1 Economics of Risk and Uncertainty Applied Problems (New) BUS 640 Week 2 DQ 1 Marginal Rate of Substitution BUS 640..
$45.00

This Tutorial was purchased 55 times & rated A+ by student like you.

Week 1 Problem 1:  A generous university benefactor has agreed to donate a large amount of money for student scholarships. The money can be provided in one lump sum of $12 million in Year 0 (the current year), or in parts, in which $7 million can be provided at the end of Year 1, and a..
$12.00

This Tutorial was purchased 41 times & rated A+ by student like you.

We have another set of Final Paper based on Apple company, it could be found on this link   http://www.bus640.com/product-3-BUS-640-Week-6-Final-Paper-Managerial-Decision-Making   BUS640 Week 6 Paper(Wal-Mart) Managerial Decision Making Research and Analysis Resear..
$9.00

This Tutorial was purchased 113 times & rated A by student like you.

Week 5 Assignment Price Quotes and Pricing Decisions Applied Problems Please complete the following two applied problems: Problem 1: Jessica Alba, a famous actress, starts the baby and family products business, The Honest Company, with Christopher Gavigan. Alba and Gavigan..
$9.00

This Tutorial was purchased 140 times & rated A by student like you.

Market Structures and Pricing Decisions Applied Problems. Please complete the following two applied problems: Problem 1: Robert’s New Way Vacuum Cleaner Company is a newly started small business that produces vacuum cleaners and belongs to a monopolistically competitive market. Its ..
$9.00

This Tutorial was purchased 116 times & rated A by student like you.

Production Cost Analysis and Estimation Applied Problems Please complete the following two applied problems: Problem 1: William is the owner of a small pizza shop and is thinking of increasing products and lowering costs. William’s pizza shop owns four ovens and the cost of th..
$9.00

This Tutorial was purchased 99 times & rated A by student like you.

Week 2 Assignment  Consumer Demand Analysis and Estimation Applied Problems Please complete the following two applied problems: Problem 1: Patricia is researching venues for a restaurant business. She is evaluating three major attributes that she considers important in he..
$9.00

This Tutorial was purchased 62 times & rated A by student like you.

BUS640 week 1 Assignment Problem 1:  A generous university benefactor has agreed to donate a large amount of money for student scholarships. The money can be provided in one lump sum of $12 million in Year 0 (the current year), or in parts, in which $7 million can be provided at the en..
Tags:
bus640 © 2018 All Rights Reserved.Powered by:Webzindagi