Problem 2: Elasticity and Pricing Suppose the number of firms you compete with has recently increased. You estimated that as a result of the increased competition, the demand elasticity has increased from -2 to -3, i.e., you face more elastic demand. You are currently charging $10 for your product. What is the price that you should charge, if demand elasticity is -3?
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Problem 2: Elasticity and Pricing Suppose the number of firms you compete with has recently increased. You estimated that as a result of the increased competition, the demand elasticity has increased from -2 to -3, i.e., you face more elastic demand. You are currently charging $10 for your product. What is the price that you should charge, if demand elasticity is -3?
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- This is the question. I am unsure how to begin on - Acme Parts runs a small factory and employs workers who are paid one of three hourly rates depending on their shift: first shift, $17 per hour; second shift, $18.50 per hour; third shift, $22 per hour. Each factory worker might work any number of hours per week; any hours greater than 40 are paid at one and one-half times the usual rate. In addition, second- and third-shift workers can elect to participate in the retirement plan for which 3% of the worker’s gross pay is deducted from the paychecks. Write a program that prompts the user for hours worked, shift, and, if the shift is 2 or 3, whether the worker elects the retirement (1 for yes, 2 for no). Display: Hours worked Shift Hourly pay rate Regular pay Overtime pay Total of regular and overtime pay Retirement deduction, if any Net pay. This is the way the code starts - import java.util.*; public class AcmePay { public static void main(String[] args) throws Exception {…3 Lindon Company is the exclusive distributor for an automotive product that sells for $22.00 per unit and has a CM ratio of 30%. The company's fixed expenses are $105,600 per year. The company plans to sell 17,400 units this year. Required: 1. What are the variable expenses per unit? (Round your "per unit" answer to 2 decimal places.) 2. What is the break-even point in unit sales and in dollar sales? 3. What amount of unit sales and dollar sales is required to attain a target profit of $39,600 per year? 4. Assume that by using a more efficient shipper, the company is able to reduce its variable expenses by $2.20o per unit. What is the company's new break-even point in unit sales and in dollar sales? What dollar sales is required to attain a target profit of $39,600? 4 points 1. Variable expense per unit 2. Break-even point in units Break-even point in dollar sales 3. Unit sales needed to attain target profit Dollar sales needed to attain target profit 4. New break-even point in unit…Clyde Clerk is reviewing his firm’s expense reimbursement policies with the new salesperson, Trav Farr. “Our reimbursement policies depend on the situation. You see, first we determine if it is a local trip. If it is, we only pay mileage of 45 cents a mile. If the trip was a one-day trip, we pay mileage and then check the times of departure and return. To be reimbursed for breakfast, you must leave by 7:00 A.M., lunch by 11:00 A.M., and have dinner by 5:00 P.M. To receive reimbursement for breakfast, you must return later than 10:00 A.M., lunch later than 2:00 P.M., and have dinner by 7:00 P.M. On a trip lasting more than one day, we allow hotel, taxi, and airfare, as well as meal allowances. The same times apply for meal expenses.” Draw a decision tree depicting the reimbursement policy in this Problem using LucidChart or Word document
- Sprocket manufacturing. The manager of this production firm is faced with a potential problem: shortages in the supply of a vital gear sprocket. He is considering the development of an in-house capability to make the sprockets, knowing that the firm needs 35,000 such sprockets each year. If the firm elects to make the sprockets internally, then it must select one of the three possible production processes. Each has different costs, as shown in Table 10.17. Adopting a manual process may lead to union problems. The manager estimates the probability of these problems as 25%, and knows that if they do occur, then the variable cost will increase by $0.50 per sprocket. Further, if the semi-automatic or fully automatic option is selected, then additional training of personnel will be required. The amount and therefore the cost of training are uncertain. For the semi-automatic process, the fixed cost of basic training will add $15,000. However, there is a 20% chance the workers will need extra…An oil and gas exploration firm invested $2,000,000 in drilling for natural gas in a new gas field. The firm's geologist believes the field has the potential to produce gas for many years. The revenue resulting from the gas well the first year after drilling is $600,000; based on previous experiences with similar types of wells, it is expected the annual revenue will decrease at an annual rate of 3%. Likewise, the costs of operating the well the first year totals $100,000; costs are expected to increase at an annual rate of 7%. If the firm's MARR is 17%, how long will it take for the firm to recover its investment? Hint: Using Excel's Goal Seek or SOLVER tool leave cell for the number of years required to recover the investment empty. Click here to access the TVM Factor Table calculator. n = L1 yearsQUESTION 15 Al Watan supermarket has hire-purchases scheme for locals and expats. The customers will get the credit facility if they satisfy any of the following conditions: 1. The customer must hold the present job for more than 5 years and reside in the same place at least for 3 years. In this case, the customer will get credit upto rupees 300 omr. 2. The monthly salary of the customer must exceed 1000 omr and must hold the present job for more than 5 years. In this case credit will be given upto rupees 500 omr. 3. The monthly salary must exceed 1000 omr and reside at the same place at least for 3 years. In this case credit will be given upto 500 omr. 4. In the case, the customer's monthly salary exceeds 1000 omr, holds the present job for more than 5 years and also reside in the same place at least for the 3 years, the credit facility will be upto 1000 omr 5. The credit facility is rejected for all other customers. Prepare a Decision Table for this hire- purchase scheme. Attach File…
- QUESTION 15 Al Watan supermarket has hire-purchases scheme for locals and expats. The customers will get the credit facility if they satisfy any of the following conditions: 1. The customer must hold the present job for more than 5 years and reside in the same place at least for 3 years. In this case, the customer will get credit upto rupees 300 omr. 2. The monthly salary of the customer must exceed 1000 omr and must hold the present job for more than 5 years. In this case credit will be given upto rupees 500 omr. 3. The monthly salary must exceed 1000 omr and reside at the same place at least for 3 years. In this case credit will be given upto 500 omr. 4. In the case, the customer's monthly salary exceeds 1000 omr, holds the present job for more than 5 years and also reside in the same place at least for the 3 years, the credit facility will be upto 1000 omr 5. The credit facility is rejected for all other customers. Prepare a Decision Table for this hire- purchase scheme.An investment manager wants to determine an optimal portfolio for a wealthy client. The fund has $2.5 million to invest, and its objective is to maximize total dollar return from both growth and dividiends over the course of the coming year. The client has researched eight high-tech companies and wants the portfolio to consist of shares in these firms only. Three of the firms (S1-S3) are primarily software companies, three (H1-H3) are primarily hardware companies, and two (C1-C2) are internet consulting companies. The client has stipulated that no more than 40% of the investment be allocated to any one of these tree sectors. To assure diversification, at least $100,000 must be invested in each of the eight stocks. The table below gives estimates from the investment company's database relating to these stocks. These es- timates include the price per share, the projected annual growth rate in the share price, and the anticipated annual dividend payment per share. Stock Price per share…If the company invests 100,000 USD or less, their profit will be based on 75,000 USD as first 25,000 USD goes to set up the business in the first place. For the first 100,000 USD, the profit margin is low: 4.5%. Therefore, for every 100 dollar they spend, they get a profit of 4.5 dollar. For an investment greater than 100,000 USD, for the first 100,000 USD (actually on 75,000 USD as 25,000 is the setup cost), the profit margin is 4.5% whereas for the rest, it goes up to 8%. For example, if they invest 250,000 USD, they will get an 8% profit for the 150,000 USD. In addition, from the rest 100,000 USD, 25,000 is the setup cost and there will be a 4.5% profit on the rest 75,000. The investment will always be greater or equal to 25,000 and multiple of 100. Complete the RECURSIVE methods below that take an array of integers (investments) and an iterator (always sets to ZERO(‘0’) when the method is initially called) and prints the profit for the corresponding investment. You must…
- A Company X invests $300,000 in a new product. If the payback period is 5 years, find the product return cash flow per year.A company manufactures three products 1, 2, and 3. Each product requires production time in three departments as shown below: PRODUCT DEPARTMENT 1 DEPARTMENT 2 DEPARTMENT 3 1 3 hr/unit 2 hr/unit 1 hr/unit 2 4 hr/unit 1 hr/unit 3 hr/unit 3 2 hr/unit 2 hr/unit 3 hr/unit There are 500, 400, and 300 hours of production time available in the three departments, respectively. If products 1, 2, and 3 contribute $3, $4, and $2.5 per unit to profit, answer the following questions: (You may attach your solution or write in the box) a) Define the decision variables (2 marks). b) Write all constraints (3 marks). c) Write the objective function (define whether it is a maximization or minimization) (1.5 marks)How do I answer this, please? Acme Parts runs a small factory and employs workers who are paid one of three hourly rates depending on their shift: first shift, $17 per hour; second shift, $18.50 per hour; third shift, $22 per hour. Each factory worker might work any number of hours per week; any hours greater than 40 are paid at one and one-half times the usual rate. In addition, second- and third-shift workers can elect to participate in the retirement plan for which 3% of the worker’s gross pay is deducted from the paychecks. Write a program that prompts the user for hours worked, shift, and, if the shift is 2 or 3, whether the worker elects the retirement (1 for yes, 2 for no). Display: Hours worked Shift Hourly pay rate Regular pay Overtime pay Total of regular and overtime pay Retirement deduction, if any Net pay.