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Monterey’s Restaurant is currently the only restaurant in town that sells Mexican food. Monterey’s advisors estimate that the demand Answer

Monterey’s Restaurant is currently the only restaurant in town that sells Mexican food. Monterey’s advisors estimate that the demand for Mexican food in the area is given by:

Q = 10 -0.5P

Where P is the average price of a meal and Q is the quantity of meals. The restaurant’ s costs are estimated with the following equation:

TC = 150 + 5Q + 0.5Q2

  1. Given this information, how much output should Monterey’s produce to maximize profits?

f.How much should it charge for each meal? Is Monterey’s restaurant making a profit? If yes, how much?

g.Without doing any calculations, if you were Monterey’s advisors, what would you recommend they do to improve their profits ?

h.Suppose that price discrimination was an option available to Monterey’s? What would Monterey’s need to do to be able to practice second or third degree price discrimination?

 

Show all your work. Your explanation determines your grade.

Question 36

When producing 10 units, Jean has total variable costs of $400, total fixed costs of $550, and assets of $3000. Assume you can approximate MC with AVC.

  1. If she wants a return of 10%, what price should she charge?
  2. Suppose that instead of determining price based on his target return, Jean decides to use a standard markup pricing scheme. What is the optimal markup for Jean if she estimates that the price elasticity of demand for her product is -2?
  3. If she uses the optimal markup obtained in part b, how much should he charge for her product?
  4. Given your answers to parts a and c, which pricing mechanism should he chose? How would your answer change if the price elasticity for her product decreases considerably due to an decrease in the availability of substitutes.

Show all your work. Your explanation determines your grade

Question 37

The Allen Corporation, a sofa retailer, wants to determine how many sofas it must sell in order to earn a profit of $10,000 per month. The price of each sofa is $400, the average variable cost is $200. What is the required sales volume if fixed costs are $4000 per month?

 

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Suppose a fast-food restaurant wishes to estimate average sales volume for a new menu item Answer

  1. Below shown two NBA players’ scoring points per game:

 

Game                                     Player A                      Player B

1                                             21                                34

2                                              52                                29

3                                              15                                29

4                                              10                                22

5                                              29                                36

6                                              29                                27

7                                              29                                25

8                                              27                                12

 

  1. a) Which player is better? Show all the calculations (1 pt).

 

  1. b) Which player’s performance is more consistent? Use all the sample points andshow all the calculations (3 pts).

 

  1. The movie The Hunger Games: Mockingjay – Part 1 is in theaters in the U.S. as well as overseas. The movie distributor wants to know whether the audiences enjoy watching this film. In each of the three countries, Australia, Germany, and the U.S., a local research agency was hired to conduct surveys among the movie goers. Andrew, an Australian movie attendee gave a rating of 3 for enjoyment. Hanna, a German movie attendee gave a rating of 8, and Scott, an American movie attendee gave a rating of 85. The mean and standard deviation of the ratings in each country were also known. Which movie attendee enjoys watching the movie most? (2 pts)

Country                                    Mean                       SD                              Audience’s score

Australia               2.8                             1.1                             3 (Andrew)

Germany               7.0                             2.5                             8 (Hanna)

U.S.                           76.0                          12.0                          85 (Scott)

 

  1. Suppose a fast-food restaurant wishes to estimate average sales volume for a new menu item.  The restaurant has analyzed the sales of the item at a similar outlet and observed the following results:

x=  500 (mean daily sales)

S =    100 (standard deviation of sample)

n =    25 (sample size)

The restaurant manager wants to know into what range the mean daily sales should fall 95 percent of the time.  Perform this calculation (2 pts).

 

4.  A group of marketing researchers study the expenditures on dinning out. They want to have a 95 percent confident level (Z) and accept a magnitude of error (E) of less than $3.00. The estimate of the standard deviation is $24.00 based on their pilot study. What is the calculated sample size if they want to run a survey? (2 pts)

 

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Bozeman Corporation manufactures a single product. Monthly production costs incurred in the manufacturing process Answer

Bozeman Corporation manufactures a single product. Monthly production costs incurred in the manufacturing process are shown below for the production of 3,300 units. The utilities and maintenance costs are mixed costs.The fixed portions of these costs are $446 and $445, respectively.
Production in Units
3,300

Production Costs

Direct materials $7,507
Direct labor 14,994
Utilities 1,865
Property taxes 1,036
Indirect labor 6,539
Supervisory salaries 1,774
Maintenance 1,138
Depreciation 2,361
Now Calculate the expected costs when production is 4,600 units?

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House of Tata: Acquiring a Global Footprint What is your assessment of the role of the Tata Group Answer

Read the case study, “House of Tata: Acquiring a Global Footprint”, (see attachment link labeled Case Study). Provide your answers to each of the questions below regarding the case study and use the textbook (see attachment link labeled Textbook) to use as reference. Type your answers below each question.

You may use the ‘House of Tata: Acquiring a Global Footprint’ Case Study or textbook chapters (see attachment links). Please be brief and concise in your answers. Answer each question posed below in each question group. Avoid unnecessary repetition of case material. Your contribution will be judged more on its quality than its quantity.

 Please answer the following questions (place your answer below each question):

 What is your assessment of the role of the Tata Group Center in enhancing the competitiveness and the performance of the individual companies? What kinds of resources and capabilities has this Center been able to provide to those individual companies? How have individual companies in the group managed to remain competitive in their respective industry segments?

 

 

Why did Indian Hotels, Tata Tea and Tata Steel (member companies of the Tata Group) choose to pursue international expansion at the (different) times? Provide a specific example of institutional considerations (refer to section 13-2a that starts on page 405 of the textbook) that one of these companies employed in their international expansion. Provide a second specific example of resource-based considerations (refer to section 13-2b that starts at the bottom of page 407 of the textbook) that one of these companies employed when expanding internationally.    

 

What different modes of entry (refer to section 10-4b on the bottom of page 320 of the textbook, section 10-4c at the bottom of page 321 of the textbook and table 10.3 on page 322 of the textbook) have the Tata Group of companies employed when expanding internationally? Why have they used acquisitions as their preferred mode of international entry, especially when entering into developed country markets? Discuss the pros and cons of Tata Motor’s bid for Ford’s Land Rover and Jaguar units as a part of its globalization efforts?

 

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