consumer demand analysis and estimation applied problems 7859783 2
Employing qualified writers in writing service like eliteresearchpapers.com is a fundamental step in ensuring that the work produced is of high quality. This not only benefits the students who use these services but also contributes to the credibility and reputation of the company in the academic community. One of the primary reasons for eliteresearchpapers.com employing qualified writers in academic writing services is their in-depth knowledge of the field. These writers typically hold advanced degrees in related disciplines, making them well-versed in the subject matter. Their expertise allows them to produce accurate, relevant, and insightful content that aligns with the academic standards. Qualified writers enable students to better manage their time. By outsourcing some of your academic writing tasks to eliteresearchpapers.com, you can allocate more time to other important aspects of you education, such as practice, internships, and studying for exams. This balanced approach contributes to a holistic learning experience.
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.
Save your time - order a paper!
Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines
Order Paper Now|
Steak Restaurant |
Pizza Restaurant |
|
|
Taste |
80 |
70 |
Show all of your calculations and processes. Describe your answer for each question in complete sentences.
- 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.
- 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.
- 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.
- 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.
- Calculate the price elasticity of demand for Newton’s Donuts and describe what it means. Describe your answer and show your calculations.
- Derive an expression for the inverse demand curve for Newton’s Donuts. Describe your answer and show your calculations.
- 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)?
- Should Newton’s Donuts spend more on advertising?
Eliteresearchpapers.com qualified writers are well-acquainted with the intricacies of academic writing. They are proficient in following the formatting, citation, and referencing guidelines specified by different institutions. This ensures that the work produced is not only academically sound but also meets the expectations of professors and professionals. Academic assignments often require critical analysis and evidence-based writing. Eliteresearchpapers.com qualified writers possess the skills to critically evaluate research, synthesize information, and present arguments backed by credible sources. This level of rigor is essential where evidence-based practice is paramount. When students receive well-researched and well-written assignments, they have the opportunity to learn from these examples. Eliteresearchpapers.com high-quality work serves as a valuable reference point for students, helping them understand complex concepts, research methodologies, and effective writing techniques.
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!
NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.
