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Consumer Demand Analysis and Estimation 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?

 

 

Answer
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ECONOMIC INFERENCE

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Hi xxxx esteemed xxxxxxx xxxxxx xxxx attached the xxxxxx xx your Economics Homework. Thank you.

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xxxxxxxxx

xxxxxxxxxxx
QUESTION xxx
The demand function xxx Newton's xxxxxx has been xxxxxxxxx as xxxxxxxx
Qx=-14-54Px+45Py+0.64Ax
xxxxx Ax=120
Px=0.95
Py=0.64
(i) Calculate xxx price xxxxxxxxxx xx demand xxx Newton's Donuts and desribe xxxx xx means.
xxxxxxxx
xxxxxxxxxxxxxxxxx by xxxxxx partial derivatives of Qx with respect xx Px.
dQx/dPx= xxx
xxxxxxx xxx xxxxxxxxxxxx this value in the original xxxxxxxx xx xxxx xxxxxxx
xxxx xxxxxxxxxxxxxxxx xxxxxxxxxxxx
xxxxx xxx xxxxx xxxxxxxx of xxxxxx is xxxxxxx than 1 in absolute terms xx say xxxx
xxxxxxxx xxxxxx xxxx xxxxxxx Price Elasticity xx demand.
(ii) xxxxxxxxx the xxxxxxxxxx xxx xxxxxxx demand for xxxxxxxx xxxxxx
xx xxx it by xxxxxx Px the xxxxxxx xx the formula as follows.
Px=-7/27-1/54Qx+5/6Py+31/2700Ax
(iii) x f xxx xxxxx xx producing Newton's xxxxxx xx xxxxxxxx at xxxx per Donut, should xxxx reduce the xxxxx xxx xxxxxxxxxx sell more xxxxxx x x Assumung xxxxxx maximization xx xxx goal)
Solution
xxxx xxxx should reduce the

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"BUS 640 Week 2 Consumer Demand Analysis and Estimation Applied Problems"…RATED A+ ASSIGNMENT! GOOD LUCK

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Your xxxxxxxxxx xx attached..Thanks for xxxxxxxxxx my xxxx assignment!

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Consumer Demand xxxxxxxx xxx Estimation Applied xxxxxxxx

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Ashford University

xxxxxxxxxx economics

xxx xxx

Running head: 640 xxxx x ASIGNMENT xxx

xxx WEEK 2 ASIGNMENT xxx

640 WEEK 2 ASIGNMENT xxx

xxx Week 2 Assignment x

Please, xxxxxxxx xxx xxxxxxxxx 3 xxxxxxx xxxxxxxx in a Word xx xxxxx document. Show xxx xxxx calculations and explain xxxx xxxxxxxx xxxxxx xxxx assignment xx the xxxx box xx using xxx Assignment Submission xxxxxxxx 1. Roshima xx xxxxxxxxxxx xxxxxxxxxxxx where she could xxxxx for xxx xxx degree. xxx is considering 3 major attributes xxxx she xxxxxxxxx important xx her choice: xxxxxxxx price, and xxxxxxxxx xxx value she xxxxxx on xxxx xxxxxxxxxx xxxxxxxx differs according xx xxxxxxx she remains full-time employed during her xxxxxxx xx quits xxx xxx and xxxxxxx xx xxx xxxxxxx xx xxx xxxxxxxxx xx work xxxx time xxx xxxxx xxx her courses online, then xxxxxxx xx the most important xxxxxxxxxx xxxxx xx important xx price xxx three times xx xxxxxxxxx xx

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A++ PERFECTLY DONE

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Running xxxxx Consumer Demand Analysis xxx xxxxxxxxxx Consumer Demand Analysis and xxxxxxxxxx

xxxxxxxx Demand Analysis xxx xxxxxxxxxx

xxxxxxx’s xxxx

xxxxxxx

Instructor

xxxxx

xxxxxxx 1: ��Patricia is xxxxxxxxxxx xxxxxx for x restaurant xxxxxxxxx She is evaluating xxxxx xxxxx xxxxxxxxxx xxxx she considers xxxxxxxxx xx her xxxxxxx taste, location, xxx xxxxxx xxx xxxxx she xxxxxx on xxxx xxxxxxxxxx xxxxxxxx differs xxxxxxxxx xx what type xx restaurant xxx xx going xx xxxxxx If xxx xxxxx x restaurant in x xxxxxxxx area xx xxx Angeles, xxxx taste xx the xxxx xxxxxxxxx xxxxxxxxxx three times xx important as location, xxx two times as xxxxxxxxx xx price. If xxx opens a restaurant in the xxx xxxxxxx metropolitan xxxxx xxxx location xxxxxxx xxxxx times as xxxxxxxxx as xxxxx and two times as important as price. She xx considering two

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Consumer Demand Analysis and Estimation Applied Problems

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Name:

Task:

Instructor:

xxxxx

Economics

xxxxxxx xx xxxxxxxx xxxxxx xxxxxxxx xxx xxxxxxxxxx

xxxxxxxx xx researching venues xxx a xxxxxxxxxx business. xxx xx evaluating three major attributes that she xxxxxxxxx xxxxxxxxx in her xxxxxxx xxxxxx xxxxxxxxx and xxxxxx xxx xxxxx she places on xxxx xxxxxxxxxx however, differs according to xxxx xxxx of xxxxxxxxxx xxx xx going xx start. xx she xxxxx a xxxxxxxxxx in a suburban xxxx of xxx xxxxxxxx then taste xx xxx most xxxxxxxxx attribute, xxxxx xxxxx as xxxxxxxxx xx xxxxxxxxx and two times as important as xxxxxx If she opens x restaurant xx the Los Angeles xxxxxxxxxxxx area, then location xxxxxxx three times as important as xxxxx xxx xxx times as important xx xxxxxx She xx considering two venues, xxxxxxxxxxxxx a xxxxx restaurant and x xxxxx restaurant, xxxx xx xxxxx are priced xxx xxxxx xxx has xxxxx xxxx xxxxxxxxx xx a scale xx x to xxx for xxxx of the two xxxxxxxxx types xx xxxxxxxxxxxx

Attribute Steak xxxxxxxxxx Pizza

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Submitted by Good_Morning on Tue, 2016-04-12 03:55
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BUS 640 Week 2 Assignment - Consumer Demand Analysis and Estimation Applied Problems*****Already A++ Rated Tutorial Use as Guide Paper*****

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xxx 640 Week 2 Assignment x xxxxxxxx Demand Analysis and xxxxxxxxxx Applied xxxxxxxx

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Problem xx  Patricia is researching venues xxx x xxxxxxxxxx business. She xx evaluating three major attributes that xxx xxxxxxxxx important in her xxxxxxx xxxxxx location, xxx price. xxx xxxxx xxx places xx xxxx xxxxxxxxxx however, xxxxxxx xxxxxxxxx xx xxxx type of restaurant she xx going xx xxxxxx xx xxx xxxxx a xxxxxxxxxx xx x xxxxxxxx area xx xxx xxxxxxxx then taste is the xxxx xxxxxxxxx attribute, xxxxx xxxxx as important as location, and two times xx important xx price. xx she opens x restaurant in the Los xxxxxxx metropolitan xxxxx then location xxxxxxx three times xx xxxxxxxxx xx taste xxx xxx xxxxx as important as price. xxx is xxxxxxxxxxx xxx venues, respectively, a xxxxx xxxxxxxxxx xxx x xxxxx restaurant, xxxx xx xxxxx are priced xxx xxxxx She has rated xxxx attribute on a xxxxx xx 1 xx 100 for xxxx of the two xxxxxxxxx types xx restaurants. Show all of xxxx xxxxxxxxxxxx and processes. Describe your xxxxxx xxx xxxx question in complete xxxxxxxxxx

 

xxxxx of the two

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