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Lubov Fominskaja [6]
2 years ago
15

Suppose that the weekly price of milk is $3.40 per gallon and MPEP decides to ramp up weekly advertising by 35 percent to $150 (

in hundreds). Use the best-fitting regression model to estimate the weekly quantity of milk consumed after this advertising increase.
Business
1 answer:
nadezda [96]2 years ago
7 0

Answer:

Total Cost increase  5,253.4 unit

Explanation:

given data

weekly price a = $3.40 per gallon

ramp up weekly b = 35%

ramp up weekly  upto x = $150( in hundred)

solution

we will use here the regression equation that is

Y = a + b x    ...........................1

here Y is Total Cost and a is fixed cost and  

b is rate of variability and x is level of activity

so here put value in equation 1 we get

Total Cost Y = 3.40 + 0.35 × ( 15,000)

Total Cost  Y = 3.40 + 5,250

Total Cost increase  5,253.4 unit

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If a firm sells a prestige product, what kind of relationship between price and quantity demanded should it expect?.
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For a firm that sells a prestige product, the relationship between price and quantity demanded is a <u>positive direct relationship</u>.

<h3>Why is the relationship between demand and price of prestige products direct?</h3>

The relationship between the demand and price of prestige products is direct because prestige products tend to sell better at high prices than at low prices.

And when the quantity demanded increases, the price tends to increase.

An example of a prestige product is an old car.

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3 0
2 years ago
An explanation of how gdp and gnp is important in marketing and how they relate to the marketing process
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Answer:

The overview of the instance would be described throughout the following section.

Explanation:

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