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Anni [7]
3 years ago
11

You are the manager of a pizzeria that produces at a marginal cost of $6 per pizza. The pizzeria is a local monopoly near campus

(there are no other restaurants or food stores within 500 miles). During the day, only students eat at your restaurant. In the evening, while students are studying, 3 faculty members eat there. If students have an elasticity of demand for pizzas of -4 and the faculty has an elasticity of demand of -2, what should your pricing policy be to maximize profits?
Business
1 answer:
Sergeeva-Olga [200]3 years ago
4 0

Answer:

since the price elasticity of demand for students is -4, the the price charged to them should be:

price = [-4 / (-4 + 1)] x $6 = (-4 / -3) x $6 = $8

since the price elasticity of demand for faculty is -2, the the price charged to them should be:

price = [-2 / (-2 + 1)] x $6 = (-2 / -1) x $6 = $12

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This step is required as it will ensure control over inventory usage.

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8 0
1 year ago
Owing to globalization and rapid technological change over the past few decades, the major contemporary issues in management lie
Natasha_Volkova [10]

Answer:

The five Specific forces acting as stimulants for change are (1)Globalization, (2)Social trends (3)Competition (4)Changes in Technology (5)Changes in Law and political behavior.

Explanation:

Solution

The Five specific forces as stimulants for change is stated below:

  • Globalization: globalization has also affected the domestic organizations more often. Globalization has led to the increase of the competition for every industry. for this, every domestic business would have to adopt some change is in its operations to maintain its market share and to get a competitive advantage over others.
  • Social trends: social trends in any market would act as a stimulus for organizational environment and change as they would help the business get a first-mover advantage. for example, any social movement such as ripped jean or Bell bottom jeans, made the various companies in the same industry to adopt some changes.
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8 0
3 years ago
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Answer:

$404,634

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the formula that we can use to calculate equivalent annual costs is:

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EAC is basically the cost of using an asset during its lifetime. We are determining the cost per year, assuming that they are all equal.

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