: You are the meat manager for a large grocery chain and need to set the retail price for the next month of the data (month 56). If the wholesale price of rib eye steak is $4.00 per pound, the price of chicken is $1.70 per pound, and disposable income is at the mean, what is the optimal price of rib eye steaks? View
: Which of these best describe a market situation in which the drivers of elasticity are most balanced? View
: Calculate the income elasticity of rib eye steaks using the data output below. Your team is gathering to discuss and better understand the income elasticity analysis. How would you explain the results? View
: Look at the data output of the linear regression of rib eye steaks and chicken again. What is the cross-price elasticity of rib eye steaks with the price of chicken? View
: You’ve just performed a linear regression on the quantity of athletic socks sold during sales targeting customers who have made New Year’s resolutions to get fit. If you have an intercept of 821 and a slope of -25, how many socks would you estimate will be sold when the price is $6? View
: REVIEW: You have an intern who is helping your team. She asked about the difference between cost-plus pricing and target-cost pricing. How would you best describe the question that is answered by a target-cost pricing strategy? View
: Take a look at the data output of a linear regression where the quantity of rib eye steaks sold is modeled as a function of its price, the price of chicken, disposable income, and a time trend. Using this data, what is the price elasticity of rib eye steaks? View
: You are a manager of a company with two main competitors who have disparate price points. How might you choose the best price point for your company? View
