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ECON 261 Lecture Notes - Lecture 1: Saw Ii

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School
ACU
Department
MGTS - Economics
Course
ECON 261
Professor
Sir Du

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Document Summary

Question 2: we consider that each cashier handles an equal number of customers and equal number of customer opts for both the types of portraits. Hence, each portrait registration with each cashier has 25% customers: Time taken by cashier a for individual portrait = registration time + time taken by cashier a+ Time for individual portrait + time taken for pick up. Time taken by cashier a for group portrait = registration time + time taken by cashier a+ time for individual portrait + time taken for pick up. Total average time taken =(cid:891). (cid:889)(cid:887)+(cid:890). (cid:887)+(cid:891). (cid:884)(cid:887)+(cid:890)=(cid:885)(cid:887). (cid:887) (cid:1865)(cid:1866)(cid:1873)(cid:1872)(cid:1857)(cid:1871: the registration activity is the bottleneck activity in the entire process. The single registration counter delays the entire process. Once the registration is done, the customers proceed towards different cashiers and different portrait group. Since both the portrait group requires different time to develop, the pickup activity can be managed without much delay: capacity of the bottleneck for group portrait.

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Related Questions

Ā 

A

B

C

D

E

1

 Ā  Ā  Ā  Ā  Ā 

2

 Ā  Ā  Ā  Ā  Ā 

3

Date

Price of gas

 Ā  Ā  Ā 

4

Jan 07, 2008

325.3

 Ā  Ā  Ā 

5

Jan 14, 2008

323.9

 Ā  Ā  Ā 

6

Jan 21, 2008

320.1

 Ā  Ā  Ā 

7

Jan 28, 2008

316.3

 Ā  Ā  Ā 

8

Feb 04, 2008

313.5

 Ā  Ā  Ā 

9

Feb 11, 2008

310.7

 Ā  Ā  Ā 

10

Feb 18, 2008

315.4

 Ā  Ā  Ā 

11

Feb 25, 2008

324.6

 Ā  Ā  Ā 

12

Mar 03, 2008

325.2

 Ā  Ā  Ā 

13

Mar 10, 2008

326.3

 Ā  Ā  Ā 

14

Mar 17, 2008

333.7

 Ā  Ā  Ā 

15

Mar 24, 2008

332.1

 Ā  Ā  Ā 

16

Mar 31, 2008

334.8

 Ā  Ā  Ā 

17

Apr 07, 2008

336.6

 Ā  Ā  Ā 

18

Apr 14, 2008

341.6

 Ā  Ā  Ā 

19

Apr 21, 2008

355

 Ā  Ā  Ā 

20

Apr 28, 2008

366.9

 Ā  Ā  Ā 

21

May 05, 2008

367.7

 Ā  Ā  Ā 

22

May 12, 2008

376.4

 Ā  Ā  Ā 

23

May 19, 2008

384.9

 Ā  Ā  Ā 

24

May 26, 2008

397.5

 Ā  Ā  Ā 

25

Jun 02, 2008

402.6

 Ā  Ā  Ā 

26

Jun 09, 2008

407

 Ā  Ā  Ā 

27

Jun 16, 2008

411.8

 Ā  Ā  Ā 

28

Jun 23, 2008

411

 Ā  Ā  Ā 

29

Jun 30, 2008

411.3

 Ā  Ā  Ā 

30

Jul 07, 2008

412.3

 Ā  Ā  Ā 

31

Jul 14, 2008

411.7

 Ā  Ā  Ā 

32

Jul 21, 2008

408.4

 Ā  Ā  Ā 

33

Jul 28, 2008

400.2

 Ā  Ā  Ā 

34

Aug 04, 2008

393.9

 Ā  Ā  Ā 

35

Aug 11, 2008

386.6

 Ā  Ā  Ā 

36

Aug 18, 2008

376.4

 Ā  Ā  Ā 

37

Aug 25, 2008

371.5

 Ā  Ā  Ā 

38

Sep 01, 2008

369.8

 Ā  Ā  Ā 

39

Sep 08, 2008

367.1

 Ā  Ā  Ā 

40

Sep 15, 2008

373

 Ā  Ā  Ā 

41

Sep 22, 2008

368

 Ā  Ā  Ā 

42

Sep 29, 2008

362.7

 Ā  Ā  Ā 

43

Oct 06, 2008

351.7

 Ā  Ā  Ā 

44

Oct 13, 2008

323.9

 Ā  Ā  Ā 

45

Oct 20, 2008

305

 Ā  Ā  Ā 

46

Oct 27, 2008

286.1

 Ā  Ā  Ā 

47

Nov 03, 2008

265.4

 Ā  Ā  Ā 

48

Nov 10, 2008

247.7

 Ā  Ā  Ā 

49

Nov 17, 2008

229.4

 Ā  Ā  Ā 

50

Nov 24, 2008

212.8

 Ā  Ā  Ā 

51

Dec 01, 2008

203

 Ā  Ā  Ā 

52

Dec 08, 2008

191.8

 Ā  Ā  Ā 

53

Dec 15, 2008

181

 Ā  Ā  Ā 

54

Dec 22, 2008

178.1

 Ā  Ā  Ā 

55

Dec 29, 2008

174.1

 Ā  Ā  Ā 

QUESTION 13

Label the next column (D) "6-month change." Here we will calculate how much prices have changed since the price six months ago. For example, if the price on January 1 were 224.1 and the price on July 1 is 324.1, the price change is 100. We can't calculate how much prices have changed over the past six months for the first half of 2008 because we don't know the price six months before. So, in column D, put an x in each cell for which we can't calculate the 6-month change. Starting in July, we can calculate the 6-month change. Using cell references, enter here the formula you should enter into cell D30 to calculate the 6-month change.

2 points

QUESTION 14

Copy and paste the formula from cell D30 (from the last question) into cells D31 to D55. What formula is now in cell D48?

2 points

QUESTION 15

What value is now in cell D50?

1 point

QUESTION 16

Label the next column (E) "% of Jan." In this column, we will divide every week's price by the price from January 7th. This will tell us as a percent how prices compare to their level at the start of the year. This time, we want an "absolute" reference so that it doesn't consider the position (i.e. "8 to the left and 2 down") but just locks in on B4 every time. To set up an absolute reference in a formula, we put the $ character into the reference, so instead of B4, we use $B$4. With the dollar signs in place, you can copy the formula and paste it, and in each case, it will go back to B4 regardless of where you are when you paste it. What formula should you type into cell E5 to get the "% of Jan" for January 14, 2008? Remember to use the absolute reference so it will be easy to copy later!

2 points

QUESTION 17

Copy and paste the formula from cell E5 into the rest of column E. (Well, at least from E6 down to E55.) What formula is now in cell E17?

Using the data below, I need answers to the following questions:

a) Using the data in Table 1, specify a linear functional form for the demand for Combination 1 meals, and run a regression to estimate the demand for Combo 1meals.

b) Using statistical software (Excel), estimate the parameters of the empirical demand function specifiedin part a.Write your estimated industry demand equation.

c) Evaluate your regression results by examining signs of parameters, p-values, and the R2.

d) Discuss how the estimation of demand might beimproved.

e) If the owner plans to charge a price of 4.15 for a Combination 1 meal and spend $18,000 per week on advertising, how many Combination 1 meals do you predict will be sold each week?

f) If the owner spends $18,000 per week on advertising, write the equation for the inverse demand function. Then, calculate the demand price for 50,000 Combination meals.

Estimation and Analysis of Demand for Fast Food Meals

You work for PriceWatermanCoopers as a market analyst. PWC has been hired by the owner of two Burger King restaurants located in a suburban Atlanta market area to study the demand for its basic hamburger meal packageĆ¢Ā€Ā“referred to as Ć¢Ā€ĀœCombination 1" on its menus. The two restaurants face competition in the Atlanta suburb from five other hamburger restaurants (three MacDonaldĆ¢Ā€Ā™s and two WendyĆ¢Ā€Ā™s restaurants) and three other restaurants serving Ć¢Ā€Āœdrive-throughĆ¢Ā€Ā fast food (a Taco Bell, a Kentucky Fried Chicken, and a small family-owned Chinese restaurant).

The owner of the two Burger King restaurants provides PWC with the data shown in Table 1. Q is the total number of Combination 1 meals sold at both locations during each week in 1998. P is the average price charged for a Combination 1 meal at the two locations. [Prices are identical at the two Burger King locations.] Every week the Burger King owner advertises special price offers at its two restaurants exclusively in daily newspaper advertisements. A is the dollar amount spent on newspaper ads for each week in 1998. The owner could not provide PWC with data on prices charged by other competing restaurants during 1998. For the one-year time period of the study, household income and population in the suburb did not change enough to warrant inclusion in the demand analysis.

TABLE 1: Weekly Sales Data for Combination 1 Meals (1998)

week Q P A week Q P A

1

51,345

2.78

4,280

27

78,953

2.27

21,225

2

50,337

2.35

3,875

28

52,875

3.78

7,580

3

86,732

3.22

12,360

29

81,263

3.95

4,175

4

118,117

1.85

19,250

30

67,260

3.52

4,365

5

48,024

2.65

6,450

31

83,323

3.45

12,250

6

97,375

2.95

8,750

32

68,322

3.92

11,850

7

75,751

2.86

9,600

33

71,925

4.05

14,360

8

78,797

3.35

9,600

34

29,372

4.01

9,540

9

59,856

3.45

9,600

35

21,710

3.68

7,250

10

23,696

3.25

6,250

36

37,833

3.62

4,280

11

61,385

3.21

4,780

37

41,154

3.57

13,800

12

63,750

3.02

6,770

38

50,925

3.65

15,300

13

60,996

3.16

6,325

39

57,657

3.89

5,250

14

84,276

2.95

9,655

40

52,036

3.86

7,650

15

54,222

2.65

10,450

41

58,677

3.95

6,650

16

58,131

3.24

9,750

42

73,902

3.91

9,850

17

55,398

3.55

11,500

43

55,327

3.88

8,350

18

69,943

3.75

8,975

44

16,262

4.12

10,250

19

79,785

3.85

8,975

45

38,348

3.94

16,450

20

38,892

3.76

6,755

46

29,810

4.15

13,200

21

43,240

3.65

5,500

47

69,613

4.12

14,600

22

52,078

3.58

4,365

48

45,822

4.16

13,250

23

11,321

3.78

9,525

49

43,207

4.00

18,450

24

73,113

3.75

18,600

50

81,998

3.93

16,500

25

79,988

3.22

14,450

51

46,756

3.89

6,500

26

98,311

3.42

15,500

52

34,592

3.83

5,650