Math
1] s, a big burger joint, is charging $5 for its very famous Big Mac and selling around 20 million Big Mac in a year in Singapore] 3e Mcdonald's increases the price of its Big Mac to $6 and still manages 1e same quantity of the Big Mac. How much revenue will Mcdonald's Vhat can you infer about the price elasticity of demand (PED) for Ild'S Big Mac? Assume in an alternative scenario, the in
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Math
1] s, a big burger joint, is charging $5 for its very famous Big Mac and selling around 20 million Big Mac in a year in Singapore] 3e Mcdonald's increases the price of its Big Mac to $6 and still manages 1e same quantity of the Big Mac. How much revenue will Mcdonald's Vhat can you infer about the price elasticity of demand (PED) for Ild'S Big Mac? Assume in an alternative scenario, the increase in the price lac to $ 6 reduces its quantity sold to 18 million. How much revenue will .ld's gain now? What can you conclude about the PED now? (4 Marks)] :he two scenarios presented in part a, which one do you think is more Id why? Present evidence in 100 words or less to support your prediction 3).] ;e Mcdonals's Big Mac and movie tickets have negative cross price ,1 of 1.5. What does this number tell us on the relationship between the : and movie tickets? Suppose, The Golden Village (GV), Singapore's cinema exhibitor, decides to increase the price of its movie tickets by JW will this development affect McDonald's pricing decisions as indicated a)? Discuss both the scenarios (as presented in part (a)) in 2.00 or less :4 marks)]
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