Data collected on the yearly demand for 50-pound at Wallace Garden Supply are shown in the following table. Develop a 3-year moving average to forecast sales.
DEMAND FOR FERTILIZER
YEAR (1,000S OF BAGS)
1 4
2 6
3 4
4 5
5 10
6 8
7 7
8 9
9 12
10 14
11 15
Data collected on the yearly demand for 50-pound at Wallace Garden Supply are shown in the following table. Develop a 3-year moving average to forecast sales.
DEMAND FOR FERTILIZER
YEAR (1,000S OF BAGS)
1 4
2 6
3 4
4 5
5 10
6 8
7 7
8 9
9 12
10 14
11 15
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Related questions
An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows:
The marginal operating cost of each unit of quantity is $5. Because marginal cost is a constant, so is an average variable cost. Ignore fixed costs. The owners of the amusement part want to maximize profits.
|
Price ($) |
Quantity |
|
|
Adults |
Children |
|
|
5 |
15 |
20 |
|
6 |
14 |
18 |
|
7 |
13 |
16 |
|
8 |
12 |
14 |
|
9 |
11 |
12 |
|
10 |
10 |
10 |
|
11 |
9 |
8 |
|
12 |
8 |
6 |
|
13 |
7 |
4 |
|
14 |
6 |
2 |
Calculate the price, quantity, and profit if: The amusement park charges a different price in the adult market
Please express your answers for Price and Profit in whole dollars (i.e.10.00)
Please use whole numbers for Quantity (i.e. 10, 27, 4)
|
Price |
Quantity |
Total Revenue |
Marginal Revenue |
Marginal Cost |
Total Cost |
MR-MC |
Profit |
|
6 |
84 |
5 |
30 |
34 |
|||
|
13 |
91 |
7 |
5 |
35 |
2 |
56 |
|
|
12 |
8 |
96 |
5 |
5 |
40 |
0 |
|
|
9 |
99 |
3 |
5 |
45 |
-2 |
54 |
|
|
10 |
100 |
1 |
5 |
50 |
-4 |
50 |
|
|
9 |
11 |
99 |
-1 |
5 |
55 |
-6 |
|
|
12 |
96 |
-3 |
5 |
60 |
-8 |
36 |
|
|
7 |
91 |
-5 |
5 |
65 |
-10 |
26 |
|
|
6 |
14 |
84 |
-7 |
5 |
70 |
-12 |
|
|
5 |
15 |
75 |
-9 |
5 |
75 |
-14 |
0 |
| Demand Data | Cost Data | ||
| Price | Quantity Demanded | Output | Total Cost |
| 5.5 | 3 | 3 | 5 |
| 5 | 4 | 4 | 6 |
| 4.5 | 5 | 5 | 6.5 |
| 3.85 | 6 | 6 | 7.5 |
| 3.35 | 7 | 7 | 9 |
| 2.90 | 8 | 8 | 11 |
| 2.5 | 9 | 9 | 14 |
From the monopoly data given above, compute the following for each level of output.
1) total revenue.
2) marginal revenue.
3) average costs
4) marginal cost.
5) the profit maximizing profit level of output. the q that maximizes profit.
6) the profit maximizing price.
7) the total level of profits at the profit maximizing output level.
