(Answered) Determine the demand curve facing the restaurant

Management Studies

A restaurant provides delivery and carryout service. An analysis of the daily demand has revealed the following demand relation:

Q = 1,400 -100P - 2Ps + 0.01CSP + 750S

where Q is the quantity of deliveries per day, P is the price of food, Ps is a price index for sodas, CSP is the college student population and S, a binary or dummy variable that equals 1 on Friday, Saturday and Sunday, and zero otherwise.

Required:

a. Determine the demand curve facing the restaurant on Tuesday if P = $10, Ps = 125, and CSP = 35,000, and S = 0.

b. Calculate the quantity demanded and total revenues on Fridays if all price-related variables are as specified above.

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Business Management, Management Studies

Category:- Business Management
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