(Answered) For numerical problems show all work to receive credit

Management Studies

For numerical problems, show ALL work to receive credit without which the assignment will not be graded. You may either show formulas used to derive the results or attach an Excel sheet. Please also provide a brief explanation to your results and conclusions.

The market demand equation for a pair of Wrangler Jeans is Q = 840 - 0.50P, where Q = quantity demanded per period of time and P = price of Jeans in dollars.

a. If the price of Wranglers were lowered from $40 to $38, would you expect consumer expenditures to rise, fall, or remain unchanged?

b. If Wranglers lowered its price from $40 to $38, what predictions, if any, can you make about the effect the price reduction would have upon the firm's profits?

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