Quiz Space

Business Analytics · Quiz 2 · 4 Aug 2024 · May 2024 term

Question 10: What should be the price to achieve a demand of 300? (No…

Question 10

+1 markNumerical answer

A demand response curve has a constant elasticity of +0.4. If the price of the product is 100 and the corresponding demand is 200, then answer the given subquestions.

What should be the price to achieve a demand of 300? (Note: Enter the answer rounded to two decimal places. For example, if the answer is “1.234”, then enter it as “1.23”)

Show answer

Correct answer: 36.5 (accepted within ±1.5)

See the whole paperTake it as a mock test

Question 10 of 22 in the IIT Madras BS Business Analytics (Business Analytics) Quiz 2 paper sat on 4 Aug 2024, in the May 2024 term (IIT M DIPLOMA AN EXAM QDD2 4 Aug 2024). It carries 1 mark.

More questions from this paper

  1. Q1| Parameter (Independent variable) | Corresponding coefficient value (Beta value) | |---|---| | Intercept | +3.2 | | Ag…
  2. Q2| Parameter (Independent variable) | Corresponding coefficient value (Beta value) | |---|---| | Intercept | +3.2 | | Ag…
  3. Q3| Parameter (Independent variable) | Corresponding coefficient value (Beta value) | |---|---| | Intercept | +3.2 | | Ag…
  4. Q4| Parameter (Independent variable) | Corresponding coefficient value (Beta value) | |---|---| | Intercept | +3.2 | | Ag…
  5. Q5| Parameter (Independent variable) | Corresponding coefficient value (Beta value) | |---|---| | Intercept | +3.2 | | Ag…
  6. Q6| Parameter (Independent variable) | Corresponding coefficient value (Beta value) | |---|---| | Intercept | +3.2 | | Ag…
  7. Q7| Parameter (Independent variable) | Corresponding coefficient value (Beta value) | |---|---| | Intercept | +3.2 | | Ag…
  8. Q8| Parameter (Independent variable) | Corresponding coefficient value (Beta value) | |---|---| | Intercept | +3.2 | | Ag…
  9. Q9What is the intercept for the curve? (Note: Enter the answer rounded to two decimal places. For example, if the answer …
  10. Q11If you intend to maximize the revenue, then what is optimal value for “p”? (Note: Enter the answer rounded to two decim…
  11. Q12If you intend to maximize the profits, then what is optimal value for “p”? (Note: Enter the answer rounded to two decim…
  12. Q13“Fake Money (FM)” is an investment consulting firm.\ Dr. Milo has approached FM with Rs. 1,00,000 for guidance on inves…
  13. Q14“Fake Money (FM)” is an investment consulting firm.\ Dr. Milo has approached FM with Rs. 1,00,000 for guidance on inves…
  14. Q15“Fake Money (FM)” is an investment consulting firm.\ Dr. Milo has approached FM with Rs. 1,00,000 for guidance on inves…
  15. Q16“Fake Money (FM)” is an investment consulting firm.\ Dr. Milo has approached FM with Rs. 1,00,000 for guidance on inves…
  16. Q17“Fake Money (FM)” is an investment consulting firm.\ Dr. Milo has approached FM with Rs. 1,00,000 for guidance on inves…
  17. Q18A multiple linear regression model, as specified below is fit on a data set with 50 data points. Then answer the given …
  18. Q19A multiple linear regression model, as specified below is fit on a data set with 50 data points. Then answer the given …
  19. Q20A multiple linear regression model, as specified below is fit on a data set with 50 data points. Then answer the given …
  20. Q21A multiple linear regression model, as specified below is fit on a data set with 50 data points. Then answer the given …
  21. Q22A multiple linear regression model, as specified below is fit on a data set with 50 data points. Then answer the given …