You Have Been Hired as a Marketing Consultant to Johannesburg $q = m p + b$

question 32

Multiple Choice

You have been hired as a marketing consultant to Johannesburg Burger Supply, Inc., and you wish to come up with a unit price for its hamburgers in order to maximize weekly revenue. To make life as simple as possible, you assume that the demand equation for Johannesburg hamburgers has the linear form
$q = m p + b$
Where p is the price per hamburger, q is the demand in weekly sales, and m and b constants are certain constants you must determine. Your market studies reveal the following sales figures: when the price is set at $4 per hamburger, the sales amount to 5,920 per week, but when the price is set at $8 per hamburger, the sales drop to zero. Now estimate the unit price in order to maximize annual revenue and predict what the weekly revenue will be at that price. Round your answers to the nearest cent.

• A) \(p = \$ 5.00\) , \(R = \$ 22,200.00\)
• B) \(p = \$ 4.00\) , \(R = \$ 5,920.00\)
• C) \(p = \$ 4.00\) , \(R = \$ 23,680.00\)
• D) \(p = \$ 6.00\) , \(R = \$ 17,760.00\)
• E) \(p = \$ 7.00\) , \(R = \$ 10,360.00\)

Define communication and understand its process within organizations.

Distinguish between hearing and listening in the context of communication.

Understand the impact of nonverbal cues in communication.

Recognize methods for ensuring message clarity and effectiveness in communication.

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Definitions:

Artwork

Visual art objects or pieces created by an artist, which can include paintings, sculptures, or illustrations.

High-value

Denoting items or activities that are of significant worth, importance, or benefit.

Low-value

Refers to products, services, or attributes perceived as offering minimal benefit or worth in comparison to their cost or significance.

Combinations

The act of combining or joining two or more elements together to form a whole.