managerial economics rganizational demand

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1、bri75829_ch04.qxd8/13/087:06PMPage106DemandCHAPTER4CHAPTEROUTLINEDemandFunctionsDemandCurvesLawofDemandElasticityofDemandLinearDemandCurvesOtherFactorsThatInfluenceDemandPricesofRelatedProductsIncomeOtherVariablesIndustryversusFirmDemandNetworkEffectsProductAttributesProductLifeCyclesDemandE

2、stimationInterviewsPriceExperimentationStatisticalAnalysisImplicationsSummaryAppendix:DemandhePlayersTheaterCompanyisaregionalrepertorytheaterintheMidwest.Eachyear,itproducessixplays,rangingfromShakespearetocontemporaryTmusicals.PTChaspriceditsticketsat$30.Onatypicalnight,approximately200of

3、thetheater’s500seatsarefilled.ThePTCboardmetrecentlytodis-cussapossiblepricedecreaseto$25fornextseason.Advocatesoftheproposalarguedthatthedecreaseinticketpriceswouldincreasethetheater’scustomerbase,thenumberofticketssold,andrevenuesforthecompany.Atthemeeting,thePTCboardengagedinaheateddebate

4、overtheproposal.Itsoonbecameevidentthattheboardhadinsufficientinformationtomakeasounddecision.Forinstance,nearbyrestaurants,whichservePTCcustomers,haveindicatedthattheyareplanningtoimplementsubstantialpriceincreasesbeforethebeginningofthenextseason.WouldthisincreaseaffectthedemandfacedbyPTCa

5、ndthustheappropriateticketprice?Althoughcustomersmightbuymoreticketsatlowerprices,wouldtotalbri75829_ch04.qxd8/13/087:06PMPage107Chapter4Demand107revenueorprofitsnecessarilyincrease?WoulditbebettertoattractadditionalcustomersbyloweringpriceorbyimprovingthequalityofPTCplays?Afteralivelydiscus

6、sion,theproposeddecreaseinpricewastabledforfurtherstudy.ThisdiscussionatthePTCboardmeetinghighlightsthefactthatmanagersrequireadetailedunderstandingofproductdemandtomakesoundpricingdecisions.Under-standingproductdemandalsoisimportantfordecisionsonadvertising,productionlevels,newproductdevel

7、opment,andcapitalinvestmentprojects.Chapter3offeredabriefintroductiontosupplyanddemandanalysis.Inthatchap-ter,weintroducedthenotionofademandcurveandbrieflydiscussedsomeofthefac-torsthatmightcauseademandcurvetoshift.Inthischapterweprovideamoreexten-siveana