Problem 1: Patricia is researching venues for a restaurant business. She is evaluating three major a Show more Problem 1: Patricia is researching venues for a restaurant business. She is evaluating three major attributes that she considers important in her choice: taste location and price. The value she places on each attribute however differs according to what type of restaurant she is going to start. If she opens a restaurant in a suburban area of Los Angeles then taste is the most important attribute three times as important as location and two times as important as price. If she opens a restaurant in the Los Angeles metropolitan area then location becomes three times as important as taste and two times as important as price. She is considering two venues respectively a steak restaurant and a pizza restaurant both of which are priced the same. She has rated each attribute on a scale of 1 to 100 for each of the two different types of restaurants. Steak Restaurant Pizza Restaurant Taste Location Price 80 55 65 70 80 50 Show all of your calculations and processes. Describe your answer for each question in complete sentences. Which of the two options should Patricia pursue if she wants to open a restaurant in a suburban area of Los Angeles? Calculate the total expected utility from each restaurant option and compare. Graph is not required. Describe your answer and show your calculations. Which of the two options should she pick if she plans to open a restaurant in the Los Angeles metropolitan area? Describe your answer and show your calculations. Which option should she pursue if the probability of finding a restaurant venue in a suburban area can be reliably estimated as 0.7 and in a metropolitan area as 0.3? Describe your reasoning and show your calculations. Provide a description of a scenario in which this kind of decision between two choices based on weighing their underlying attributes applies in the real-world business setting. Furthermore what are the benefits and drawbacks if any to this method of decision making? Problem 2: The demand function for Newtons Donuts has been estimated as follows: Qx = -14 54Px + 45Py + 0.62Ax where Qx represents thousands of donuts; Px is the price per donut; Py is the average price per donut of other brands of donuts; and Ax represents thousands of dollars spent on advertising Newtons Donuts. The current values of the independent variables are Ax=120 Px=0.95 and Py=0.64. Show all of your calculations and processes. Describe your answer for each question in complete sentences whenever it is necessary. Calculate the price elasticity of demand for Newtons Donuts and describe what it means. Describe your answer and show your calculations. Derive an expression for the inverse demand curve for Newtons Donuts. Describe your answer and show your calculations. If the cost of producing Newtons Donuts is constant at $0.15 per donut should they reduce the price and thereafter sell more donuts (assuming profit maximization is the companys goal)? Should Newtons Donuts spend more on advertising? Show less

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For our first essay, you will be taking a closer, analytical look at “The Wonderful Tar-Baby
Story,” and “How Mr. Rabbit Was Too Sharp For Mr. Fox,” both by Joel Chandler Harris. Your
essay will have two parts to it for an essay totaling 5 pages in length.
For the first part (3 pages): Discuss and dissect the themes surrounding both stories; a few
being trickery, cunning, wit, pride, and folklore. What do you believe to be Harris’ motif in
writing these two pieces and, using quotes and passages, how do they reflect your opinion?
What is the relationship between the rabbit and the fox and whom might these two characters
be reflecting historically? How would these tales reflect the nation? We will be having class
discussions on the works in various lights so that they may aid your analysis.
For the second part (2 pages): I would like you to assert the place the stories of Joel Chandler
Harris have in American literature. The collection – originally published in 1880 – was first
received as a literary triumph, being so well received that President Roosevelt himself
thought the stories served, “…to bring our people closer together…[Harris’] art is not only an
art addition to our sum of national achievement, but it has also always been an addition to the
forces that tell for decency…” However, as decades passed, critics began to blast Harris’
collection as a blemish on American literature that only sought to exploit the culture of
African Americans. With that, explore the questions: Is Harris’ work worthy of praise? Do
these stories, “…bring our people closer together…”? Where should Harris’ work fall in
American literature? This second section of your essay requires both examples from the
stories as well as one researched article from the MVC library database as it will serve to aid
your argument. This essay should be 5 full pages in length in MLA format with a work-cited
page.

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