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6. Joy’s Frozen Yogurt shops have enjoyed rapid growth in northeastern states in recent years. From the analysis of Joy’s various outlets, it was found that the demand curve follows this pattern: Q = 200 - 300P + 120I + 65T - 250Ac + 400Aj where Q = number of cups served per week P = average price paid for each cup I = per capita income in the given market (thousands) T = average outdoor temperature Ac = competition’s monthly advertising expenditures (thousands) Aj = Joy’s own monthly advertising expenditures (thousands) One of the outlets has the following conditions: P = 1.50, I = 10, T = 60, Ac = 15, Aj = 10. a. Estimate the number of cups served per week by this outlet. Also determine the outlet’s demand curve. b. What would be the effect of a $5,000 increase in the competitor’s advertising expenditure? Illustrate the effect on the outlet’s demand curve. c. What would Joy’s advertising expenditure have to be to counteract this effect?
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