# Contingency Plan Assignment | Homework For You

Develop a contingency plan for:

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– Drought in the Mid-West but not in the South

– A new cotton disease hits only the South due to weather: plan for a short- and long-term impact. .

It is determined that cotton has a new use, such as a super fiber that cannot be broken

Calculate the following and discuss why you picked the numbers you picked and how you would use the information in decision making:

Calculate for price and Qd given and based on your established Qs:

Own price elasticity of demand and explain

Calculate cross price elasticity of demand and explain.

Calculate revenue associated with the price you would charge and explain why you chose the price. Are you profitable?

If not, then how might you become profitable?

If yes, are you profit maximizing?

TWO YEARS LATER Your company hit the jackpot, you developed a new variety of cotton that can increase yield by 20% from your initial varietal introduction. The new demands, etc. are below. The new seed costs an extra \$1 per seed to produce, so \$2 total for new seed, remains \$1 for old seed. Fixed costs are still \$200. Production capacity has increased to 300 units total.

You can choose not to sell the old or new seed then those consumers that wanted to buy the product move to your competitor (Qd-comp.). So if you sell only new seed for \$5 then you would You are deciding which market to go into with the information provided answer the questions underlined and in bold. MARKET ONE Southern producer cotton prices received have declined over the last 5 years Harvest occurs in July August Estimated demand in Southeastern US test market Price/seed Qd – own Qd – comp.

Qd- Total seed seed peanut demand seed 160 40 200 140 10 50 115 55 70 55 75 20 110 \$7 115 200 30 70 0 SS MARKET TWO Price/sced Qd Qd- Qd- old seed Qd- comp. Total demand wheat seed seed new seed 150 120 150 50 30 \$3 \$4 50 90 120 160 175 190 400 400 400 400 400 400 160 180 190 195 200 \$5 \$6 \$7 20 10

Calculate the following: How many seeds would you produce?

Own price elasticity of demand and explain.

Calculate cross price elasticity of demand between old and new seed as well as for competitors and explain

Calculate revenue associated with the price you would charge and explain.

Given the above tables and answers, which market() should your firm target and why would you charge the prices you chose?

Why might some producers still demand the old seed even though the new seed is available?

How do your decisions after two years fit with your strategic plan? Get Economics homework help today

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