Academic Writing pertaining to Case Study

900 words in total relevant files will be provided after award The details of the Requirement are as below; Fong Chi Chung continues to consider alternative approaches for expanding the operations of Restaurant. An economic consultant has gathered data to estimate the demand for a new meal believed to be competitive with another restaurant that has served a similar product with great success. You are asked to use the skills you have learned in managerial economics to evaluate the data provided in the attached Excel file and make your recommendations to Fong about the likelihood of success of the new product. You have been given both linear and log-linear data, please determine if one or the other is better for evaluating the success of the product. Part 1 (40%) Only a conceptual outline is expected in each question of Part 1. What are the issues you need to consider to determine if the linear or log-linear processing of the data is more appropriate? Are the factors identified in the data, including advertising expenditures, competitor’s price, income, and population, reasonable issues for inclusion in estimating demand for the new product? (20%) Describe three or four other issues that you would recommend are important to review as you consider whether the data supports the value of proceeding with the proposed product. (20%) Part 2 (60%) Use the Excel file provided with this and process the two datasets through an appropriate regression analysis. Post the output tables as a part of your response to the examination and answer the following questions. Finalize your results with a narrative of your recommendations. Are there significant differences between the linear and log-linear results that would recommend one over the other for doing your analysis? (10%) Evaluate the effectiveness of the data in estimating the demand for the new product, including the overall statistical significance of the entire function as well as the varied factors included in the analysis. Are there other issues related to the data analysis that can assist you in determining the appropriateness of proceeding with this product? (25%) Calculate the demand/marginal revenue functions using the average values of the independent variables (advertising, competitor's price, income, and population) as outlined in the accompanying data set. Given that the marginal cost of producing the new product is MC = .015Q what is the optimum price level for the new product? (15%) Summarize your recommendations about proceeding with the new product given your analysis. (10%) Notes: Follow the same format for your answers as the questions. Answer the first two questions in narrative format, and then do the data analysis part including the output from the regression analyses for the two sets of data provided. Provide a reasonable discussion of the processes used and include your analysis and evaluation of the questions posed in Part 2.