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GraceOla wrote:This is exactly what I did. I think it’s rightrahul6342 wrote:I had the same question. I used the logic that if demand is elastic and price changes by a percentage then demand will change by a percentage more than price.
So here the price changed by 10% ($2 to $2.2) so demand will change more than 10%, if we take 10% atleast then demand will change to 450 (500 Less 10%). It means less than 450 and at a selling price of $2.2 *450 = $990, revenue will be less than 1000I see your point guys. But the thing is, you talk in units per week. But the answers were all PER DAY. Maybe the demand per week would change from 500 to 450, but per day is anyway 7x less.
simk wrote:Did anyone have the veggie pot question? They had asked us to calculate the cost gap and had given the cost per batch and the selling price. I read the situation multiple times but just couldn’t figure out how many units were in each batch (to be able to calculate cost per unit). What did you all do?
I had that one as well. I read the question word after word 10 times, they just did not say how much there is in a batch. But I believe the trick was to ignore this piece of information and start with the information in the middle, where there was a supplier involved with his own markup on cost, which was provided per unit. So I calculated the target cost for him (so that when you add the mark up and then the required profit, you get get to the final price). I did it as a last resort, but there was actually such answer to choose from. Very tricky one.
Did anyone also had this very weird question where there was a demand for product given PER WEEK (500 I believe) and the price, and it was told that the demand is price elastic, and that the cost went up so the company would have raise the price?
And there were 4 options to choose from about what will happen with the demand / revenue (?) PER DAY, whether the demand will be <500, or >500 etc.
And all the values were like they still meant per week but it clearly said per day. So the whole question really made no sense and was about to spot the per week/per day substitution.I was looking at for a long time and could not decide, whether the question was actually that nastyor there was just a typo in the exam? Very weird.
I found the exam difficult. I felt like every question was covering some remote aspect of the syllabus, there were almost none questions, that I could answer quickly just based on what I was studying. I mostly had to exclude answers that were “rather wrong” than choosing a correct answer being confident.
On top of that I sat the exam remotely and found it extra difficult to sit the exam without any single sheet of paper allowed to summarize my thoughts. The scratch-pad within the exam is a joke, not useful at all. I hope they will change the rules for remote exams. If we are allowed to have a calculator, we should be allowed to have 2 A4 sheets of blank paper as well.
That was the case for the very first remote exams offered (FA for example).