User Account

All Pages

Elasticity of demand for the grapefruit

Assignment Help Macroeconomics
Reference no: EM131239327

Rolf's Supermarkets now sell 12,000 lbs. of grapefruit per week at a price of $0.45 per pound. An economist has reported to management that the arc elasticity of demand for the grapefruit over the price range $0.45 to $0.35 per pound is -2.0. If Rolf's lowers its grapefruit price to $0.35 per pound, determine how many grapefruit it will sell per week and what the change in its total revenue (TR) from grapefruit sales will be.

Reference no: EM131239327

Questions Cloud

Anything different to bring down unemployment rate faster : The Census Bureau released its annual look at US household incomes on Tuesday, the most detailed report on the financial health of the nation in the run-up to the 2016 election. The economy is once again the central background of the 2016 campaign. C..
Economy marginal benefit of the public good : If Popeye values the public good at $4,000 per year, and Captain Hook values it at $3,000 per year, the economy's marginal benefit of the public good per year is?
Identify desirable improvements : What name is given to the process by which a company analyzes another company's product to identify desirable improvements in its own product?
Write an email to hr for late pay : Write an email to HR for the following reason: late pay (verbally told the payday is 5th and 15th of every month, but no payday notice posted in the office, and the paycheck was delayed)
Elasticity of demand for the grapefruit : Rolf's Supermarkets now sell 12,000 lbs. of grapefruit per week at a price of $0.45 per pound. An economist has reported to management that the arc elasticity of demand for the grapefruit over the price range $0.45 to $0.35 per pound is -2.0.
Lead to corresponding change in demand for tablets : A change in the supply of tablets(i.e Ipad, surface, kindlefire and etc) a- result from a change in consumer taste and preferences b- leads to a change in the amount of tablet s offered at every price c- results from a change in the price of tablets ..
Compare fixed and variable costs : What is break-even analysis and why is it an important element in the discussion of operating leverage? In your response include a discussion on the break-even point. Compare fixed and variable costs and explain the significance of the difference in ..
Write brief description of changes you made to rough draft : Revise and finalize the rough draft paper by making corrections and any other edits which are appropriate.- Write a brief description of changes you made to the rough draft.
What level of q maximizes net benefits : Your firm's research department has estimated your total revenues to be R(Q) = 3,000Q - 8Q2 and your total costs to be C(Q) = 100 + 2Q2. (Note that MB = 3,000 - 16Q and MC = 4Q.)

Reviews

Write a Review

Macroeconomics Questions & Answers

  If it is good for comunity for people to own

If it is good for comunity for people to own their own homes, home ownership should be subsidised with special tax advantages or subsidies.

  What would each political philosophy of utilitarianism

Illustrate what would each political philosophy of utilitarianism, liberalism, and libertarianism likely suggest should be done in this situation.

  Which of these methods of encouraging growth

Which of these methods of encouraging growth would you suggest to a newly industrialized economy,

  Prepare a presentation about the mortgage market

Prepare a presentation about The Mortgage Market. Points will be given for asking questions of your fellow classmates to determine their knowledge of the subject.

  Suppose a consumer derives utility from consuming two goods

suppose a consumer derives utility from consuming two goods x1 and x2. her utility function is given as u x1 y1 8

  Features of the neoclassical supply of labour

Adopting the main features of the neoclassical supply of labour, elucidate how these 2 factors may be related.

  Pricing strategy in duopoly

The Hull Petroleum Company and Inverted V are retail gasoline franchises that compete in a local market to sell gasoline to consumers.

  Evaluate the profit-maximizing price

Estimate what would happen to the volume of services and the expected revenue to the practice, should the area's health insurers increase patient cost sharing from 20% to 30% of this charge - Calculate the Lerner index and compare it with the Ler..

  Comprehensive entity-relationship diagram

Submit a systems analysis for your project, including a comprehensive entity-relationship diagram (ERD). Although you may use any tool to complete the ERD, it is strongly recommended that you use Microsoft Visio and then save the diagram into an i..

  Effect on aggregate demand and gdp

The necessary change in taxes and government spending and the effect on aggregate demand, GDP, and employment.

  Write the equation for the medical isocost of afc

It has been estimated that an additional doctor could increase the daily output of the clinic by 25 patients, while an additional nurse would increase the number of patients served in a day by only 10. What is the marginal rate of substitution bet..

  What vertical axis for an aggregate demand curve measures

All of the following would cause the aggregate demand curve to shift EXCEPT a) improving levels of prosperity in other countries. b) a decrease in the price level. c) a deterioration of overall consumer confidence. d) an improvement in overall con..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd