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Tom's pizza sells for $ 5.00 ea and serves an average of 425 customers per week. During a recent sale, Tom lowered the price to $ 4.00 per ea. Sales increased to 500 customers during the week of the sale.
A. Evaluate Tom's price elasticity of demand
B. Tom is considering lowering his permanent price to $ 4.50 ea to increase revenue, how many pizzas is Tom likely to sale?
C. Could you advise him to lower the price?
Using an aggregate supply diagram and aggregate demand or model of the economy, graphically explain and discuss the short-run and long-run effects.
Please refer to Citizen Gas Company PDF for case study and questions. The case study belongs to Economics. Citizen Gas Company is a medium sized company with customers from residential, commercial and industrial sectors.
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Price elasticity of demand, Income elasticity of demand and Cross elasticity of demand of toyota corolla car.
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Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
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n a competitive market place (pure competition) is it possible to continually sell your product at a price above the average cost of production.
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The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
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