Explain a market for meals in a school cafeteria

Reference no: EM13207049

Consider a market for meals in a school cafeteria. Suppose that in this market only one seller (the school foodservice unit) can sell meals to an unlimited number of students.

The demand is represented by a line: P=12-Q

A. Draw the demand curve in a graph.

B. What is the price elasticity of demand at p=4? at that price, would the school's revenue go up if they increased the price a little bit? Why or why not?

Reference no: EM13207049

Questions Cloud

Compute the ground-level centerline concentration : The wind speed is 4.8 m/s on a slightly sunny morning and plume rise is 20 m. (a) Calculate the ground-level centerline concentration 2.0 km downwind from the stack. (b) Calculate the concentration at 100 m off the centerline at the same x distanc..

When new efficient manufacturing technology are available : A. Hardware, when new and more efficient manufacturing technology becomes available. What does this change affect Demand or supply In which direction does the curve shift Draw a graph and explain what will happen to the price and quantity

What is the fewest number of pieces : What is the fewest number of pieces you can receive in a fair exchange for 2 flats, 14 longs, and 12 units? What is the fewest number of pieces you can receive in a fair exchange for 1 flat, 9 longs, and 24 units?

Compute partition coefficient of caffeine : Calculate partition coefficient of caffeine between water and each of two organic solvents. (c) Can you use diethyl ether to extract caffeine from water? Why/why not.

Explain a market for meals in a school cafeteria : Consider a market for meals in a school cafeteria. Suppose that in this market only one seller (the school foodservice unit) can sell meals to an unlimited number of students. What is the price elasticity of demand at p=4 at that price

Presentation for service learning : Summarize the main purpose and points of the event. What was the speaker trying to communicate, explain, or express and what were the main ideas

Define what range of accelerating voltages : What range of accelerating voltages would be required to cover the mass range between 16 and 625, for singly charged ions, if the field strength is held constant?

Find at least three combinations of donuts and burritos : A consumer has a monthly budget of $100 for buying breakfast which he spends entirely on donuts (x) and breakfast burritos (y) from his favorite fast food restaurants. Donuts cost 50 cents each and Burritos cost $1 each.

Theory of motivation from a subjectivist-objectivist point : In other words, which parts of the theory of motivation come from an objectivist point of view? Which parts come from a subjectivist point of view?

User Account

All Pages