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Granny's Restaurant sells apple pies. Granny knows that the demand curve for her pies does not shift over time, but she wants to learn more about that demand. She has tested the market for her pies by charging different prices. When she charges $4 per pie, she sells 30 pies per week. When she charges $5 per pie, she sells 24 pies per week. If she charges $4.50, she sells 27 apple pies per week.
a. Is the apple pie market perfectly competitive? Why or why not? b. With this data, draw a graph of the linear demand curve for Granny's apple pies. c. Find the price elasticity of demand at each of of the three prices.
Explain why domestic producers who supply a good that competes with imports would prefer an import-substitution approach to trade rather than an export promotion approach. Which policy would domestic consumers prefer and why.
7) in 1988, the average wage rate was 9.45 an hour and in 2008 the average wage rate was 18 an hour. The CPI in 1988 was 118.3 and in 2008 it was 215.3. which is real wage rate is higher?
In a recent article, a researcher reported that he had found the demand curve for kerosene to be upward sloping.-as the price of kerosene rose the quantity demanded of kerosene increased. Illustrate what questions might you have for this researche..
Assume which the United States presently both produces kumquats and imports them.
What are your monthly payments during years 5, 6, and 7? b. How much interest is in the sixtieth month's payment? How much principal?
Describe the coefficient of correlation between the two variables. Interpret the value. Is it reasonable to conclude that there is a positive relationship between revenue and occupied rooms.
Provide optimal wage-bonus package, compute this employees' effort, expected payoff and employer's profit. Draw a game tree for employer-employee game in parts a-c.
Suppose that you buy a bond for $100 that pays four percent interest per year. Explain how much money will you have earned when the bond reaches maturity in five years.
Assuming that budget stays same except for interest on debt for 10 years, what will be accumulated debt? What will size of budget be after 10 years.
The Blue Dragon Restaurant is a new Chinese Restaurant in town. As the only Chinese restaurant in the area, it faces the following daily demand curve:
Given all the above factors, which candidate should be selected? (b) By how much would the estimated capital investment for the alternate candidate [the candidate not selected above in (a)] have to vary from your first decision in (a)?
A firm that finds it extremely expensive to monitor the output of each worker will likely pay its workers
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