User Account

All Pages

Last week wallys burgers inc reduced the average price on

Assignment Help Microeconomics
Reference no: EM13373936

Last week, Wally's Burgers, Inc. reduced the average price on the ½-pound Papa burger by 1%.In response, sales jumped by 2%.

A.) Calculated the point price elasticity of demand for Papa burgers.

B.) Calculate the optimal price for Papa burgers if marginal cost is $1 per unit.

The following relations describe demand and supply conditions in the lumber/forest products industry:

Qd= 75,000-10,000P (Demand)

Qd=-15,000+50,000P (Supply)

Where Q is quantity measured in thousands of board feet (one square foot lumber, one inch thick) and P is price in dollars.

A. Complete the following table:

Price

(1)

Quantity

Supplied

(2)

Quantity

Demanded

(3)

Surplus (+) or

Shortage (-)

(4)=(2)-(3)

$ 3.00

 

 

 

2.50

 

 

 

2.00

 

 

 

1.50

 

 

 

1.00

 

 

 

B.)What is the price and quantity in equilibrium?

Reference no: EM13373936

Questions Cloud

Find the opposing viewpoints in context database at the : find the opposing viewpoints in context database at the university library by logging into to the library and selecting
Why do you think ethics are of concern in an academic or : why do you think ethics are of concern in an academic or professional environment? how might you determine your
Please look at the student mistakes below and do the : please look at the student mistakes below and do the followingidentify what is wrong with the sentencewrite what
Compose a 10-12-page research paper on the correlation : compose a 10-12-page research paper on the correlation between divorce and social problems
Last week wallys burgers inc reduced the average price on : last week wallys burgers inc. reduced the average price on the frac12-pound papa burger by 1.in response sales jumped
Devise concept questions to check student understanding of : devise concept questions to check student understanding of the sentences. write 3 or 4 questions to each sentence. make
Z-best pizza recently decided to raise its regular price on : z-best pizza recently decided to raise its regular price on large pizzas from9 to 12 following increases in costs of
The essay question is herewrite an essay in which you : the essay question is herewrite an essay in which you discuss a central theme to our exploration of race and ethnicity
Gurgling springs inc is a bottler of natural spring water : gurgling springs inc. is a bottler of natural spring water distributed throughout new england states.five-gallon

Reviews

Write a Review

Microeconomics Questions & Answers

  What is the maximum tax the gov. can impose

John has been in the habit of mowing Willa's lawn each week for $20. John"s opportunity cost is $15, and Willa would be wlling to pay $25 to have her lawn mowed.

  Determine what is the independent variable

When a bank raises its interest rates on loans, it typically sees fewer customers visiting to apply to borrow funds. 1. What is the independent variable 2. What is the dependent variable 3. What is the mathematical relationship between these two vari..

  First salary negotiation after graduation

Represents the potential outcomes of your first salary negotiation after graduation and does the ability to move first give the employer an advantage?

  A person chooses between leisure and consumption

A person chooses between leisure and consumption. The utility derived from any combination of leisure and consumption is given by the formula: u = LC - 88C where u is utility, L is the number of leisure hours per week, and C is the number of dolla..

  An oligopolistic firms demand curve will be kinked at the

An oligopolistic firms's demand curve will be kinked at the current market price if: a. firm acts as a price leader in the industry, b. the firm produces a differentiate product,

  Money flows from other factors is known as

In global trade, when the difference between money coming into a country from exports and money leaving a country due to imports or money flows from other factors is known as.

  Risk-free interest rate r

Suppose an individual lives two periods. In period 1 she works full time and makes $100. In period 2 she enters partial retirement and makes $20. She can borrow and save at the constant, risk-free interest rate r.

  To find out the change in equilibrium gdp

Given the increase in government expenditures and the marginal propensity to consume, how would yoou find the change in equilibrium GDP.

  How do these two programs affect cigarette consumption

The U.S. government administers two programs that affect the market for cigarettes. Media campaigns and labeling requirements are aimed at making the public aware of the dangers of cigarette smoking

  Describe what is the investment tax credit

Critics have argued that if there are strong factor substitution effects, these subsidies could reduce employment in the state. Explain their argument. How does this affect the labor market

  Define analytically the firms strategies

What is the condition that δ has to satisfy in order for the collusion to be sustained in both states and which can be sustained in equilibrium and gives the highest intertemporal profit?

  What is the firms fixed cost

Suppose that the total short-run cost function of a firm is given by TC = 200 + 20Q, where TC is the total cost and Q is the total quantity of output.

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