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Will the new regulations shift the demand curve for cod

Assignment Help Basic Computer Science
Reference no: EM132436305

Problem: You are a midlevel manager for a seafood restaurant. You and your supervisor discuss new regulations that decrease the quantity of cod caught on Georges Bank by 55 percent. Your restaurant features Georges Bank cod, so your supervisor asks you for a quick estimate of the impact of the new regulations on its price. You know that the price elasticity of demand for Georges Bank cod is 2.0.

Required:

Question 1: Will the new regulations shift the demand curve for cod? Will they shift the supply curve? Explain your answers.

Question 2: What will you report to your supervisor? What managerial suggestions will you make?

Reference no: EM132436305

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