Calculate the cross- price elasticity of demand for fish

Assignment Help Business Economics
Reference no: EM132010625

A local restaurant currently charges 20 for a popular fish dish and each night 100 customers order this dish. The same restaurant aslo has a side-order of chips on the menu at a cost of 5 per serve. When the price of chips increased to 5.50 sales of the fish dish fell to 90 customers per night. Calculate the cross- price elasticity of demand for fish with respect to chips.

Reference no: EM132010625

Questions Cloud

Determine the feasibility study : Any city, county, state, or region develop an analysis to determine the feasibility study for its bid. What approach should they use?
What assassination theory appears to hold the most weight : What assassination theory appears to hold the most weight, given the evidence? Why? If you were in charge of JFK's security team
What tools would be the most profitable for managers : During the last few decades many new management tools have been introduced. What tools would be the most profitable for managers?
Dividends are expected to decline at constant rate : A firm's earnings and dividends are expected to decline at a constant rate of 3% per year.
Calculate the cross- price elasticity of demand for fish : Calculate the cross- price elasticity of demand for fish with respect to chips.
Causes and effects of a speculative attack : Could you please help me to illustrate the causes and effects of a speculative attack? (Assuming a fixed exchange rate system)
What exactly do you want to study : What exactly do you want to study? Why is it worth studying? Does the proposed study have theoretical and/or practical significance
What are the arithmetic and geometric returns for the stock : What are the arithmetic and geometric returns for the stock?
Determine the capitalized cost of a power plant : Determine the capitalized cost of a power plant which requires PhP10,000,000 for original construction with a PhP500,000 operating

Reviews

Write a Review

Business Economics Questions & Answers

  The difference between playing a board game

The difference between playing a board game and playing a video game is the a) eliminatiion of free riders b) technology of the video game c) involvement of fewer rivals or d) involvement of free rider

  Determine the advertising elasticity of demand

The follow-ing ( multiplicative exponential) demand function is being used: QD = 6,280P. - 2.15A1.05N3.70 where QD = quantity demanded, in 10 oz: boxes P = price per box, in dollars A = advertising expenditures on daytime television, in dollars N = p..

  Find the critical value of t

a) Find the critical value of t for a 90% confidence interval with df = 30. t= ___ (Round to two decimal places as needed.)

  Use supply-demand graph to demonstrate

Use a supply-demand graph to demonstrate how the quantity and price of medical services are expected to be affected if we went from a world without insurance to a world where the government covered 90% of all medical costs.

  What opportunity costs are involved in this article

Find an article (newspaper, magazine, or online) talking about any of the core issues or scarcity resources of economics. Use an article to answer the questions: What core issues or resources does the article talk about?

  Two benefits of m-form organization

Name and explain any two benefits of M-Form organization

  Define competitive equilibrium in this economy

Consider a static (one-period), closed economy with one representative consumer, one representative firm, and a government. The level of capital K and government expenditures G in the economy are both fixed exogenously. Formally define a competitive ..

  What is the price that you should charge

You are currently charging $10 for your product. What is the price that you should charge, if demand elasticity is -3? (Essay)

  New treatment for congestive heart failure

A study was conducted of 90 adult male patients following a new treatment for congestive heart failure

  How is packet-switching related to the internet

How is packet-switching related to the Internet and why is it important? How is TCP/IP related to the Internet and why is it important? How are HTTP and HTML related to the World Wide Web and why are they important? What is a web browser and why is i..

  Prone to perversion by destructive forms of conscientiousnes

What does Erikson mean by “is prone to perversion by destructive forms of conscientiousness?” How can someone who is conscientious be destructive? Can people trying to "do good" end up harming others?

  Political economy approach to disease

How might "Ghosts in Your Genes" be described as a biomedical, behavioral and /or political economy approach to disease?

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd