Reference no: EM13124357
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 $1 per unit.
The following relations describe demand and supply conditions in the lumber/forest products industry:
Qd= 75,000-10,000P (Demand)
Qd=-15,000+50,000P (Supply)
Where Q is quantity measured in thousands of board feet (one square foot lumber, one inch thick) and P is price in dollars.
A. Complete the following table:
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Price
(1)
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Quantity
Supplied
(2)
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Quantity
Demanded
(3)
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Surplus (+) or
Shortage (-)
(4)=(2)-(3)
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$ 3.00
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2.50
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2.00
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1.50
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1.00
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B.)What is the price and quantity in equilibrium?
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Calculate dobbs total standard cost per unit
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Calculate the optimal price for papa burgers
: Calculated the point price elasticity of demand for Papa burgers and calculate the optimal price for Papa burgers if marginal cost is $1 per unit.
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