Explain why to represent violation of law of demand

Assignment Help Basic Statistics

Reference no: EM13112726

In 2001, Bob's Burgers charged $1.50 for a quarter-pound hamburger with all the fixin's, and sold 7,500 of them. In 2002, although Bob raised the price to $1.75, sales of quarter-pound burgers rose to 8,200. Explain why this does not represent a violation of the law of demand.

Reference no: EM13112726

Questions Cloud

Find indicated probability using the geometric distribution : Find the indicated probability using the geometric or Poisson distribution. A newspaper finds that the mean number of typographical errors per page is nine.

How does the action of resveratrol compare to the actions : Resveratrol has been in the news recently as a possible treatment for obesity. It appears to increase lipolysis and the activity of glycogen synthase, whilst decreasing fatty acid synthesis and the activity of glycogen phosphorylase. How does the ..

Compute the total asset turnover rate : Prepare a classified balance sheet with a proper heading on a spreadsheet. For assets, use the classifications of current assets, plant and equipment, intangibles, and other assets. For liabilities, use the classifications of current liabilities a..

Determine which salt has the highest molar solubility : Three sparingly soluble salts, MA, MA2, and MA3, all have Ksp = 1.5 x 10-7. Determine which of these three has the highest molar solubility in water? a) MA, b) MA2, c) MA3 ,d) They are all equally insoluble.

Explain why to represent violation of law of demand : Although Bob raised the price to $1.75, sales of quarter-pound burgers rose to 8,200. Explain why this does not represent a violation of the law of demand.

Determine the average atomic mass of boron : Determine the average atomic mass of boron is the natural abundance of 10B weighing exactly 10.0129 amu is 80.1% and the natural abundance of 11B weighing exactly 11.0093 amu is 19.9%.

Life expectancy in germany and usa : According to the historical data, the life expectancy in the United States is equal to the life expectancy in Germany. A new study has been made to see whether this has changed. Records of 225 individuals from the United States who died recently a..

How much extra weight would a mother retain : For the purposes of this question, you should assume that there are 30 days in a month. Approximately how much extra weight (in kilograms) would a mother retain by exclusive breastfeeding for 3 months as opposed to 8 months after birth? Enter your..

Analyze the process he uses to make a cup of his evil brew : Professor Chase is frustrated by his inability to make a good cup of coffee in the morning. Show explain how you would use a fishbone diagram to analyze the process he uses to make a cup of his evil brew.

User Account

All Pages