Illustrate what percentages would the price have to decrease

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Q. Farmer McDonald gives banjo lessons for $20 an hour. one day, he spends 10 hours planting $100 worth of seeds on his firm.What opportunity cost has he incurred? What cost would his accountant measure? If these seeds will yield $200 worth of crops, does McDonald earn an accounting profit? Does he earn economic profit?

Q. If Price elasticity of demand for restaurant meals is 2.27 and restaurant meals wants to increase slaes by 45% by illustrate what percentages would the price have to decrease to get the intended resualts?

Reference no: EM1350429

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