Last week wallys burgers inc reduced the average price on

Reference no: EM13373936

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:

Price (1)	Quantity Supplied (2)	Quantity Demanded (3)	Surplus (+) or Shortage (-) (4)=(2)-(3)
$ 3.00
2.50
2.00
1.50
1.00

B.)What is the price and quantity in equilibrium?

Reference no: EM13373936

Questions Cloud

Find the opposing viewpoints in context database at the : find the opposing viewpoints in context database at the university library by logging into to the library and selecting

Why do you think ethics are of concern in an academic or : why do you think ethics are of concern in an academic or professional environment? how might you determine your

Please look at the student mistakes below and do the : please look at the student mistakes below and do the followingidentify what is wrong with the sentencewrite what

Compose a 10-12-page research paper on the correlation : compose a 10-12-page research paper on the correlation between divorce and social problems

Last week wallys burgers inc reduced the average price on : last week wallys burgers inc. reduced the average price on the frac12-pound papa burger by 1.in response sales jumped

Devise concept questions to check student understanding of : devise concept questions to check student understanding of the sentences. write 3 or 4 questions to each sentence. make

Z-best pizza recently decided to raise its regular price on : z-best pizza recently decided to raise its regular price on large pizzas from9 to 12 following increases in costs of

The essay question is herewrite an essay in which you : the essay question is herewrite an essay in which you discuss a central theme to our exploration of race and ethnicity

Gurgling springs inc is a bottler of natural spring water : gurgling springs inc. is a bottler of natural spring water distributed throughout new england states.five-gallon

User Account

All Pages