Last week wallys burgers inc reduced the average price on

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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

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