Predict the new quantity and total revenue per week

Reference no: EM13236982

a) Suppose a freeze in Florida wipes out 20% of the apple crop. How will this affect the equilibrium price and quantity of pear? Assume that the apple and pear are substitute to each other.

b) When the price of paper increases from $100 to $120 per ton, the quantity supplied increases from 200 to 210 tons per day. The price elasticity of supply is?

c) Suppose the price elasticity of demand for vanity plates in your state is 0.60. The initial price is $20 and the initial quantity is 1,000 plates per week. Suppose the state increases the prices by 10%. Predict the new quantity per week and total revenue per week.

Reference no: EM13236982

Questions Cloud

Determine the total project completion time : Charlie Cook was able to determine the activity times for constructing his chemical contaminant tracking machine. A) Cook would like to determine ES, EF, LS, and LF for each activity. Here are the activity times

Explain what is the cl concentration : What is the Cl ? concentration just as Ag2CrO4 begins to precipitate when 2.0 M AgNO3 is slowly added to a solution containing 0.048 M Cl ? and 0.048 M CrO42-?

Explain what is the molarity of the hcl solution : What is the molarity of the HCl solution if 310mL of the HCl solution reacts with magnesium to produce 5.40L of H2 gas measured at STP

Explain what is meant by internalizing an externality : When the United States placed a tariff on steel imports in 2002, foreign producers naturally complained, but there were also complaints from U.S. firms operating in other industries. Why would other types of firms strongly object

Predict the new quantity and total revenue per week : Suppose a freeze in Florida wipes out 20% of the apple crop. How will this affect the equilibrium price and quantity of pear Assume that the apple and pear are substitute to each other.

Explain what is the ph after 0.010 moles of hcl : A buffer solution is 0.10 M HAc (acetic acid) and 0.10 M NaAc (sodium acetate) and we have 1.000 Liter of it. What is the pH after 0.010 moles of HCl are added to this solution

Discuss the structure of the housing market in sydney : Some properties are "sold prior to auction", that is, the vendor accepts an offer before the auction is actually run. Investigate and write a summary on how this process works. In particular, is there a hidden auction prior to auction day

Determine ph of the solution after addition mols of koh : A 100.0 mL sample of .20 M HF is titrated with .10 M KOH. Determine the pH of the solution after the addition of 100.0 mL of KOH. The Ka of HF is 3.5*10^-4

What price should the manager charge for the calculators : The California Instruments Corporation, a producer of electronic equipment, makes pocket calculators in a plant that is run autonomously. The plant has a capacity output of 200,000 calculators per year, and the plant's manager regards 75 percent o..

User Account

All Pages