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What is the initial price and quantity range for coal ben

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Reference no: EM133067417

Coal Ben has estimated that it costs about $2.5 to produce a pizza including labor costs. As the Starbucks in Goodwin Hall has recently begun to sell Pizzas, the demand curve for Coal Ben's pizza has fallen as shown in the table and graph below where: Q is Quantity Demanded, P1 are Prices for the initial demand curve, and P2 are prices for the final demand curve that has shifted down and to the left.

Q

P2

P1

C

25

 

0

2.5

20

 

2.5

2.5

15

0

5

2.5

10

2.5

7.5

2.5

5

5

10

2.5

0

7.5

12.5

2.5
  1. What is the initial price and quantity range for Coal Ben?
  2. What will be the price and quantity range for Coal Ben after the fall in demand?
  3. If Coal Ben was initially charging $7.50 a pizza and wanted to maintain demand for pizza so that it wouldn't have to reduce the hours of student workers, what price should it set for its pizzas after the fall in demand?
  4. What would be its profit at this new price?

Reference no: EM133067417

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