When a grocery store sells soup at $1.09 per can, it sells 1,500 cans per week....
When a grocery store sells soup at $1.09 per can, it sells 1,500 cans per week. When it dropped the price to $0.75, it sold an additional 1,000 cans. Calculate and evaluate the price elasticity.
Homework Answers
Price elasticity can be defined as change in quantity demanded when there is a change in price of good.
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When a grocery store sells soup at $1.09 per can, it sells 1,500
cans per week....
Suppose that a grocery store buys milk for $2.10 and sells it for $2.60. If the...
Suppose that a grocery store buys milk for $2.10 and sells it for $2.60. If the milk gets old then the grocery store can sell their unsold milk back to their wholesaler for $0.60 (so the grocery store loses $1.50 on each gallon that it has to sell back to the wholesaler). Suppose that the demand for milk is normally distributed with a mean of 2,384 gallons per week and a standard deviation of 431 gallons per week. The grocery...
Suppose that a grocery store buys milk for $2.10 and sells it for $2.60. If the...
Suppose that a grocery store buys milk for $2.10 and sells it for $2.60. If the milk gets old then the grocery store can sell their unsold milk back to their wholesaler for $0.60 (so the grocery store loses $1.50 on each gallon that it has to sell back to the wholesaler). Suppose that the demand for milk is normally distributed with a mean of 2,055 gallons per week and a standard deviation of 481 gallons per week. The grocery...
When the price of paperback books is set at $10, the local bookstore sells 100 books...
When the price of paperback books is set at $10, the local bookstore sells 100 books per week. When the price of books increases to $12, the store sells 75 books. Calculate the price elasticity of demand, using the mid-point formula. Instructions: Round your answer to two decimal places and include a negative sign if appropriate. The price elasticity of demand is 1.46
The Can Division of Bonita Industries manufactures and sells tin cans externally for $1.20 per can....
The Can Division of Bonita Industries manufactures and sells tin cans externally for $1.20 per can. Its unit variable costs and unit fixed costs are $0.24 and $0.10, respectively. The Packaging Division wants to purchase 50,000 cans at $0.34 a can. Selling internally will save $0.03 a can. Assuming the Can Division has sufficient capacity, what is the minimum transfer price it should accept?
During a particular week last spring, suppose that the price of a ½ pound slab of...
During a particular week last spring, suppose that the price of a ½ pound slab of wild King salmon at the local grocery store was $12.00; currently the price is $10.00. The manager informs you that 150 packages were sold this week, more than the 100 boxes that were sold during that particular week last spring when the price was $12.00. Calculate the price elasticity of demand (point formula, not midpoint/arc formula—consult the textbook) for ½ pound slabs of wild...
An electronics store sold 29 TI-89 calculators in one week when they were priced at $140 each. The next week they were priced at $150 and 22 were sold. The store's supplier will sell the store 20...
An electronics store sold 29 TI-89 calculators in one week when they were priced at $140 each. The next week they were priced at $150 and 22 were sold. The store's supplier will sell the store 20 TI-89 calculators per week when they are priced at $140 and 28 per week when they are priced at $150. Find the associated linear supply and demand functions. Then determine the equilibrium price. Type out all work. 2.
An electronics store sold 29...
Question 1 of 30 1 Points When Logan earned $1,000 per week, he purchased 5 karate...
Question 1 of 30 1 Points When Logan earned $1,000 per week, he purchased 5 karate lessons and 40 gallons of gasoline. When his earnings increased to $1,100 per week, he purchased 6 karate lessons and 43 gallons of gasoline. The income elasticity of karate lessons and gasoline are and __ , respectively. O A. 0.50; 1.33 OB. 0.10; 1.6 OC. 2.00; 0.75 OD. 0.85; 0.15 Reset Selection
Alex Tuber, store manager of Edgeway Grocery Store in Washingtown, is worried about allocating enough shelf...
Alex Tuber, store manager of Edgeway Grocery Store in Washingtown, is worried about allocating enough shelf space to a new breakfast cereal, Rice Krimpies. The cereal will be restocked from the distributor once a week, at noon on each Thursday. At that time, the delivery person will arrive with ample stock to fill the shelf area that is reserved for Rice Krimpies, thereby replenishing the packages that were sold during the previous week rather than some set amount ordered in...
Complete the following table by selecting the term that matches each definition. Definition Quantity Demanded Demand...
Complete the following table by selecting the term that matches each definition. Definition Quantity Demanded Demand Curve Demand Schedule Law of Demand The claim that, ceteris paribus, the quantity demanded of a good falls when the price of that good rises A graphical representation of the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices A table showing the relationship between the price of a...
Mr. Porter sells 10 bottles of champagne per week at $50 per bottle. He can sell...
Mr. Porter sells 10 bottles of champagne per week at $50 per
bottle. He can sell 11 bottles per week if he lowers the price to
$45 per bottle. The quantity and the price effects on total revenue
would be, respectively, an increase of _____ and a decrease of
_____.
$450; $500
$45; $50
$495; $550
$45; $5
When the price of paperback books is set at $10, the local bookstore sells 100 books per week. When the price of books increases to $12, the store sells 75 books. Calculate the price elasticity of demand, using the mid-point formula. Instructions: Round your answer to two decimal places and include a negative sign if appropriate. The price elasticity of demand is 1.46
An electronics store sold 29 TI-89 calculators in one week when they were priced at $140 each. The next week they were priced at $150 and 22 were sold. The store's supplier will sell the store 20 TI-89 calculators per week when they are priced at $140 and 28 per week when they are priced at $150. Find the associated linear supply and demand functions. Then determine the equilibrium price. Type out all work. 2.
An electronics store sold 29...
Question 1 of 30 1 Points When Logan earned $1,000 per week, he purchased 5 karate lessons and 40 gallons of gasoline. When his earnings increased to $1,100 per week, he purchased 6 karate lessons and 43 gallons of gasoline. The income elasticity of karate lessons and gasoline are and __ , respectively. O A. 0.50; 1.33 OB. 0.10; 1.6 OC. 2.00; 0.75 OD. 0.85; 0.15 Reset Selection
Mr. Porter sells 10 bottles of champagne per week at $50 per
bottle. He can sell 11 bottles per week if he lowers the price to
$45 per bottle. The quantity and the price effects on total revenue
would be, respectively, an increase of _____ and a decrease of
_____.
$450; $500
$45; $50
$495; $550
$45; $5
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