Answer : Mary's demand for Kettle Chips = Mary's budget / Kettle Chips cost = 10 / 4
=> Mary's demand for Kettle Chips = 2.5
Therefore, if the cost for Kettle Chips is $4 then Mary's demand for Kettle Chips is 2.5 .
Cape Cod brand and Kettle brand potato chips are perfect substitutes. Mary has $10. If Kettle...
Mission brand and Santitas brand tortilla chips are perfect substitutes. Lou has $20. If Mission chips cost $4 and Santitas brand cost $5 what is Lou’s demand for Santitas Chips?
1. Mission brand and Santitas brand tortilla chips are perfect substitutes. Lou has $20. If Mission chips cost $4 and Santitas brand cost $5 what is Lou’s demand for Santitas Chips? 2. Demand for an inferior good is ___________________. a. Cannot be determined from the information b. Upward sloping c. Downward sloping d. Inelastic e. Elastic 3. Is the statement normative or positive? “Cash transfers are better than food stamps.” a. Positive b. Normative
Consumer reports would like to see if customers prefer one brand of potato chips over others. In a recent report it was discovered that 25 chose Lay’s, 13 chose Cape Cod, and 12 chose the generic brand. Are customer’s choices different for the different brand of potato chips? State the null and alternative hypothesis for the above survey. Create a frequency table with all the choices labeled Choose the correct test and find the observed value. Compare the observed to...
1. Pretend pretzels and chips are perfect substitutes. Billy has $10. If chips cost $4 and pretzels cost $3 what is Billy's demand for chips? 2. At what quantity will the marginal cost curve cross the average cost curve? C = 3q - 4q^2 + q^3. 3. Jessica's income elasticity of demand for donuts is e=-2. If Jessica gets a 3% cost of living adjustment, what happens to her demand for donuts? a) The vertical intercept for demand curve moves...
An analyst for FoodMax estimates that the demand for its “Brand X” potato chips is given by: lnQXd = 12.14 – 2.8ln PX + 3.4PY + 0.7 ln AX where QX and PX are the respective quantity and price of a four-ounce bag of Brand X potato chips, PY is the price of a six-ounce bag sold by its only competitor, and AX is FoodMax’s level of advertising on brand X potato chips. Last year, FoodMax sold 7 million bags...
Mary considers spoonfuls of sugar (S) and spoonfuls of medicine (M) to be perfect substitutes and always requires 4 spoonfuls of sugar to be willing to give up 2 spoonfuls of medicine (Notice that it means the spoonful of medicine is more valuable for Mary than the spoonful of sugar). Suppose sugar costs $2 per spoonful and medicine costs $3 per spoonful. Mary's income is $18. Which of the following expresses Mary's utility function and optimal consumption bundle? A. U(S,M)...
Blue House Potato Chips Mr. Smith is the brand manager for Blue House Potato Chips. The overall cost to produce the chips has increased 25%, and is expected to increase another 10% next year. Due to fierce competition in the snack food category, particular in chips, Mr. Smith did not want to raise the price of chips. Therefore, he decided to reduce the size of the bag and quantity of chips within each bag, and sell at the same price....
Suppose that Ned can produce either potato chips or computer chips. If he only produces potato chips he can produce 50 in a day. If he only produces computer chips, he can produce 25 in a day. Drag the endpoints of the line to plot his production possibilities frontier (PPF) on the graph. What is the opportunity cost of computer chip production in terms of potato chips/computer chip? 3/4 O 112 O 25 Question 6 of 24 > Potato Chips...
The graphs below show the market for bags of potato chips, which is currently at an equilibrium price of $1.33 per bag and an equilibrium quantity of 5.33 million bags. Suppose that, in an attempt to lower blood pressure and reduce healthcare costs, the government imposes a $1.00 excise (or commodity) tax on potato chips. Please scroll down to answer all 6 questions. The graphs below show the market for bags of potato chips, which is currently at an equilibrium...
several costs incurred by cape cod hotel and restaurant Problem 2-54 Several costs incurred by Cape Cod Hotel and Restaurant are given in the following list.1 indicate which of the following classifications best describe the cost. More apply to the same cost item. cost, list. For each 2-1, 2-3, 2-9, 2-10) than one classification may Cost Classifications Direct cost of the food and beverage department a. Indirect cost of the food and beverage department b. Controllable by the kitchen manager...