Suppose that a store sold ice cream cones for $5 last week, but this week they're...
Suppose that a store sold ice cream cones for $5 last week, but this week they're selling for $3. If the store sold 100 cones last week and 150 cones this week, then ice cream is_________
A) Inelastic
B) Elastic
C) Normal
D) Inferior
Homework Answers
Here the change took place in the price of Ice cream and therefore in the quantity demanded of the same. So the demand for Ice cream is elastic. Therefore the correct option is B
Normal good and inferior goods are determined in terms of an increase in the income of the consumer so these options are not applicable in this case and can be eliminated.
Inelastic demand would be that even if price fell, quantity demanded didnt increase so that is not the case here so option A is eliminated too.
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Suppose that a store sold ice cream cones for $5 last week, but
this week they're...
1. An ice cream store has 3 different types of cones for ice cream. They have...
1. An ice cream store has 3 different types of cones for ice cream. They have waffle cones, cup cones (sit down cones) and sugar cones (pointed cones). There are 31 flavors of ice cream and 7 different toppings (chocolate sprinkles, multi-colored sprinkles, nuts, chocolate chips, cookie crumbs, peanut butter chips, M&M’s). a. How many different cones can be made if one item from each category is chosen? b. How many different cones can be made if two scoops of...
Number of ice cream cones B Total Utility from ice cream cones C Marginal Utility from...
Number of ice cream cones B Total Utility from ice cream cones C Marginal Utility from last cone E Number of cans of D Marginal Utility per price M0 . P ps 3.00 Total Utility from Coca Cola G Marginal Utility from last Coca Cola H Marginal Utility per price M.U. Cola Marginal Utility per price MU. Po P $2.00 P P-$1.00 0 36 40 94 90 102 114 105 105 Assume that the price of Ice Cream Cones is...
Lickety Split sells ice cream cones in a variety of flavours. The following are data for a recent week: Revenue (1,00...
Lickety Split sells ice cream cones in a variety of flavours.
The following are data for a recent week:
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cones at $1.75 each)
$1,750
Cost of
ingredients
$640
Rent
500
Store
attendant
600
1,740
Pretax income
$10
The manager estimates that if she were to increase the price of
cones from $1.75 to $1.93 each, weekly volume would be cut to 850
cones due to competition from other nearby ice cream shops.
Estimate the profit-maximizing price per cone....
9. In the table, as Samuel's consumption of ice cream cones increases, Ice Cream Cones Total...
9. In the table, as Samuel's consumption of ice cream cones increases, Ice Cream Cones Total Utility 1 50 2 90 3 125 150 5 165 175 A) both his total utility and his marginal utility increase. B) his total utility increases, but his marginal utility decreases. C) his total utility decreases, but his marginal utility increases. D) his total utility increases, and his marginal utility decreases then increases. 10. (Table) The table shows the total and the marginal utility...
Maria Lorenzi owns an ice cream stand that she operates during the summer months in West...
Maria Lorenzi owns an ice cream stand that she operates during the summer months in West Yellowstone, Montana. She is unsure how to price her ice cream cones and has experimented with two prices in successive weeks during the busy August season. The number of people who entered the store was roughly the same each week. During the first week, she priced the cones at $3.60 and 1,855 cones were sold. During the second week, she priced the cones at...
Dairy Days Ice Cream sells ice cream cones for $ 6.00per customer. Variable costs are $...
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The Vaughn House sells ice cream cones in a variety of flavours. Data for a recent...
The Vaughn House sells ice cream cones in a variety of flavours. Data for a recent week appear here: Revenue (900 cones at $1.51 each) $1,359 Cost of ingredients 513 Rent 288 Store attendant 495 Income $ 63 The Vaughn House's manager received a call from a university student club, requesting a bid on 100 cones to be picked up in three days. The cones could be produced in advance by the store attendant during slack periods and then stored...
Maria Lorenzi owns an ice cream stand that she operates during the summer months in West...
Maria Lorenzi owns an ice cream stand that she operates during the summer months in West Yellowstone, Montana. She is unsure how to price her ice cream cones and has experimented with two prices in successive weeks during the busy August season. The number of people who entered the store was roughly the same each week. During the first week, she priced the cones at $6.00 and 2,515 cones were sold. During the second week, she priced the cones at...
During a particular week last spring, suppose that the price of a ½ pound slab of...
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Big Alice Ice Cream Parlor reduced its price of an ice cream cone from $1 to...
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Lickety Split sells ice cream cones in a variety of flavours.
The following are data for a recent week:
Revenue (1,000
cones at $1.75 each)
$1,750
Cost of
ingredients
$640
Rent
500
Store
attendant
600
1,740
Pretax income
$10
The manager estimates that if she were to increase the price of
cones from $1.75 to $1.93 each, weekly volume would be cut to 850
cones due to competition from other nearby ice cream shops.
Estimate the profit-maximizing price per cone....
9. In the table, as Samuel's consumption of ice cream cones increases, Ice Cream Cones Total Utility 1 50 2 90 3 125 150 5 165 175 A) both his total utility and his marginal utility increase. B) his total utility increases, but his marginal utility decreases. C) his total utility decreases, but his marginal utility increases. D) his total utility increases, and his marginal utility decreases then increases. 10. (Table) The table shows the total and the marginal utility...
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