d) If James decides to make a total of 51rolls and pies per day and charges different prices as above (that is, P1 + P2 ), how many of rolls and pies each should he make in order to maximize the profit of a particular day? Estimate the increase in maximum profit which results when the total number of rolls and pies per day (51) is increased to 52 [note: assume second-order conditions are satisfied].

Use the figure below to answer the following question. $5 Price (per pound) n N 0 2 4 6 8 10 12 14 16 18 20 Quantity Supplied (thousands of bushels per week) The diagram shows three supply curves for apples. Which of the following would cause the supply of apples to shift from S₁ to $3?

What would happen to the equilibrium price and quantity of golf club memberships if the price of landscaping and grass maintenance went up, the price of golf clubs increased, fewer golf courses decided to offer memberships, and health officials announced that playing golf was bad for you?   price will fall and the effect on quantity is ambiguous   price will rise and the effect on quantity is ambiguous   quantity will fall and the effect on price is ambiguous   quantity will rise and the effect on price is ambiguous

When the price of 7-Up increases, how will it affect the demand for Sprite? Draw a diagram to illustrate your answer.

The table below shows the weekly demand for machine screws at the local hardware store. Demand for Machine Screws Price (dollars per pack) $5.00 Quantity (packs of 100 screws) 4.50 25 4.00 85 3.50 145 3.00 205 2.50 2.00 265 325 385 445 1.50 1.00 0.50 505 0.00 565 Instructions: Round your answers to 2 decimal places. If you are entering a negative number include a minus sign. a. Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a price of $4.00 per pack of 100 screws? b. Using the starting point method, what is the price elasticity of demand from a price of $2.50 to a price of $2.00 per pack of 100 screws? c. Using the starting point method, what is the price elasticity of demand from a price of $1.00 to a price of $0.50 per pack of 100 screws?

pchs.palihigh.org bookmarks Bb Microsoft Word - A... Use the supply and demand schedule below to plot the supply and demand curves for tequila in this market. Tequila Price Quantity Demanded Quantity Supplied 10 100 15 70 10 20 42 22 25 12 35 48 30 What is the equilibrium quantity? O a 20 bottles Ob 10 bottles C 40 bottles 30 bottles M国 ( Sign out

Figure: Leonard's Demand for Pecan Pie) Look at Leonard's weekly demand curve for slices of pie. How many slices of pie is Leonard willing to buy at $3 per slice

37. If commodity Mis an inferior good, which of the following must be true? a. The demandcurve for commodity M is horizontál b. An increase in the price of commodity M will decrease the supply of commodity M An increase in consumer income will decrease the demand for commodity M d. A decrease in conšumer 'încome will decrease the supply of commodity M.

1. Calculate the price elasticity for each of the following. State whether price elasticity of demand is elastic, unit elastic, or inelastic. Will revenue rise, decline, or stay the same with the given change in price?

Step 1: Fill in the appropriate values for original quantity, new quantity, original price, and new price. Step 2: Calculate the average quantity by adding the original quantity and the new quantity, and then dividing by two. Do the same for the average price. Step 3: Calculate the change in quantity by subtracting the original quantity from the new quantity. Do the same for the change in price. Step 4: Calculate the percentage change in quantity demanded by dividing the change in quantity by the average quantity. Do the same to calculate the percentage change in price. Step 5: Calculate the price elasticity of demand by dividing the percentage change in quantity demanded by the percentage change in price, ignoring the negative sign.   Using the midpoint method, the elasticity of demand for headsets is about (.44/1.14/2.28/4.56)