Question

Frida sold cheese for $5 (per pound). She raised her price by a little bit and...

Frida sold cheese for $5 (per pound). She raised her price by a little bit and her revenue increased. Which of the following could possibly be the correct demand function for her cheese?

Homework Answers

Answer #1

#Please rate positively...thank you

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Stephanie is planning an office party. She has the following utility function for fruit and cheese:...
Stephanie is planning an office party. She has the following utility function for fruit and cheese: U ( F , C ) = min { 8 F , 8 C } She has an income equal to $ 100 to spend on cheese and fruit. She prices the fruit and cheese during the first week of October. At this time the price of fruit per pound $ 5 and the price of cheese per pound equals $ 4 . During...
Assume the following demand and supply relationships for American cheese sold in a "model market" in...
Assume the following demand and supply relationships for American cheese sold in a "model market" in New York. Price is expressed in dollars and quantity is expressed per pound of cheese. Demand: Q = 460 - 20P Supply: Q = 100 +16P (a). What is the equilibrium Price? What is the equilibrium quantity? (b). Now assume that a Pandemic sets in and the government fixes the price of cheese at $8.00 per pound. What will be the market outcome? You...
In an earlier week, an online music store sold 1000 albums at a price $10 per...
In an earlier week, an online music store sold 1000 albums at a price $10 per album. When price was lowered to $7, the number of albums sold rose to 1500 albums per week. a. What is the linear demand function? b. What is the demand if price is raised to $12 per album? c. What is the revenue when price is $12 per album?
Lizzie consumes cherries and apples. Her demand function for cherries is qc=m-20pc-40pa, where m is her...
Lizzie consumes cherries and apples. Her demand function for cherries is qc=m-20pc-40pa, where m is her income, pc is price of a pound of cherries, and pa is price of a pound apples. What is the revenue-maximizing amount of cherries sold to Lizzie, if her income is $1,000 and the price of a pound of apples is $10? Group of answer choices 200 400 neither one is correct 300 100
Sheila decides to begin a chocolate bar business. She estimates that if she sold the bars...
Sheila decides to begin a chocolate bar business. She estimates that if she sold the bars for $1.50 she would sell 36,000 bars. She also estimates that if the price increased to $2.00 per bar, she would sell 26,000 bars, that is, the ​demand​ for chocolate bars would decrease. ● Find an equation for what is known as the demand curve. Assume the demand is a linear function. Make the quantity of bars sold the input variable and the price...
The demand for a particular commodity when sold at a price of p dollars is given...
The demand for a particular commodity when sold at a price of p dollars is given by the function D(p) = 4000e −0.02p . (a) Find the price elasticity of demand function and determine the values of p for which the demand is elastic, inelastic, and of unitary elasticity. (b) If the price is increased by 3% from $12, what is the approximate effect on demand? (c) Find the revenue R(p) obtained by selling q units at p dollars per...
Eric consumes only cheese and bread. His income is £100. Cheese costs him £0.50 per can...
Eric consumes only cheese and bread. His income is £100. Cheese costs him £0.50 per can and bread cost £1 each. If p is the number of packs of cheese and q the number of loafs of bread he consumes per week, Eric's utility function is u(p, q) = −[(p − 50)2 + (q − 40)2] . Which one of the following statements is correct? a. Eric must always be unhappy since, whatever he consumes, his utility is always negative b. Eric has monotonic preferences c. If his...
Siobhan has certain preferences for food and clothing. The price of food is €20 per pound...
Siobhan has certain preferences for food and clothing. The price of food is €20 per pound and the price of clothing is €10 per garment. At these prices, Siobhan consumes 5 pounds of food and 10 garments per month. These are the only things that Siobhan buys. Her preferences satisfy all the standard assumptions of consumer choice theory. What is Siobhan's marginal rate of substitution at the bundle that she chooses? Your answer should be in the form of the...
4. Currently the world price of coffee is $8 per pound and the world price of...
4. Currently the world price of coffee is $8 per pound and the world price of tea is $2 per pound. Vandelay is a small country with the following points on linear supply and demand schedules for the country.    Coffee                       Tea   Demand       Supply       Demand       Supply P   Q       P   Q       P   Q       P   Q   12   60       12   180       12   0       12   240 10   70       10  ...
When a wholesaler sold a product at $30 per unit, sales were 390 units per week....
When a wholesaler sold a product at $30 per unit, sales were 390 units per week. After a price increase of $5, however, the average number of units sold dropped to 365 per week. Assuming that the demand function is linear, what price per unit will yield a maximum total revenue?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT