1. A consumer buys 100 units of a good at a price of 5 units. When price changes, he buys 140 units. What is the new price if price elasticity of demand is (-) 2?

2. Based on the schedule below from Cheesecake Corporation, what is the price at the point of profit maximization?

Quantity        Price           Average Total Cost

7                    10                              6

8                    9                                5

9                    8                                6

10                  7                                7

3. The Masquerade Shop makes and sells costumes. The selling price of each costume is $73, and the average variable cost of each costume is $40. Their monthly fixed cost is $1000. If the store desires to make a profit of $3000 for the year, how much revenue must it earn per month?

4. Assume that oil and gas industry has 5 firms a,b,c,d and e. calculate market share for each of these firms.

Firms      Sales ($)

A            5000

B            15000

C            10000

D            5000

E             25000