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Problem: A company provides delivery and carryout service to the city of South Bend, Indiana. An analysis of the daily demand for pizzas has revealed the following demand relation:

Q = 1,400 -100P - 2Ps + 0.01CSP + 750S

where Q is the quantity of pizzas per day, P is the price of pizza, Ps is a price index for sodas, CSP is the college student population and S, a binary or dummy variable that equals 1 on Friday, Saturday and Sunday, and zero otherwise. Explain your answers and provides examples.

Required:

Question 1: Determine the demand curve facing Za's on Tuesday if P = $10, Ps = 125, and CSP = 35,000, and S = 0.

Question 2: Calculate the quantity demanded and total revenues on Fridays if all price-related variables are as specified above.

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M91812242
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