Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

Point price elasticity of demand, Optimal price

Optimal Price. Last month, Rick's Bike Shop, Inc. increased the price on the 24 ounce can of bearing grease by 1%. In response, sales dropped by 4%.

A. find out the point price elasticity of demand for bearing grease.

B. find out the optimal price for bearing grease if marginal cost is $4.50 per unit.

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M925680

Have any Question? 


Related Questions in Business Economics

Hannah and sam run moretown makeovers a home remodeling

Hannah and Sam run Moretown Makeovers, a home remodeling business. The number of square feet they can remodel in a week is described by the Cobb-Douglas production function Q = F(L,K) = 10L0.5K0.5, where L is their numbe ...

A company reports the following financial information

A company reports the following financial information: Inventory $169; Accounts Receivable $270; Cash $85; Prepaid expenses $406; credit sales $2,234. How long does it take to collect its credit sales? Dana reports Inven ...

Aggregate expenditure is the total amount of spending in

Aggregate expenditure is the total amount of spending in the economy that determines the level of the GDP. Components of aggregate expenditure are autonomous expenditure, planned private investments, government expenditu ...

Discuss the economic conditions of australian economy

Discuss the economic conditions of Australian economy associated with the business cycle over the last decade of 2005 and 2015 and discuss the policy initiative for the economy to achieve the full employment level of out ...

The production engineers at impact industries have derived

The production engineers at Impact Industries have derived the optimal combinations of labor and capital. These are the only two inputs used by Impact. The following chart shows the combinations of labor and capital for ...

Consider a single monopoly that faces a market demand curve

Consider a single monopoly that faces a market demand curve for a good is given by the equation P=100-.1Q and the total cost function is given as TC=1000+20Q-.4Q(^)(2). What is the total fixed cost for this monopoly?

During a recession the manager for best buys wants to

During a recession the manager for Best Buys wants to increase sales volumes of both flat screen TVs and DVD players to help that department reach its sales goal; however, a recent market research department analysis sho ...

Which of the following explains why big business typically

Which of the following explains why big business typically spends more on rent-seeking activities than consumers? A. Lobbying is a public good to consumers. B. Lobbying is a public good to businesses. C. Labor unions in ...

Which of the following is true regarding the application of

Which of the following is true regarding the application of the concept of unconscionability? It may be the basis for rescinding a contract. It may not be the basis for rescinding a contract. It may be the basis for resc ...

In january 2014 the price of a 2014 buick was 20000 and

In January 2014 the price of a 2014 Buick was $20,000 and 50,000 units were sold. At October 2014, the price of a 2014 Buick dropped to $18,000 and 60,000 units were sold. Identify what has happened in the market for Bui ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate