Essay on Problem Arranged 3 Econ 213

п»їProblem Collection 3

Term

Problem Set 3 shall be completed simply by 11: 59 p. meters. (ET) about Monday of Module/Week 6.

1 . Info for the market for graham crackers can be shown listed below. Calculate the elasticity of demand between following rates. Price of crackers

Variety Demanded (per month)

$3

80

$2. 5

one hundred twenty

$2

160

$1. a few

200

$1

240

$1. 00 -- $1. 60: ___$-0. 45________________________________

$1. 60 - $2. 00: ____$_-0. 77______________________________

$2. 00 -- $2. 55: _____$_-1. 28_____________________________

$2. 40 - $3. 00: ____$_-2. 22______________________________

In case the price of graham crackers is $2. 50 will need to firms increase or lower their prices if they wish to increase revenue? Explain this kind of in terms of flexibility. Since the firmness increases, the retail price would be lower

2 . Suppose the competitive market displayed below encounters a short work price of $10. Using the graph under, identify this:

Profit making the most of output: _110___________________

Approximate indicate up over cost __$2. 50_____________________

In the long term, the price falls to $7. 50. How come this happen? The demand improved, since they will produce more for less money

Precisely what is the new revenue maximizing result? ______90_________________

several. A local hardware store is trying to make the decision whether to settle open. They may have found that their industry is extremely competitive and profits have shrunk considerably. Realizing that you have taken an economics course the owners possess asked for your opinion. Attract a completely branded graph to help you explain the shutdown decision. You should display two graphs in your response, one pertaining to the market overall, and one for this retail outlet in particular. Imagine the store is losing money; nevertheless , explain how come they may want to stay open up for a little while longer. (NOTE: Your answer should be a created explanation of your graph. )

It is beneficial to the company intended for the company to settle open mainly because they will be spending money on the fixed costs whether they stay...



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