Question: A company that produces widgets has found its demand function to be q = -1,500p + 90,000. a. For each dollar increase in the wholesale

A company that produces widgets has found its demand function to be q = -1,500p + 90,000.
a. For each dollar increase in the wholesale price, how many fewer widgets are demanded?
b. How many widgets would be demanded at a price of $20?
c. How many widgets would be demanded at a price of $21? d. What is the difference in quantity demanded caused by the $1 increase in wholesale price?
e. The company sets a price of $22.50. How many widgets will be demanded?
f. How much will all of the widgets cost the store to purchase at a price of $22.50?
g. If the store marks up the widgets that cost $22.50 at a rate of 50%, what is the retail price of each widget?

Step by Step Solution

★★★★★

3.49 Rating (166 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a The slope is 1500 so for each dollar increase in the wholesa... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

790-L-A-L-S (1478).docx

120 KBs Word File

Students Have Also Explored These Related Linear Algebra Questions!

A company that produces and markets continuing education programs on DVDs for the educational testing industry has traditionally mailed advertising to prospective customers. A market research study...

A company that produces and markets video game systems wishes to assess its customers level of satisfaction with a relatively new model, the XYZ Box. In the six months since the introduction of the...

A company that produces and markets video game systems wishes to assess its customers level of satisfaction with a relatively new model, the XYZ- Box. In the six months since the introduction of the...

1. Suppose there is an electric bike shop that faces the following demand function Q = 250 - .25 p + 4 ps , where Q is the quantity of e-bikes, p is the price of an e-bike, and ps is the price of a...

Can you please help me solve these 10 Econ questions? I also attached the chapter just in case. Thanks so much!! :) MARKETS AND HOW THEY WORK 177 9.0 CHAPTER 9 LEARNING GOALS After reading this...

The decision problem is first to identify the more attractive segments, and second to determine an effective method to increase sales to the preferred segment(s). Which decision is the best option...

This is International Business and Trade subject. Please help me answer the following (briefly and concisely): 1. Differentiate Vertical and Horizontal Foreign Direct Exchange Decisions. 2. What do...

1.With reference to the Staple and Heinz-Beech Nut cases, discuss the central issues of the anticompetitive arguments. Carefully discuss the circumstances under which mergers may be undesirable and...

Due Sunday, 11/20: Problems from Zimmerman text: 2-11, 2-44, Case 2-3, 7-7, and 7-20 Chapter Two The Nature of Costs Chapter Outline A. Opportunity Costs 1. Characteristics of Opportunity Costs 2....

Please read carefully, all necessary information is attached, need to show work let me know if there is something missing. Microsoft word can be used thanks. You are Cindy, completing the analysis...

Future U.S. trade negotiations will focus both on the U.S. trade relationships with the world through the World Trade Organization and on special trade relationships with countries in Latin America....

The comparative unclassified statement of financial position for Blossom Ltd. follows: Assets Cash Accounts receivable BLOSSOMLTD. Statement of Financial Position December 31 Inventory Estimated...

A . Prepare a differential analysis dated may 3 1 to determine whether the company should make alternative 1 or buy alternative 2 the carrying case.

(Orthonormal Rasis) Suppose that X is full-column rank. (a) Show that an orthonormal basis for Col(X) can be constructed recursively by (k = 2,..., K) where X k is the k th column of X, Z k = [z 1 ,...

Interpret the quote in the context of what you learned about auto insurance in this section. Never lend your car to anyone to whom you have given birth.

A local publication charges by the character for automotive ads. Letters, numbers, spaces, and punctuation count as characters. They charge $34 for the first 100 characters, and $0.09 for each...

How might those words apply to what you have learned in this lesson? If the automobile had followed the same development cycle as the computer, a Rolls Royce would today cost $100 [and] get a million...

Remaining Time: 54 minutes, 37 seconds Question Completion Status: 1 13 15 15 17 18 19 Question 13 Excom Fiberopties estimates that the net operating income increases from $787,350 to $986,330 when...

Refer to the Best Actor/Actress data set provided on theData Sets page....

Calculate the expected return, variance, and standard deviations for investments in stock A, stock B, and an equally weighted portfolio of both. Scenario Probability Return on A Return on B Recession...