3. Dominos Pizza is trying to attract pizza delivery drivers away from Pizza Hut by offeringthem hourly wages above the current market wage (assumed to be $8 per hour). If thecorrect supply price elasticity for delivery drivers is 3.0 and Dominos wants to increaseits delivery personnel by 15 percent, then they must increase their hourly wage from$8/hour to:a. $8.40/hourb. $8.80/hourc. $9.00/hourd. $9.40/hour

Elasticity of supply is defined as % change in quantity supplied divided by 1% change in price.

Answered: 3. Dominos Pizza is trying to attract…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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f the price of a haircut is $10, the number of haircuts provided is 200. If the price rises to $15 per haircut, barbers will work much longer hours, and the supply of haircuts will increase to 250. Instructions: Round your answer to two decimal places. The price elasticity of supply for haircuts between $10 and $15 using the mid-point method is.
The short run elasticity of demand between palm oil and soybean oil is 0.103. The quantity demanded for palm oil is 10 million metric tonnes at the current price USD 1480 per metric ton of soybean oil. Calculate the quantity demanded of palm oil if the price per metric ton of soybean oil decreases to USD 1400.
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A farmer produced 8400 tons of grapes and each ton sales for $200. Grapes are found to be a perfect cure for Corona Virus. As a result, the price of grapes went from $200 per ton to $10,000 per ton. How many tons will the farmer sale? Using your knowledge of price elasticity of supply, draw a graph illustrating this sale. What will happen in the market for grapes in one year if the price hold steady at $10, 000. Draw a graph showing this.
You have been hired as a consultant for the United Potato Growers. Your research indicates that fresh potatoes have an own price elasticity of -.12 and potatoes in general are -.29. Would potato growers be better off increasing production or decreasing production? Explain why.
When excess demand exists for tickets to a major sporting event or a concert, profit opportunities exist for scalpers. The table below indicates the quantities demanded at various prices, fill in the values for the supply curve for tickets to a sold-out venue that holds 20,000 people. Price per Ticket Quantity of Tickets Demanded Quantity of Tickets Supplied 20,000 $50 45,000 100 40,000 20,000 150 35,000 20,000 200 30,000 20,000 250 25,000 20,000 300 20,000 350 15,000 20,000 20,000 The fact that there is a face-value price of $50 per ticket could be illustrated on a graph as a horizontal line at $50 The equilibrium price that will prevail in the market if scalpers are allowed to operate in the black market would be $ 300 per ticket. The quantity of tickets demanded at the face-value price is 45,000 tickets. For this example, a shortage of tickets exists at the face-value price.
If the price elasticity of demand for restaurant meals is less than 1, will total spending on them rise or fall if the wage of waiters falls?
Which of the following best explains why the supply of housing in Detroit is much less elastic than in other cities? The automotive industry's dominance of the economy in Detroit discourages building homes in the city, even if prices rise People find Detroit to be an undesirable place to live and wouldn't invest in houses in Detroit, even if pices rise The high number of vacant houses in Detroit discourages builders from constructing new homes, even if prices rise There is a fixed amount of land in Detroit, which limits the number of new houses that can be built if prices rise
4. Calculating the price elasticity of supply Antonio is a retired teacher living in San Diego who works as a caddy to supplement their normal income. At an hourly wage rate of $25, they are willing to caddy 7 hours per week. Upping the wage to $30 per hour, they are willing to caddy 12 hours per week. Using the midpoint method, the elasticity of Antonio’s labor supply between the wages of $25 and $30 per hour is approximately , which means that Antonio’s supply of labor over this wage range is .
11. Calculating the price elasticity of supply Caroline is a retired teacher living in Detroit who coaches youth soccer to supplement their normal income. At an hourly wage rate of $15, they are willing to coach 3 hours per week. Upping the wage to $30 per hour, they are willing to coach 8 hours per week. Using the midpoint method, the elasticity of Caroline's labor supply between the wages of $15 and $30 per hour is approximately that Caroline's supply of labor over this wage range is F which means Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Draw a graph to show a condition of Unitarily Elastic in Demand. Explain what actually happens to create such curves and give ONE example of product under this category

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