d. Holding the price of bagels again at $1, what happens to the predicted number of bagels sold per day if the price of coffee increases from $2.5 to $5 per cup. Is this a change in demand or a change in quantity demanded? = -20P + 10Ps - 20Pc +101 Initial Quantity: Terminal Quantity -20p+10P-20(2.5)+10(1) -20p+10P-20(5)+10(1) P Change in Quantity Demanded e. In the coordinate axes below, illustrate the changes that occurred above in parts c and d above. (Note, your graph need not be precise) Font
d. Holding the price of bagels again at $1, what happens to the predicted number of bagels sold per day if the price of coffee increases from $2.5 to $5 per cup. Is this a change in demand or a change in quantity demanded? = -20P + 10Ps - 20Pc +101 Initial Quantity: Terminal Quantity -20p+10P-20(2.5)+10(1) -20p+10P-20(5)+10(1) P Change in Quantity Demanded e. In the coordinate axes below, illustrate the changes that occurred above in parts c and d above. (Note, your graph need not be precise) Font
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
please answer D and E
![d. Holding the price of bagels again at $1, what happens to the predicted number of bagels sold
per day if the price of coffee increases from $2.5 to $5 per cup. Is this a change in demand or a
change in quantity demanded?
=
- -20P + 10P§ - 20Pc +101
Initial Quantity:
-20p+10P-20(2.5)+10(1)
Terminal Quantity -20p+10P-20(5)+10(1)
Change in Quantity Demanded
e. In the coordinate axes below, illustrate the changes that occurred above in parts c and d above.
(Note, your graph need not be precise)
Font
P
f Supege 41.
1 and that th
Abon moninklo valo](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F827ba08d-994f-4772-baee-875014f5695d%2Fb197c801-3c71-4c47-8b79-e65bd1b9ce6c%2Foeov4mb_processed.png&w=3840&q=75)
Transcribed Image Text:d. Holding the price of bagels again at $1, what happens to the predicted number of bagels sold
per day if the price of coffee increases from $2.5 to $5 per cup. Is this a change in demand or a
change in quantity demanded?
=
- -20P + 10P§ - 20Pc +101
Initial Quantity:
-20p+10P-20(2.5)+10(1)
Terminal Quantity -20p+10P-20(5)+10(1)
Change in Quantity Demanded
e. In the coordinate axes below, illustrate the changes that occurred above in parts c and d above.
(Note, your graph need not be precise)
Font
P
f Supege 41.
1 and that th
Abon moninklo valo
![1. The Alpine Bagel Co. is evaluating pricing for Bagels in it's outlet in the student commons.
Their in-house consulting team estimated that the daily demand for Bagels in the area to be the
following
Q = -20P + 10Ps - 20Pc +101
Where P = the price of bagels, P, = the price of scones (each), P. = the price of coffee (per cup),
and I Income (average annual disposable income, for students in thousands of dollars)
Font
b. Suppose that the price of scones = $3, coffee costs $2.5 per cup, and average annual disposable
income for students is $15,000. Calculate the demand curve (NOTE- be certain to enter
income appropriately - how is income denominated?)
c. What happens to the predicted number of bagels sold per day if the price of bagels is increased
from $1 to $2? Is this a change in demand or a change in quantity demanded?
Initial Quantity:
-20(1)+10Ps-20Pc+101
Terminal Quantity -20(2)+10Ps-20Pc+101
Change in Quantity Demanded](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F827ba08d-994f-4772-baee-875014f5695d%2Fb197c801-3c71-4c47-8b79-e65bd1b9ce6c%2F7lugqj9_processed.png&w=3840&q=75)
Transcribed Image Text:1. The Alpine Bagel Co. is evaluating pricing for Bagels in it's outlet in the student commons.
Their in-house consulting team estimated that the daily demand for Bagels in the area to be the
following
Q = -20P + 10Ps - 20Pc +101
Where P = the price of bagels, P, = the price of scones (each), P. = the price of coffee (per cup),
and I Income (average annual disposable income, for students in thousands of dollars)
Font
b. Suppose that the price of scones = $3, coffee costs $2.5 per cup, and average annual disposable
income for students is $15,000. Calculate the demand curve (NOTE- be certain to enter
income appropriately - how is income denominated?)
c. What happens to the predicted number of bagels sold per day if the price of bagels is increased
from $1 to $2? Is this a change in demand or a change in quantity demanded?
Initial Quantity:
-20(1)+10Ps-20Pc+101
Terminal Quantity -20(2)+10Ps-20Pc+101
Change in Quantity Demanded
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education