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Fill in table and answer part b. 7 ) You are the manager of a feed store in Millican and the supply cost of Purina cattle mineral is increasing Price per bag ) You must fill in the following table and answer the following questions. The elasticity of demand is -1.50 (hint: use this to calculate the quantity demanded when the sales price changes). Supply cost per bag Quantity demanded Revenue Total supply cost Labor overhead, etc. Profit Original Scenario $20 $15 400 $800 Supply Cost Increases $20 $18 $800 Supply Cost and Sales Cost Increase $22 $18 $703 $605 $26 $508 $18 $410 ts) What should you change the price of cattle mineral to per bag to maximize profit?

Fill in table and answer part b. 7 ) You are the manager of a feed store in Millican and the supply cost of Purina cattle mineral is increasing Price per bag ) You must fill in the following table and answer the following questions. The elasticity of demand is -1.50 (hint: use this to calculate the quantity demanded when the sales price changes). Supply cost per bag Quantity demanded Revenue Total supply cost Labor overhead, etc. Profit Original Scenario $20 $15 400 $800 Supply Cost Increases $20 $18 $800 Supply Cost and Sales Cost Increase $22 $18 $703 $605 $26 $508 $18 $410 ts) What should you change the price of cattle mineral to per bag to maximize profit?

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 55P: Table 3.9 illustrates the markets demand and supply for cheddar cheese. Graph the data and find the...
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7.you are the manager of a feed store in Millican and the supply cost of Purina cattle mineral is increasing.

a. You must fill in the following table and answer the following questions. The elasticity of demand is -1.50 (hint: use this to calculate the quantity demanded when the sales price changes

B. 

Fill in table and answer part b. e) You are the manager of a feed store in Millican and the supply cost of Purina cattle mineral is increasing Price per bag ) You must fill in the following table and answer the following questions. The elasticity of demand is -1.50 (hint: use this to calculate the quantity demanded when the sales price changes). Supply cost per bag Quantity demanded Revenue Total supply COST overhead, etc. Profit Original Scenario $20 $15 400 5800 Supply Cost Increases $20 $18 5800 Supply Cost and Sales Cost Increase $22 $703 $18 $605 $26 $18 $28 5410 ts) What should you change the price of cattle mineral to per bag to maximize profit?
Transcribed Image Text:Fill in table and answer part b. e) You are the manager of a feed store in Millican and the supply cost of Purina cattle mineral is increasing Price per bag ) You must fill in the following table and answer the following questions. The elasticity of demand is -1.50 (hint: use this to calculate the quantity demanded when the sales price changes). Supply cost per bag Quantity demanded Revenue Total supply COST overhead, etc. Profit Original Scenario $20 $15 400 5800 Supply Cost Increases $20 $18 5800 Supply Cost and Sales Cost Increase $22 $703 $18 $605 $26 $18 $28 5410 ts) What should you change the price of cattle mineral to per bag to maximize profit?
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