When the price of salad was $5, a cafeteria sold 50 packets of salad dressing a day at $0.50 per packet. When they increased the price of salad by 40%, but kept the dressing at the same price, they sold 50% fewer packets of salad dressing
When the price of salad was $5, a cafeteria sold 50 packets of salad dressing a day at $0.50 per packet. When they increased the price of salad by 40%, but kept the dressing at the same price, they sold 50% fewer packets of salad dressing
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter3: Demand Analysis
Section: Chapter Questions
Problem 1.5CE
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When the price of salad was $5, a cafeteria sold 50 packets of salad dressing a day at $0.50 per packet. When they increased the price of salad by 40%, but kept the dressing at the same price, they sold 50% fewer packets of salad dressing.
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