1. A consumer buys 100 units of a good at a price of 5 units. When price changes, he buys 140 units. What is the new price if price elasticity of demand is (-) 2?
2. Based on the schedule below from Cheesecake Corporation, what is the price at the point of profit maximization?
Quantity Price Average Total Cost
7 10 6
8 9 5
9 8 6
10 7 7
3. The Masquerade Shop makes and sells costumes. The selling price of each costume is $73, and the average variable cost of each costume is $40. Their monthly fixed cost is $1000. If the store desires to make a profit of $3000 for the year, how much revenue must it earn per month?
4. Assume that oil and gas industry has 5 firms a,b,c,d and e. calculate market share for each of these firms.
Firms Sales ($)
A 5000
B 15000
C 10000
D 5000
E 25000