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

At a price of x dollars, the supply function for a music player is q = 75e0.002, where q is in thousands of units. How many music players will be supplied at a price of 300? (Round to the nearest thousand.) thousand units Find the marginal supply Marginal supply(x) = Which is the best interpretation of the derivative? O The rate of change of the price as the quantity supplied increases The quantity supplied if the price increases O The rate of change of the quantity supplied as the price increases O The price at a given supply of units O The number of units that will be demanded at a given price

The price elasticity of supply for basmati rice (an aromatic strain of rice) is likely to be which of the following? multiple choice Higher in the long run than the short run, because farmers cannot easily change their decisions about how much basmati rice to plant once the current crop has been planted. Low in both the long and short runs, because rice farming requires only unskilled labor. High in both the long run and the short run, because the inputs required to produce basmati rice can easily be duplicated. High, because consumers have a lot of other kinds of rice and other staple foods to choose from.

The marketing research department for a company that manufacturers and sells gaming systems established the following price-demand function p(x)=240-30x     Where p(x) is the wholesale price in dollars at which x thousand gaming systems can be sold,   Find the revenue function when x thousand units are demanded Find the value of x that will produce maximum revenue. What is maximum revenue to the nearest thousand dollars? What is the price per gaming system that produces the maximum revenue?

The demand for product X depends on the price of product X as well as the average household income (Y) according to the following relationship Qdx=800-5P+0.001Y The supply of product X is positively related to own price of product X and negatively dependent upon W, the price of some input. This relationship is expressed as: Qsx= 100+ 45 P-4 W Given that Y = 50,000 and W= 4, what is the 1. Equilibrium price? Number 2. Equilibrium quantity? Number Suppose that income increases to 60,000 and W remains constant. What is the new: 3. Equilibrium price? Number 4. Equilibrium quantity? Number Assuming that income remains constant at 60,000 and W increases to 9, what is the new: 5: Equilibrium price? Number 6. Equilibrium quantity? Number

A price increase from $20 to $30 results in an increase in quantity supplied from 80 units to 120 units.    The price elasticity of supply (based on the midpoint formula) in this price range is:

The inverse demand for organic dog food is given by P1 = 24 - 2Q1, and the inverse demand for conventional dog food is given by P2 = 12 - Q2, where P is the price of dog food in USD/lb, and Q is the quantity of dog food in thousand pounds. The cost of producing dog food is C(Q) = 2Q. %3D The profit-maximizing quantity of organic dog food is equal to (1000s): O 6 5.5 O 2

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.

The long-run own-price elasticity for corn at the farm level is –0.372. Because of a late freeze in Iowa, corn production is expected fall by 16 percent. Regional corn prices are likely to:

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