You are advising a friend who sells paintings on the sidewalk. What price should she put on all the paintings given the following information: Price $100 Quantity demanded 1 Price $80 Quantity demanded 2 Price $60 Quantity demanded 3 Price $40 Quantity demanded 4 And the fixed cost for her business is $50, while it costs her $40 to paint each additional painting, how many paintings should she sell if she sells each painting for the same price and what will that price be? Please show your work.
You are advising a friend who sells paintings on the sidewalk. What price should she put on all the paintings given the following information: Price $100 Quantity demanded 1 Price $80 Quantity demanded 2 Price $60 Quantity demanded 3 Price $40 Quantity demanded 4 And the fixed cost for her business is $50, while it costs her $40 to paint each additional painting, how many paintings should she sell if she sells each painting for the same price and what will that price be? Please show your work.
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 52P: Review Figure 3.4 again. Suppose the price of gasoline is 1.00. Will the quantity demanded he lower...
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3. You are advising a friend who sells paintings on the sidewalk. What
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