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Economics Question #1
Newspaper item: "Due to lower grain prices, consumers can expect retail prices of choice beef to begin dropping slightly this spring with pork becoming cheaper after midsummer," the Agriculture Department predicted. "This reflects increasing supply," the department said.
- Does the statement use the term "supply" correctly?
- What effects might this announcement have on consumer demand? Explain.
- Provide a graph that describes the statement in the newspaper article.
Economics Question #2
The owner of a restaurant is considering lowering menu prices to draw in more customers. He is debating between lowering the price for the steak entree or the salmon entree. When he lowered prices last year, a $2.00 decrease in price for the $15 steak resulted in a growth in steak sales from 75 per week to 100 per week. A $2.50 decrease in the price of the $17 salmon entree increased sales from 40 to 75 meals per week.
- Which entree should he choose to put on sale? And why
- Be sure to include the effect on total revenue and the price elasticity of demand
Economics Question #3
- What are the major characteristics of pure monopoly? If the pure monopolist sells output for $4.00 per unit at the current level of production and at this level of output, the marginal cost is $3.00, average variable costs are $3.75, and average total costs are $4.25. The marginal revenue is $3.00.
- What is the short-run condition for the monopolist and what output changes would you recommend?
- Draw a graph that illustrates the question.