The pounds of bananas sold each week at all metro seattle alberstons stores as a function of price, p , in dollars/pound(lb.) is given by q ( p ) = 100 e 1.5 ( 5 − p ) 1. what is the price elasticity of demand for bananas at $.20/lb. ? .30 correct (nearest 0.01) bananas are correct at that price? 2. what is the price elasticity of demand for bananas at $1/lb. ? 1.50 correct bananas are correct at that price? 3. at what price is the maximum revenue per week achieved? .66 correct +/- $0.01 4. what is that maximum revenue per week? incorrect 5. how many pounds will be sold each week at that optimal price

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

in terms of experimental research, mcdonald’s charging different prices in the two cities relates to

answer; descriptive statistics;