Question
In: Advanced Math
In June 2001 the retail price of a 25-kilogram bag of cornmeal was $8 in Zambia;...
In June 2001 the retail price of a 25-kilogram bag of cornmeal was $8 in Zambia; by December the price had risen to $11.† The result was that one retailer reported a drop in sales from 14 bags per day to 2 bags per day. Assume that the retailer is prepared to sell 4 bags per day at $8 and 16 bags per day at $11. Find linear demand and supply equations, and then compute the retailer's equilibrium price.
Solutions
Expert Solution
Retailer price:
The total price charged for a product sold to a customer, which includes the manufacturer's cost plus a retail markup.
Equilibrium price:
When the supply and demand curves intersect, the market is in equilibrium. This is where the quantity demanded and quantity supplied are equal. The corresponding price is the equilibrium price.
Given that:
The retail price of 25 kg bag of cornmeal =$8
And in December price rises to $11.
This results in drop of sale from 14 to 2 bags/day.
Colby Messinger answered 2 years agoRelated Solutions
In June 2001 the retail price of a 25-kilogram bag of cornmeal was $8 in Zambia;...
In June 2001 the retail price of a 25-kilogram bag of cornmeal
was $8 in Zambia; by December the price had risen to $11.† The
result was that one retailer reported a drop in sales from 14 bags
per day to 2 bags per day. Assume that the retailer is prepared to
sell 4 bags per day at $8 and 16 bags per day at $11. Find linear
demand and supply equations, and then compute the retailer's
equilibrium price.
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Royal Jewels, a retail business, started business on June 25,
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DATE
TRANSACTIONS
June
25
Cash sales per the cash register tape, $1,237.
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26
Cash sales per the cash register tape, $1,347.
Cash count, $1,638.
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Cash sales per the cash register tape, $1,355.
Cash count, $1,659.
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Cash sales per the...
Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $300 change...
Royal Jewels, a retail business, started business on June 25,
2019. It keeps a $300 change fund in its cash register. The cash
receipts for the period from June 25 to June 30, 2019 are
below.
DATE
TRANSACTIONS
June
25
Cash sales per the cash register tape, $1,222.
Cash count, $1,516.
26
Cash sales per the cash register tape, $1,335.
Cash count, $1,627.
27
Cash sales per the cash register tape, $1,343.
Cash count, $1,648.
28
Cash sales per the...
Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $300 change...
Royal Jewels, a retail business, started business on June 25,
2019. It keeps a $300 change fund in its cash register. The cash
receipts for the period from June 25 to June 30, 2019 are below.
DATE TRANSACTIONS June 25 Cash sales per the cash register tape,
$1,231. Cash count, $1,523. 26 Cash sales per the cash register
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register tape, $1,352. Cash count, $1,655. 28 Cash sales per the...
Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $300 change...
Royal Jewels, a retail business, started business on June 25,
2019. It keeps a $300 change fund in its cash register. The cash
receipts for the period from June 25 to June 30, 2019 are
below.
DATE
TRANSACTIONS
June
25
Cash sales per the cash register
tape, $1,226.
Cash count, $1,518.
26
Cash sales per the cash register
tape, $1,336.
Cash count, $1,629.
27
Cash sales per the cash register
tape, $1,347.
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28
Cash sales per the...
Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $300 change...
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2019. It keeps a $300 change fund in its cash register. The cash
receipts for the period from June 25 to June 30, 2019 are
below.
DATE
TRANSACTIONS
June
25
Cash sales per
the cash register tape, $1,327.
Cash count,
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26
Cash sales per
the cash register tape, $1,390.
Cash count,
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27
Cash sales per
the cash register tape, $1,358.
Cash count,
$1,663.
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Cash sales per
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below.
DATE
TRANSACTIONS
June
25
Cash sales per the cash register tape, $1,227.
Cash count, $1,517.
26
Cash sales per the cash register tape, $1,337.
Cash count, $1,628.
27
Cash sales per the cash register tape, $1,345.
Cash count, $1,649.
28
Cash sales per the...
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