Question

In: Economics

Convince yourself that I will buy 4 scoops of ice cream and 3 slices of pizza....

Convince yourself that I will buy 4 scoops of ice cream and 3 slices of pizza. When the price went down, I bought more - This is where the law of demand comes from?

Note: Minimum 2-3 paragraph answer is required, it's a long question.

Solutions

Expert Solution

Thefollowing solution conveniences that the purchases made by me are supported with law of demand

Rahul Sunny answered 2 years ago
Next > < Previous

Related Solutions

THE SCENARIO: 31 Scoops Ice Cream a new concept in gourmet ice cream is finishing up...
THE SCENARIO: 31 Scoops Ice Cream a new concept in gourmet ice cream is finishing up its business plan for upcoming Venture Capital rounds and just needs to complete its break-even analysis to be done. In order to get started with its ice cream business, it will need to purchase some state-of-the-art ice-cream manufacturing equipment valued at $50,000, which they will be able to purchase at a 30% discount. In addition, they will need to rent several store locations for...
Question 2 – Comprehensive problem: Scoops Ahoy, Inc. is a manufacturer that produces ice cream. Its...
Question 2 – Comprehensive problem: Scoops Ahoy, Inc. is a manufacturer that produces ice cream. Its relevant range of production for 2019 is 101,000 to 106,000 pints of ice cream. When it produces and sells 104,000 pints, its average costs per unit are as follows: Average cost per pint Direct materials $ 0.35 Direct labor $ 1.19 Variable manufacturing overhead $ 0.23 Fixed manufacturing overhead $ 0.27 Variable selling and administrative expenses $ 0.09 Fixed selling and administrative expenses $...
In a red box, there are 4 vanilla ice-cream and 8 chocolate ice-cream whereas in a...
In a red box, there are 4 vanilla ice-cream and 8 chocolate ice-cream whereas in a blue box, there are 3 vanilla and 3 chocolate ice-cream. An ice-cream is randomly chosen from the red box and put into the blue box, and an ice-cream is then randomly selected from the blue box. a) what is the probability that the ice-cream selected from blue box is a vanilla ice-cream b)what is the conditional probability that the transferred one was chocolate ice-cream,...
What's your favorite ice cream flavor? For people who buy ice cream, the all-time favorite is...
What's your favorite ice cream flavor? For people who buy ice cream, the all-time favorite is still vanilla. About 30% of ice cream sales are vanilla. Chocolate accounts for only 13% of ice cream sales. Suppose that 174 customers go to a grocery store in Cheyenne, Wyoming, today to buy ice cream. (Round your answers to four decimal places.) (a) What is the probability that 50 or more will buy vanilla? (b) What is the probability that 12 or more...
1. Consider the market for ice-cream. Compare the price elasticity demand for ice cream in (i)...
1. Consider the market for ice-cream. Compare the price elasticity demand for ice cream in (i) Winter vs (ii) Summer. Show your answers in two graphs. 2. For the market for oranges, when price rises from $4 to $5, quantity demanded drops from 8 to 7. (a) Calculate the price elasticity of demand. (b) Is the demand for oranges elastic?
McVay Industries (MI) produces ice cream supplies including bowls, scoops and shake makers. MI made $605,000...
McVay Industries (MI) produces ice cream supplies including bowls, scoops and shake makers. MI made $605,000 of pre-tax profit last year.  They are looking for ways to improve profitability and are considering outsourcing production of their Bowls. Juan Hernandez, the controller, compiled the following information. Bowls Scoops Shake Makers TOTAL Units Manufactured and sold 2,000,000 500,000 100,000 DM per unit $0.50 $1.25 $5.00 DL per unit $0.10 $0.50 $4.00 VMOH per unit $0.15 $0.25 $5.00 FMOH per unit (based on current...
McVay Industries (MI) produces ice cream supplies including bowls, scoops and shake makers. MI made $605,000...
McVay Industries (MI) produces ice cream supplies including bowls, scoops and shake makers. MI made $605,000 of pre-tax profit last year.  They are looking for ways to improve profitability and are considering outsourcing production of their Bowls. Juan Hernandez, the controller, compiled the following information. Bowls Scoops Shake Makers TOTAL Units Manufactured and sold 2,000,000 500,000 100,000 DM per unit $0.50 $1.25 $5.00 DL per unit $0.10 $0.50 $4.00 VMOH per unit $0.15 $0.25 $5.00 FMOH per unit (based on current...
(A) An individual's marginal rate of substitution is 3 slices of pizza for 2 beers at...
(A) An individual's marginal rate of substitution is 3 slices of pizza for 2 beers at the present bundle of beer and pizza she is consuming the price of beer is $4.00 and the price of a slice of pizza is $2.50. (B) An individual's marginal rate of substitution is 4 slices of pizza for 3 beers at the present bundle of beer and pizza she is consuming. The price of beer is $5.00 and the price of a slice...
4. a frozen cream ice is placed into the container before the freezing process is complete....
4. a frozen cream ice is placed into the container before the freezing process is complete. The container has a slinder-shaped dimension with a diameter of 3.5m and is then placed in a water blast freezer with a heat conductivity coefficient of -25 W (m2 k). product temperature of -11 c and air temperature of -25 c. product density is 700kg / m3. thermal conductivity (frozen) 1.2 W / (m K), and specific heat 1.9 kj (kg / K). if...
I put together a scatterplot of Ice Cream Sales v Temperature. It is a positive correlation....
I put together a scatterplot of Ice Cream Sales v Temperature. It is a positive correlation. What are possible lurking variables?
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT