Homework Answers
Answer
The budget line intercepts are the maximum quantities and that is found as
Q=income/P
Y-axis intercept =10/2=5 and x-axis intercept =10/1=10
joining the two intercepts we get the budget line and the equation is
2* quantity of Yogurt + 1* quantity of ice cream =10
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suppose Pam consumes 4 ice creams at $1 each then from the remaining $6 Pam can consume 6/2=3 units of Yogurt
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The following are data for a recent week:
Revenue (1,000
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Cost of
ingredients
$640
Rent
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Store
attendant
600
1,740
Pretax income
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Lickety Split sells ice cream cones in a variety of flavours.
The following are data for a recent week:
Revenue (1,000
cones at $1.75 each)
$1,750
Cost of
ingredients
$640
Rent
500
Store
attendant
600
1,740
Pretax income
$10
The manager estimates that if she were to increase the price of
cones from $1.75 to $1.93 each, weekly volume would be cut to 850
cones due to competition from other nearby ice cream shops.
Estimate the profit-maximizing price per cone....
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