Homework 10 Question.docx - HOMEWORK 10 BUS 502 1 HOMEWORK 10 BUS 502 1 Answer Question with at least 150 words Analyze the demand function for a dinner

# Homework 10 Question.docx - HOMEWORK 10 BUS 502 1 HOMEWORK...

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HOMEWORK 10- BUS 502 1 HOMEWORK 10- BUS 502 1. Answer Question with at least 150 words: Analyze the demand function for a dinner at FancyFoods, a restaurant, given the four changes listed below: (a) The restaurant down the street, Gourmet Meals, features a two-for-one meal special. (b) The opera provides a coupon offering a 15 percent discount at FancyFoods with each ticket for the 6:00p.m.show. (c) Always Round Tire runs a special on tires; a 30 percent reduction in price if you buy four tires. (d) The main employer in town provides a large increase in salaries for white-collar workers. Suggested answer: Increase in demand for a dinner at fancy foods - The Opera provides a coupon offering a 15% discount at Fancy Foods with each ticket for the 6:00 pm show. This would increase the demand for fancy foods as Opera and fancy foods act as complements.
HOMEWORK 7- BUS 502 2 - the main employer in town provides a large increase in salaries for white collar jobs. Since the income and purchasing power of consumer is increasing, the demand for fancy foods will also increase. Decrease in demand for fancy foods - the restaurant down the street, Gourmet meals, features a two for one meal special. Here, Gourmet meals is a substitute for fancy foods. A decrease in price of gourmet meals will decrease the demand for fancy foods.

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