Quiz- PSet2-2010

Quiz- PSet2-2010 - ARE 100A Richard Howitt Name Quiz on...

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ARE 100A Quiz on Problem Set II January 22 2010 Richard Howitt Name…………………………….. Section…………………………….. 1. Red Lobster restaurant currently sells 200 of shrimp plate orders per week when the shrimp plate is priced $8.50. (a ) The first consultant they hire estimates the demand for shrimp dishes as: Q = 440 - 28.23 P (i) Calculate the elasticity of demand at the current market price and quantity (ii) Calculate the effect on total revenue from shrimp plate sales if the price is reduced to $7.50 (b) A second consultant estimates the demand for shrimp plates as: 0.8 1108 Q P = (i)
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