statistics

posted by .

At the start of December 2001, the retail price of a 25kg bag of cornmeal was $10 in Zambia, while by the end of the month, the price had fallen to $6. The result was that one retailer reported an increase in sales from 3 bags/day to 5 bags/day. Assume that the retailer is prepared to sell 18 bags/day at $8 and 12 bags/day at $6. Obtain linear demand supply equations, and compute the retailer's equilibrium price.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. microeconomics

    The Consumer Price Index (CPI) for the year 2012 is 2.412 and the retail price per bushel for corn is $US12.06. Using 1992 as the base year (I.e CPI is 100) by how much would the real price for corn have risen or fallen if the retail …
  2. Marketing Math - markup/mark down

    A clothing retailer purchased a line of fall leather coats which were priced to sell at $600 each. This price reflected a markup of 45% on the selling price. At the end of the season the retailer had three coats left, which were marked …
  3. Statistics

    Suppose a person buys 100 shares of stock at in a company at the cost price of $10 per share. He plans to sell at the end of the next month at whatever is the price at that time. The projected price of the stock at the end of next …
  4. statistics Question 2

    Suppose a person buys 100 shares of stock at in a company at the cost price of $10 per share. He plans to sell at the end of the next month at whatever is the price at that time. The projected price of the stock at the end of next …
  5. Math

    A clothing retailer purchased a line of fall leather coats which were priced to sell at $600 each. This price reflected a markup of 45% on the selling price. At the end of the season the retailer had three coats left, which were marked …
  6. MATH?!!?

    a store sells ladders. . the retail price was a 40m percent markup over the manufacturer price. .a month later, the store reduced the retail price of the ladder by 25 percent What percent markup is the new retail price over the manufacturer …
  7. ALGEBRA

    if a product that had a cost of rm2000 was sold with a markup percentage of 80% based on retail price, what was the retail price?
  8. math

    A product that was originally priced at $2,000 had it'd price increased on June 1 by 5%. On December 1 the price was increased by 5% of the new June price. By how many dollars did the price increase on December 1?
  9. math

    A retailer planned to buy some computers form a wholesaler for a total of shilling 1,800,000. Before the retailer could buy the computers the price per unit was reduced by shilling 4,000. This reduction in price enabled the retailer …
  10. Math

    Assume that the retail price of the product is $85, the cost is $47, and the expenses are $13. Compute a new sale price using the formula for markdowns, assuming a 15 percent discount. This is what I did, but I don't know where to …

More Similar Questions