Now assume there is a large number of small pizza delivery r…
Now assume there is a large number of small pizza delivery restaurants in town (all producing the same type of pizza), so that the industry is classified as Perfectly Competitive. In total, how many pizzas would be delivered this week and what price would be charged to customers?
Read DetailsThe Fish Shack is the only seafood restaurant in a remote vi…
The Fish Shack is the only seafood restaurant in a remote village. It charges $15 for a bowl of fish soup and sells 10 bowls of it a day. To increase sales to 11 bowls a day, it must reduce the price of a bowl of fish soup to $14. How much Total Revenue does the restaurant generate when the price of a bowl of fish soup is $14?
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