26 Jul IS THE APPLE PIE MARKET PERFECTLY COMPETITIVE?
s Restaurant sells apple pies. Granny knows that the demand curve for her pies does not shift Show more Grannys Restaurant sells apple pies. Granny knows that the demand curve for her pies does not shift over time but she wants to learn more about that demand. She has tested the market for her pies by charging different prices. When she charges $4 per pie she sells 30 pies per week. When she charges $5 per pie she sells 24 pies per week. If she charges $4.50 she sells 27 apple pies per week. a. Is the apple pie market perfectly competitive? Why or why not? b. With this data draw a graph of the linear demand curve for Grannys apple pies. c. Find the price elasticity of demand at each of of the three prices. Show less
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