Jessica simpson sets up shop to sell "buffalo wings." she observes that if the price drops from $3.50 per order to $2.50 per order, her daily sales rise from 300 to 500 orders.

a. what is the price elasticity of demand for jessica’s "buffalo wings? "

b. which price yields the greater total revenue?

c. jessica is considering adding a new product, widgets, to the menu. she has experimented and discovered that a 10% increase in the price of wings causes a 20% increase in the quantity of widgets sold. what is the cross elasticity of demand between widgets and wings? are they complements or substitutes? ?

d. what is the difference between the price elasticity of demand and the slope of the demand curve? are they the same concept? are they even related concepts?

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls

Suppose that in an economy the structural unemployment rate is 2.2 percent, the natural unemployment rate is 5.3 percent, and the cyclical unemployment rate is 2 percent. the frictional unemployment rate is percent and the actual unemployment rate (in this economy) is percent.

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