Problem 2:Demand Analysis and Pricing
The Tamashiro market is the only supplier of fresh salmon flown directly from Alaska. It buys
fresh salmon at wholesale in Anchorage. The wholesale demand for fresh salmon in Alaska is shown in the
scheduled below which can be defined mathematically as a power (Cobb-Douglas) function.
Quantity Price Per
in tons ton
Questions: (a) find the equation of the wholesale demand function in Alaska
(b) if Tamahiro buys 8 tons of fresh fish a month, how much would it sell it at retail in Honolulu.
Thank you for using BM.
Below are my answers.
Please see attached file for answers.
Problem 2: Demand Analysis and Pricing
Demand Analysis and Pricing are featured.