Answer the questions below based on the following scenario: Pricing Scenario: You just won a new laptop in a contest, and you decide to sell your old one. You do not have a lot of money and want to get the highest price possible for your old laptop. It is a Mac that you bought brand new last year. You are listing the laptop online, and you need to identify the price. a. What price would you list your laptop for? b. Explain why the price you proposed would maximize your revenue using the principles of supply and demand. c. Do you believe the demand for your laptop will be elastic or inelastic? Explain

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A: DISCLAIMER  “Since you have asked multiple question, we will solve the first three question for you.…

Q: Susan and Katy share an apartment, which they have decided to decorate for the holidays. The figure…

A: Given, at the price of $16 the demand for Susan  = 15           At price $16 the demand of Katy = 5

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Q: Is it ever possible that if someone is a net seller of a good, and the price of the good he sells…

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Q: .Suppose that a busy restaurant charges $9 for its octopus appetizer. At this price, an average of…

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Q: Add to your first diagram a long run supply curve for salt; explain your diagram.

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Q: At the start of 2010 the UK was hit by extremely cold weather including snow and ice. As a result…

A: a) Supply curve of salt in the short run:   Here, S is the supply of salt in short-run. When demand…

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A: Supply curve in the short run would be upward sloping.

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A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: True or False: As the price of apples rises, the demand for apples falls, ceteris paribus.

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Q: True or false? Basic economic concepts can be used to understand the pricing of products.

A: Economics refers to the social science that studies the production, distribution, and consumption of…