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MMLU-Pro / 7346 / Mr. Ellis sells "BuzzbeeFrisbess…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

Mr. Ellis sells "BuzzbeeFrisbess\textquotedblright door-to-door. In an average month, he sells 500frisbeesat a price of 5each.Nextmonth,hiscompanyisplanninganemployeecontestwherebyifanyemployeesells1,000frisbees,hewillre−ceiveanextratwoweeksvacationwithpay.Neveronetoworktoohard,Mr.Ellisdecidesthatinsteadoftryingtopush5 each. Next month, his company is planning an employee contest whereby if any employee sells 1,000frisbees, he will re-ceive an extra twoweeksvacation with pay. Never one to work too hard, Mr. Ellis decides that instead of trying to push 5 frisbeeson unwilling customers for 12 hours a day, he will maintain his normal work schedule of 8 hours each day. His strategy is to lower the price which he charges his customers. If demand elasticity, e = -3, what price should Mr. Ellis charge in order to sell 1000 "BuzzbeeFrisbees." Use average values for P and Q.
Plain-text mathematical notation (without MathML)
Mr. Ellis sells "BuzzbeeFrisbess\textquotedblright door-to-door. In an average month, he sells 500frisbeesat a price of 5each.Nextmonth,hiscompanyisplanninganemployeecontestwherebyifanyemployeesells1,000frisbees,hewillre−ceiveanextratwoweeksvacationwithpay.Neveronetoworktoohard,Mr.Ellisdecidesthatinsteadoftryingtopush5 frisbeeson unwilling customers for 12 hours a day, he will maintain his normal work schedule of 8 hours each day. His strategy is to lower the price which he charges his customers. If demand elasticity, e = -3, what price should Mr. Ellis charge in order to sell 1000 "BuzzbeeFrisbees." Use average values for P and Q.
Original LaTeX notation
Mr. Ellis sells "BuzzbeeFrisbess\textquotedblright door-to-door. In an average month, he sells 500frisbeesat a price of $5 each. Next month, his company is planning an employee contest whereby if any employee sells 1,000frisbees, he will re-ceive an extra twoweeksvacation with pay. Never one to work too hard, Mr. Ellis decides that instead of trying to push $5 frisbeeson unwilling customers for 12 hours a day, he will maintain his normal work schedule of 8 hours each day. His strategy is to lower the price which he charges his customers. If demand elasticity, e = -3, what price should Mr. Ellis charge in order to sell 1000 "BuzzbeeFrisbees." Use average values for P and Q.

category

economics

options

  1. $2.50
  2. $3.75
  3. $4
  4. $5
  5. $4.25
  6. $2
  7. $3
  8. $5.50
  9. $4.5
  10. $3.50

src

stemez-Economics

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Source and history

upstream_id / Original problem ID
7346
task_id
b31e50f1-330f-5bb7-8661-13dda445bac1
task_key
default--test--7346
task_revision_id
1
config / split
default / test

Official source

initial import