Assume That the Demand Function for Tuna in a Small

question 39

Multiple Choice

Assume that the demand function for tuna in a small coastal town is given by where p is the price (in dollars) per pound of tuna and q is the number of pounds of tuna that can be sold at the price p in 1 month. Calculate the price that the town s fishery should charge for tuna in order to produce a demand of 625 pounds of tuna per month.

• A)$1
• B)$32
• C)$1,200
• D)$800
• E)$2

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Definitions:

Normative Social Influence

Influence resulting from a person’s desire to gain approval or avoid disapproval.

Shoplift

The act of stealing goods from a retail establishment without paying for them.

Fundamental Attribution Error

The tendency to overestimate the effect of personality or disposition and underestimate the influence of situational factors when explaining others' behavior.

Peripheral Route Persuasion

Attitude-change path in which people are influenced by incidental cues, such as a speaker’s attractiveness.