Question

You are a manager at Lobster Brisk, a seafood restaurant chain similar to Red Lobster. Your supervisor asks you to determine the quantity of lobster to buy for the chain’s annual Brisk Feast, an annual monthly promotion when Lobster Brisk features a variety of lobster dinners, including its signature lobster bisque soup. Your research department reports that the demand for lobster dinners is:
QD = (1,300,000 dinners) − (100,000 dinners × P) + (32 dinners × INCOME)

, where QD is the quantity of lobster dinners demanded per week, P is the price of a lobster dinner, and INCOME is the average family income of Red Lobster customers.
If the average family income of Lobster Brisk customers is $50,000 and you set the price of a lobster dinner at $19 per dinner, what is the quantity of dinners demanded?

Answer 1

Answer:

$1000000

Explanation:

By substituting for the unknowns in the equation

That is QD=1300000-(100000*19)+(32*50000)

P=$50000

P=$19