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What is meant by holding all else equal and how is this concept used when discussing movements along the demand curve?
1 answer:
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Answer:
cost of ribeye steak dinners = $10.36
cost of grilled salmon= $11.581
Step-by-step explanation:
Let the cost of one steak dinners be x
Let the cost of one grilled salmon be y
One a particular day the waitress sells 12 ribeye steak dinners and 39 grilled salmon for a total is $575.53 which can be written in equation as
12(x)+39(y)= $575.53-------------------------------------(1)
On another day she sells 25 ribeye steak dinners and 13 grilled salmon dinners totals to $582.43.This can be represented as
25(x)+ 13(y)= $582.43-------------------------------------(2)
solving the equation (1) and (2)
eq(1) x 1
eq(2) x 3-------------------------(3)
Subtracting these equation we get,
x= 10.36
Now substituting this in equation (1)
y=11.581