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1.A local supermarket lowers the price of its Atlantic Salmon fillets from $12/lb. to $9.00/lb.Sales increase by 20 percent.The store manager notices that T-bone steak

1.A local supermarket lowers the price of its Atlantic Salmon fillets from $12/lb. to $9.00/lb.Sales increase by 20 percent.The store manager notices that T-bone steak sales decrease by 15 percent.

c.Was the price decision good or bad for the supermarket?Explain.

d.If you were to estimate a demand equation for salmon fillets, which variables would you choose as explanatory variables?

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