Final answer:
The inequality 'The price p is less than or equal to $25' is a mathematical expression relevant to economics, indicating a maximum price. We can calculate quantities of purchased items by dividing the total amount spent by the unit price. Economic examples incorporating this include quantity demanded at equilibrium and the concept of price elasticity.
Step-by-step explanation:
The statement 'The price p is less than or equal to $25' is a mathematical inequality. In this context, the price relates to the cost of goods or services. Here, we are given information like the quantities of products and the amount spent on them; for example, (Pd 1) Price is $3.00, and the Amount Spent is $60.00. This suggests that a total of 20 units of product 1 has been purchased (since $60 / $3.00 equals 20). We can calculate the quantity (Qty) of items purchased for each product by dividing the Amount Spent by the Price.
Let's take an economic example; if the price is $3.25 per pound and the original equilibrium quantity is 250,000 fish, this implies that at this price, 250,000 pounds of fish are bought and sold. Furthermore, it is mentioned that the consumer price is higher than the price at the fishing docks, which hints at the concept of market elasticity. The elasticity of demand refers to how the quantity demanded of a good or service responds to a change in price. In the example of Pete's Pizza, increasing prices due to external factors like minimum wage hikes can lead to a decrease in demand if consumers find alternatives, indicating that the price of pizza is elastic.