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A firm has estimated that the demand for its product comes from two types of customers, type I and type II. Each type I customer -there are 30 of them- has a demand curve given by Q = 20 - P, while each type II customer -there are 50 of them- has a demand curve given by Q = 15 - P. The firm's marginal cost is constant and equal to $5. Suppose the firm wants to use a two-part pricing strategy (T; P), and it has decided to set P = $5 (we know this need not be optimal, but this is what the firm has decided to set). With P= $5, the profit-maximizing T is
For each scenario, calculate equilibrium price and quantity, total consumer surplus and total producer surplus.
Take some time to think about the ways in which your learning in this class relates to the real world. Has the knowledge you gained been valuable in helping you understand or evaluate events or policies? Are there any current events in the news that ..
The long-run total cost function for a firm producing skateboards is: TC = q^2 - 45q^2 + 900q, where q is the number of skateboards per week. MC = 3q^2 - 90q + 900. Find the average cost function and find the output level that minimize the average to..
You and other college students are deciding whether to major in music or engineering. You learn that there is a shortage of engineers making it easy for engineering graduates to find employment while there is a glut of musicians for whom finding a jo..
If there are 200 rooms also the operating costs $20,000 plus a cleaning fee of $5 per room per day, compute the profit during the one-week period.
Suppose there is a policy debate regarding the United States’ imposing trade restrictions on imported tires: A political pundit argues that the government should impose a tariff on tires because they are a necessary input into the production of vario..
A good without any close substitutes is likely to have relatively _______? demand, because consumers cannot easily switch to a substitute good if the price of the good rises.
As a second alternative, Mrs. Siegal can take pain killers. Each pill costs 50 cents also Mrs. Siegal needs to take 30 pills every month.
What is the expected impact of fall the business confidence. Explain with suitable diagram. Will monetary policy help to increase the investment by private sector in the presence of fall in the business policy.
A highway department is considering building a temporary bridge to cut travel time during the three years it will take to build a permanent bridge. The temporary bridge can be put up in a few weeks at a cost of $740,000. Calculate the present value o..
Suppose we are with a real estate agency that has the following houses listed in a specific geographic area. $150,000; $146,000; $152,000; $155,000; $143,000; $157,000; $180,000; $148,000; $154,000; $146,000; $155,000
A street vendor reduces the price of gelato from $3.50 to $2.75, the number of gelatos sold per day rises from 600 to 750. What is the price elasticity of demand for gelato?
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