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Tallahassee Cars unlimited, Inc., a rapidly expanding new entrant to this metropolitan area, is considering two proposals for the provision of its cosmetic detailing of cars (washing, waxing, polishing, engine cleaning, etc.) First, a large janitorial agency with some experience in the detailing of cars has offered to purchase the business detailing equipment in return for an exclusive franchise. A second proposal would allow several small contractors to enter the business without any exclusive franchise agreement or competitive restrictions. Under this plan, individuals would bid for the right to provide service on groups of cars as they were delivered to the lot, presumably based on how busy they were at the time. The car lot would then allocate business to the lowest bidder.
A. Use the indicated price and cost data to complete the following table.
Hours of PriceDetailing Per Total Marginal Total Marginalper Car Hour Revenue Revenue Cost Cost0 $24.00 $0.001 23.4 182 22.8 363 22.2 544 21.6 725 21 906 20.4 1087 19.8 1268 19.2 1449 18.6 16210 18 180
B. Determine price and the level of service if competitive bidding results in a perfectly competitive price/output combination.
C. Determine price and the level of service if the car lot grants a monopoly franchise.
Output maximisation and cost minimisation
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