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You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1’s elasticity of demand is -6, while group 2’s is -3. Your marginal cost of producing the product is $70. a. Determine your optimal markups and prices under third-degree price discrimination. Instruction: Round your answers to two decimal places. Markup for group 1: Price for group 1: $ Markup for group 2: Price for group 2: $ b. Which of the following are necessary conditions for third-degree price discrimination to enhance profits. Instructions: You may select more than one answer. Click the box with a check mark for the correct answers and click twice to empty the box for the wrong answers. You must click to select or deselect each option in order to receive full credit. There are two different groups with different (and identifiable) elasticities of demand. At least one group has elasticity of demand greater than 1 in absolute value. We are able to prevent resale between the groups. At least one group has elasticity of demand less than one in absolute value.
Assume that the slope of the saving function becomes steeper, will this change in the economy, by itself, have the effect of increasing, decreasing, or not changing the size of autonomous spending multipliers (that is, the investment or government sp..
In 2001, an outbreak of hoof-and-mouth disease in Europe led to the burning of millions of cattle carcasses. What impact do you think this had on the supply of cattle hides, hide prices, the supply of leather good, and the price of leather goods? Can..
How does the Nash equilibrium of a prisoner's dilemma game change if the prisoners can retaliate at the end of their prison terms if the other snitches? You can make up numbers to illustrate the point, but make sure to depict the equilibrium & game m..
What was your profit on 1 Short Call option (100 shares) with a $70/share strike price and a $4/share premium when the price at maturity was $82? How much profit did you make per share if you SELL SHORT at $38 and BUY TO COVER at $29. Your premium fe..
Cattletown steakhouse is a restaurant known for its steak meal and hamburger basket. Draw a graph showing a production possibility frontier exhibiting increasing opportunity costs.
Explain the paradox of why new cars usually lose a large fraction of their market value the moment they are driven from the showroom. Identify the economic principle that explains this paradox.
Communication Flows in organisations. Give an example of a communication for each of the 4 flows. Explain your answer.
The government begins providing health care subsidies for all Americans.b. Private investors become less optimistic about the economy.c. All overseas conflicts are ended and American troops return home.
Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 computers. If these countries were open to trade, which country would export shirts? Which country would benefit from t..
The critical determinants of productivity growth include all of the following except:
Be sure to include an analysis of the stages of production and describe why of the three stages, only one stage is rational for the firm.
Consider terrorism. At the time of writing this exam there had been more acts of terrorism in Europe. According to the text, what technology contributes to effective terrorism at this time?
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