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Question 1:
Consider a linear industry demand equation: P = 20 - 2Q, where P is the unit price in dollars and Q is quantity in million units. The cost structure in the industry is given by the constant unit and marginal costs: TC = 10Q. Assume that the industry is monopolized by only one company.
(Hint: In solving this assignment, you may use algebra and graph. Further, you may also construct a table similar to the one you did for Assignment #1 to solve the problems).
Question 2:
Assume that the MNK Company produces and sales DVD Players. It has a maximum capacity production U=100,000 units per year. Assume its current production (Qtr*) is running at the rate of 80% of its production capacity. Assume that the company experiences a cost structure of MC=AC= $50 at the current estimated production rate. The company has a total capital investment K = $500,000. The Company has as its goal a target rate of return on invested capital at R0 = 20%.
Describe why personalized pricing or 1st degree price discrimination is g enerally more profitable than menu price. Why, if this is the case, do companies use menu pricing?
Two drivers—Tom and Jerry—each drive up to a gas station. Before looking at the price, each places an order. Tom says, “I’d like 10 gallons of gas.” Jerry says, “I’d like $10 worth of gas.” What is each driver’s price elasticity of demand?
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