Reference no: EM133127257
In a market for used cars with perfect information, the price of high-quality cars sell range from $1,000 to $1,200 and low-quality cars from $500 to $700. If q is the share of high-quality cars, at what point will only low-quality cars be traded?
a. q < 66.66%
b. q < 60%
c. q > 33.33%
d. q > 40%
Considering the following market, what is the value of total welfare when the market is in equilibrium? Demand: p = -0.8q + 150, Supply: p = 90 + 5.2q
a. 260
b. 300
c. 142
d. 3,276
A monopolist with marginal costs of production of 40 sells in two Administrative Regions. In Region 1, the demand is given by Q1 = 300 - p1/4. In Region 2, it is given by Q2 = 180 - p2/4. Determine the profit-maximizing price and output levels when discrimination is impossible.
a. P = $620, Q1 = 145, Q2 = 25
b. P = $500, Q1 = 175, Q2 = 55
c. P = $500, Q1 = 205, Q2 = 85
d. P = $40, Q1 = 290, Q2 = 170
A monopolist with marginal costs of production of 40 sells in two Administrative Regions. In Region 1, the demand is given by Q1 = 300 - p1/4. In Region 2, it is given by Q2 = 180 - p2/4. Assuming that discrimination between the two regions is possible, what would be the respective prices and quantities for each Region?
a. P1= $380, P2 = $620, Q1 = 205, Q2 = 25
b. P1 = $500, P2 = $400, Q1 = 175, Q2 = 55
c. P1 = $620, P2 = $380, Q1 = 145, Q2 = 85
d. P1 = $40, P2 = $50, Q1 = 290, Q2 = 170
A monopolist with marginal costs of production of 40 sells in two Administrative Regions. The demand in Region 1 is given by Q1 = 300 - p1/4. In Region 2, it is given by Q2 = 180 - p2/4. How has the firm's profit changed after price discrimination?
a. Increase by $28,900
b. Increase by $7,200
c. Increase by $3,600
d. Increase by $25,300
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