Homework Answers
answer:
if he practiced perfect price discrimination the more profit he would earn is :
$25
perfect price discrimination means charging different prices from consumer for each unit of a commodity
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Question 24 2 pts Refer to the following table to answer the following questions: Willingness to...
Refer to the following table. Imagine there are two cities (City A and City R) and...
Refer to the following table. Imagine there are two cities (City A and City R) and you are the only provider of ice cream sandwiches for both. Use this information to answer the following questions: Maximum Willingness to Pay (MWP) for Ice Cream Sandwiches City A MWP City R MWP Aladdin $16 Richard $15 Alan $12 Ramon $14 Alvin $10 Robert $13 Albert $8 Roger $11 Albus $6 Reginald $4 Note: Unit cost is $7 for each ice cream sandwich....
imagine there are two cities (City A and City R) and you are the only provider...
imagine there are two cities (City A and City R) and you are the only provider of ice cream sandwiches for both. Use this information to answer the following questions: Maximum Willingness to Pay (MWP) for Ice Cream Sandwiches City A MWP City R MWP Aladdin $16 Richard $15 Alan $12 Ramon $14 Alvin $10 Robert $13 Albert $8 Roger $11 Albus $6 Reginald $4 Note: Unit cost is $7 for each ice cream sandwich.If a company is a profit-maximizing...
question 3 can someone explain how is total revenue calculated in this question? also questions a,b,c...
question 3
can someone explain
how is total revenue calculated in this question? also
questions a,b,c
Paragraph Styles Editing 3. Assume that a pure monopolist is able to engage in perfect price discrimination and sell each unit of the product at a price equal to the maximum price the buyer of that unit of the product would be willing to pay. Complete the table below by computing total revenue and marginal revenue for the price discriminating monopolist. Total revenue $...
MLTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question (2...
MLTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question (2 points each). 1) Which of the following sellers is most able to perfectly price discriminate A) a clothing store C) a grocery supermarket B) the post office D) a college or university 2) When firms price discriminate they turn A) producer surplus; consumer surplus C) consumer surplus; profit into B) total cost; profit D) producer surplus; revenue 3) IE a firm faces a flat...
4) The table below represents the demand curve for a cancer treatment drug in the fictional...
4) The table below represents the demand curve for a cancer treatment drug in the fictional country of Frobia, Frobia is a small, low-income country with no public health care system. Few people are covered by insurance. The price is for a bottle that contains a one-month supply of the drug Assume that one drug company, BigPharma, has a patent on this drug, and there are no close substitutes. Big Pharma is the sole legal provider of this drug in...
Part 1 Suppose a firm operating in a competitive market has the following cost curves: a....
Part 1
Suppose a firm operating in a competitive market has the
following cost curves:
a. If the market price is $10, what is the firm’s economic
profit?
b. If the market price is $10, what is the firm’s total cost?
c. If the market price is $10, what is the firm’s total
revenue?
d. The firm will earn zero economic profit if the market price
is
e. If the market price is $4, what is the firm’s decision in...
The table below represents the demand curve for a cancer treatment drug in the fictional country...
The table below represents the demand curve for a cancer treatment drug in the fictional country of Frobia . Frobia is a small, low-income country with no public health care system. Few people are covered by insurance. The price is for a bottle that contains a one-month supply of the drug. Assume that one drug company, BigPharma, has a patent on this drug, and there are no close substitutes. BigPharma is the sole legal provider of this drug in Frobia....
UIZ 11Suructions Question 3 2 pts The following figure depicts a generalized downward-sloping market demand (D)...
UIZ 11Suructions Question 3 2 pts The following figure depicts a generalized downward-sloping market demand (D) curve for a product. It also shows the firm's relevant marginal revenue (MR) curve and marginal cost (MC) curve. Use this figure to answer the next six questions Price $10 10 + 20 + 30 40 + 50 + 60 Quantity If the firm can price discriminate perfectly, what would the producer surplus be? $120 $0 $160 500 O $40
Please show how you arrived to your answer! Show all work. Number 8 is suppose to say revenue not...
Please show how you arrived to your answer! Show all
work.
Number 8 is suppose to say
revenue not review. **
7) What is the defining characteristic of pure/perfect competition? What does this mean for an individual firm's and consumer's ability to impact prices? 8) What does marginal review equal at the profit-maximizing output in perfect competition? 9) What is larger: producer surplus or profit? Why? 10 From the firm supply curves, find the market supply Price Firm 2 Firm...
Refer to the information provided in Table 8.5 below to answer the following questions. Table 8.5 Number of Frui...
Refer to the information provided in Table 8.5 below to answer the following questions. Table 8.5 Number of Fruit Baskets 60 10 TFC TVC TCMC $50 SO 50 10 50 15 655 50 21716 8110 96 15 68 118 22 16) Refer to Table 8.5. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize profits, Exotic Fruit should sell_ fruit baskets and their profit is A) three;...
question 3
can someone explain
how is total revenue calculated in this question? also
questions a,b,c
Paragraph Styles Editing 3. Assume that a pure monopolist is able to engage in perfect price discrimination and sell each unit of the product at a price equal to the maximum price the buyer of that unit of the product would be willing to pay. Complete the table below by computing total revenue and marginal revenue for the price discriminating monopolist. Total revenue $...
MLTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question (2 points each). 1) Which of the following sellers is most able to perfectly price discriminate A) a clothing store C) a grocery supermarket B) the post office D) a college or university 2) When firms price discriminate they turn A) producer surplus; consumer surplus C) consumer surplus; profit into B) total cost; profit D) producer surplus; revenue 3) IE a firm faces a flat...
4) The table below represents the demand curve for a cancer treatment drug in the fictional country of Frobia, Frobia is a small, low-income country with no public health care system. Few people are covered by insurance. The price is for a bottle that contains a one-month supply of the drug Assume that one drug company, BigPharma, has a patent on this drug, and there are no close substitutes. Big Pharma is the sole legal provider of this drug in...
Part 1
Suppose a firm operating in a competitive market has the
following cost curves:
a. If the market price is $10, what is the firm’s economic
profit?
b. If the market price is $10, what is the firm’s total cost?
c. If the market price is $10, what is the firm’s total
revenue?
d. The firm will earn zero economic profit if the market price
is
e. If the market price is $4, what is the firm’s decision in...
UIZ 11Suructions Question 3 2 pts The following figure depicts a generalized downward-sloping market demand (D) curve for a product. It also shows the firm's relevant marginal revenue (MR) curve and marginal cost (MC) curve. Use this figure to answer the next six questions Price $10 10 + 20 + 30 40 + 50 + 60 Quantity If the firm can price discriminate perfectly, what would the producer surplus be? $120 $0 $160 500 O $40
Please show how you arrived to your answer! Show all
work.
Number 8 is suppose to say
revenue not review. **
7) What is the defining characteristic of pure/perfect competition? What does this mean for an individual firm's and consumer's ability to impact prices? 8) What does marginal review equal at the profit-maximizing output in perfect competition? 9) What is larger: producer surplus or profit? Why? 10 From the firm supply curves, find the market supply Price Firm 2 Firm...
Refer to the information provided in Table 8.5 below to answer the following questions. Table 8.5 Number of Fruit Baskets 60 10 TFC TVC TCMC $50 SO 50 10 50 15 655 50 21716 8110 96 15 68 118 22 16) Refer to Table 8.5. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize profits, Exotic Fruit should sell_ fruit baskets and their profit is A) three;...
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