Homework Answers
Blanks-
1) 1.5
2) 150
3) 225/2 = 112.5
4) 225/2 = 112.5
5) decreases
6) 1.25
7) 100*1.25 = 125
8) 75*1.25 = 93.75
9) 100*1 = 100
10) 100*1 = 100
11) 100+100 = 200
TRUE
A Nash Equilibrium
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3. Breakdown of a cartel agreement Consider a town in which only two residents, Brian and...
Do No Harm: 4 6. Breakdown of a cartel agreement Consider a town in which only two residents, Brian and Crystal, o...
Do No Harm: 4 6. Breakdown of a cartel agreement Consider a town in which only two residents, Brian and Crystal, own wells that produce water safe for drinking. Brian and Crystal can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Quantity Demanded (Gallons of water) Total Revenue (Dollars) Price (Dollars per gallon) 6.00 5.50 5.00 4.50 4.00 248 450...
6. Breakdown of a cartel agreement Consider a town in which only two residents, Tim and...
6. Breakdown of a cartel agreement
Consider a town in which only two residents, Tim and Alyssa, own
wells that produce water safe for drinking. Tim and Alyssa can pump
and sell as much water as they want at no cost. For them, total
revenue equals profit. The following table shows the town's demand
schedule for water.
Price
Quantity Demanded
Total Revenue
(Dollars per gallon)
(Gallons of water)
(Dollars)
6.00
0
0
5.50
45
248
5.00
90
450
4.50
135...
2. Breakdown of a cartel agreement Consider a town in which only two residents, Manuel and...
2. Breakdown of a cartel agreement Consider a town in which only two residents, Manuel and Poornima, own wells that produce water safe for drinking. Manuel and Poornima can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Total Revenue Price Quantity Demanded (Dollars per gallon) (Gallons of water) (Dollars) 3.60 0 3.30 35 $115.50 3.00 70 $210.00 105 $283.50 2.70...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Felix and...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Felix and Janet, own wells that produce water safe for drinking. Felix and Janet can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price (Dollars per gallon) 5.40 Quantity Demanded (Gallons of water) 0 Total Revenue (Dollars) 0 4.95 40 $198.00 4.50 80 4.05 120 3.60...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Sean and Yvette, own wells that produce...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Sean and Yvette, own wells that produce water safe for drinking. Sean and Yvette can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water Quantity Demanded (Gallons of water) Total Revenue (Dollars) Price (Dollars per gallon) 3.60 3.30 3.00 2.70 2.40 2.10 1.80 1.50 1.20 0.90 0.60...
Consider a town in which only two residents, Bob and Cho, own wells that produce water...
Consider a town in which only two residents, Bob and Cho, own wells that produce water safe for drinking. Bob and Cho can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price Quantity Demanded Total Revenue (Dollars per gallon) (Gallons of water) (Dollars) 6.00 0 0 5.50 45 $247.50 5.00 90 $450.00 4.50 135 $607.50 4.00 180 $720.00 3.50 225...
Consider a town in which only two residents, Gilberto and Juanita, own wells that produce water...
Consider a town in which only two residents, Gilberto and Juanita, own wells that produce water safe for drinking. Gilberto and Juanita can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price Quantity Demanded Total Revenue (Dollars per gallon) (Gallons of water) (Dollars) 3.60 0 0 3.30 35 $115.50 3.00 70 $210.00 2.70 105 $283.50 2.40 140 $336.00 2.10 175...
Breakdown of a cartel agreement 3. Breakdown of a cartel agreement Aa Aa E Imagine that...
Breakdown of a cartel agreement
3. Breakdown of a cartel agreement Aa Aa E Imagine that there is a town in which only two of the residents, Stelios and Sondra, own wells that produce water safe for drinking, and imagine that Stelios and Sondra can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price per Litre ($) Litres Demanded 6....
Conslder a town In which only two resldents, Paolo and Sharon, own wells that produce water safe for drinking
3. Breakdown of a cartel agreement Conslder a town In which only two resldents, Paolo and Sharon, own wells that produce water safe for drinking. Paolo and Sharon can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price (Dollars per gallon)Quantity Demanded (Gallons of water)Total Revenue (Dollars)4.80004.4045$198.004.0090$360.003.60135$486.003.20180$576.002.80225$630.002.40270$648.002.00315$630.001.60360$576.001.20405$486.000.80450$360.000.40495$198.0005400Suppose Paolo and Sharon form a cartel and behave as a monopolist. The profit-maximizing price is...
Consider a town in which only two residents, Jacques and Kyoko, own wells that produce water safe...
Consider a town in which only two residents, Jacques and Kyoko, own wells that produce water safe for drinking. Jacques and Kyoko can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price Quantity Demanded Total Revenue (Dollars per litre) Litres of water) (Dollars,) 4.20 3.85 3.50 3.15 2.80 2.45 2.10 1.75 1.40 1.05 0.70 0.35 40 80 120 160 200...
Do No Harm: 4 6. Breakdown of a cartel agreement Consider a town in which only two residents, Brian and Crystal, own wells that produce water safe for drinking. Brian and Crystal can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Quantity Demanded (Gallons of water) Total Revenue (Dollars) Price (Dollars per gallon) 6.00 5.50 5.00 4.50 4.00 248 450...
6. Breakdown of a cartel agreement
Consider a town in which only two residents, Tim and Alyssa, own
wells that produce water safe for drinking. Tim and Alyssa can pump
and sell as much water as they want at no cost. For them, total
revenue equals profit. The following table shows the town's demand
schedule for water.
Price
Quantity Demanded
Total Revenue
(Dollars per gallon)
(Gallons of water)
(Dollars)
6.00
0
0
5.50
45
248
5.00
90
450
4.50
135...
2. Breakdown of a cartel agreement Consider a town in which only two residents, Manuel and Poornima, own wells that produce water safe for drinking. Manuel and Poornima can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Total Revenue Price Quantity Demanded (Dollars per gallon) (Gallons of water) (Dollars) 3.60 0 3.30 35 $115.50 3.00 70 $210.00 105 $283.50 2.70...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Felix and Janet, own wells that produce water safe for drinking. Felix and Janet can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price (Dollars per gallon) 5.40 Quantity Demanded (Gallons of water) 0 Total Revenue (Dollars) 0 4.95 40 $198.00 4.50 80 4.05 120 3.60...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Sean and Yvette, own wells that produce water safe for drinking. Sean and Yvette can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water Quantity Demanded (Gallons of water) Total Revenue (Dollars) Price (Dollars per gallon) 3.60 3.30 3.00 2.70 2.40 2.10 1.80 1.50 1.20 0.90 0.60...
Breakdown of a cartel agreement
3. Breakdown of a cartel agreement Aa Aa E Imagine that there is a town in which only two of the residents, Stelios and Sondra, own wells that produce water safe for drinking, and imagine that Stelios and Sondra can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price per Litre ($) Litres Demanded 6....
Consider a town in which only two residents, Jacques and Kyoko, own wells that produce water safe for drinking. Jacques and Kyoko can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price Quantity Demanded Total Revenue (Dollars per litre) Litres of water) (Dollars,) 4.20 3.85 3.50 3.15 2.80 2.45 2.10 1.75 1.40 1.05 0.70 0.35 40 80 120 160 200...
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