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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.
Calculate the price of elasticity of demand for paint and show your calculations. decide whether the demand for paint is elastic,unitary elastic, or inelastic. explain your reasoning and interpret your results.
A monopoly firm with market power will produce a level of output at which price is greater than marginal cost. Is this statement true? Explain your reasoning, and use a graph (the monopoly model with positive economic profit) to support your answer
Why does Caterpillar as well as your parents have different opinions about the value of the dollar.
Describe the possible barriers to entry and exit for: (a) a physician wanting to establish a solo practice office in internal medicine, (b) a company offering a health club facility in the same building where employees work, and (c) a tertiary hospit..
Suppose the following: (i) two countries each with demand for a homogeneous good given by P(Q) = 40 − Q. (ii) in Country A there is one firm with a marginal cost of production of cA. (iii) in Country B there are two firms, each with a marginal cost o..
When firms have an incentive to exit a competitive market, their exit will. If a perfectly competitive firm currently produces where price is greater than marginal cost it. If a competitive firm’s sets its output such that marginal revenue, margi..
Consider the agency relationship in malpractice cases under a contingency fee system. The plaintiff (party that sues) typically pays his or her attorney about one-third of any monetary damages that are awarded (and nothing if the case is lost). Suppo..
Think our company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs.
q. this graph shows the quantity of electricity that consumers demand by the government at a regulated price set. each
when a cold snap hits florida, the price of orange juice rises in the supermarkets throughout the country. Illustrate the supply and demand table for this scenario.
List at least four examples of why governments choose to restrict trade with another country. Which of these examples do you feel is the most justifiable?
Elucidate how each change mentioned in the article impacts upon the aggregate expenditure model.
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