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Suppose there are two types of customers for a cell phone service: undergraduates (U) and grad Students (G). The aggregate (inverse) demand curve for undergraduates is PU = 100 − 0.25QU and the aggregate (inverse) demand curve for the graduate students is PG = 50 − QG. The firm providing the cell phone service is a monopolist with a cost function characterized by C(Q) = 4Q + 10. (a) Suppose the firm is restricted to set a single price for both types of customers (i.e., no price discrimination). What price does the firm set? How much profit does the firm collect? (b) How much consumer surplus is generated at the price identified in (a)? (c) Suppose the firm sets a price of $48 for a quantity smaller or equal than 200 minutes and a price of $46 for a quantity beyond the 200th minute. In this situation, what quantity should undergraduates choose? And what quantity should graduate students choose? (d) What consumer surplus will each customer type enjoy at the prices set in (c)? (e) How much profit does the firm collect with the prices set in (c)? (f) Why would a firm choose a second-degree price discrimination strategy rather than a first- degree price discrimination strategy? (You only need to provide one reason)
AH and PPP are price takers and provide a basic Groom and Check service for $40 per pet (dog). AH has fixed costs of $8,000 less than PPP and average variable cost of $33, which is 10% more than PPP. Calculate the cost functions of both firms. Calcul..
Suppose 42% of the populations are engineers. If a random sample of size 508 is selected, what is the probability that the proportion of the sampled engineers will differ from the population proportion by greater than 6%? Round your answer to four de..
Assume that at this time in the nation of Economic when families split up there are no required child support payments.
Consider the following cost relationships for a single-product firm: C(q) = 50 + 0.5q for q ≤ 7 C(q) = 7q for q > 7. Derive average and marginal cost for all integer outputs (from 1 to 7) less than or equal to 7. What are the average and marginal cos..
Find the amount of consumer surplus(CS) for a linear demand P = 20 - 2x, when (i) P = 0 and (ii) P =10 What is the maximum and the minimum amount of CS a consumer can have for this demand and at what prices?
Show the effect of an increase in the price that the government charges for electricity.
If an industrial process emits a pollutant, is it more efficient to monitor the amount of pollutant emitted by each firm and establish a tax per unit of pollutant, or to
Subway charges a higher price for the 6-inch Veggie Delight Sandwich sub in New York City than it does in a small town in Iowa. Consumers collected coupons from free newspapers and magazines and take to the store to save money on products.
List three types of consumer protection laws in banking and give an example of each type. Fair Debt Collection Practices Act (1977). Federal Trade Commission Improvement Act (1980)
the variable expend is expenditures per student, in dollars, and math 10 is the pass rate on teh exam. The following simper regression relates math10 to lexpend= log(expend). Comment on what happens to the coefficient on lexpend. Is the spending coef..
Air pollution control specialists in southern California monitor the amount of ozone, carbon dioxide, and nitrogen dioxide in the air on an hourly basis. The hourly time series data exhibit seasonality, with the levels of pollutants showing patterns ..
Economists generally dislike the restriction of trade because it:
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