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When the iPad was introduced, Apple’s, Apples constant marginal cost of producing this iPad was about $220. We estimate that Apple’s inverse demand function for the iPad was P= 770 – 11Q, where Q is millions of iPad purchased.
a. What were its profit maximizing quantity and price? Show all your work.
b. Given that the Lerner’s index for the iPad was (P – MC)/p = 0.56, what was the elasticity of demand at the profit maximizing level. Show your work.
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the age distribution of students at a community college is given belowage in yearsnumber of studentsnbsp fundernbsp
Presume demand and supply are given by Qd = 50 - P and Qs = 0.5P - 10. What are the equilibrium quantity and price in this market? Decide the quantity supplied, the quantity demanded and the magnitude of the surplus if a price floor of $48 is imposed..
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