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Indicate the types of price discrimination for the cases below. Based on the above examples, explain the difference between these types of price discrimination. Case A1. Gino Pizza offers a lunch special: 5.59$ for a grilled chicken sandwich, a bottle of soft drink, and a small bag of potato chips. If you buy them individually, their prices are: 4.89$ for chicken sandwich, 1.50$ for soft drink and 0.99$ for potato chips. Case A2. Guggenheim Museum charges its customers in the following way: adults 18$, seniors (above 65) 15$, and children (under 12) free. Case A3. T-Mobile offers different cell phone service plans targeting at different consumer groups, such as 39.99$ for 300 min, 49.99$ for 600 min and 59.99$ for 1000 min.
If total product is decreasing, marginal product is
Assume the demand function for basketballs is given by QD = 150 −3P + 0.1I, where P = price of a basketball, and I = average income of consumers. Also, assume the supply of basketballs is given by QS = 2P. If the market for basketballs is perfectly c..
Beef has a positive income elasticity in Algeria. What would happen in the Algerian beef market if an economic recovery increased incomes?
Fill in the blanks in the following explanations: a. The real wealth effect is described by the following: An increase in the price level leads to a(n) __________ in real wealth, which leads to a(n) __________ in purchasing power, which leads to a(n)..
If the government places a binding price floor in the market for milk, then we know that
If the price elasticity of demand in the United States for American-made luxury cars is 1.9, what is the impact on revenue if the price increases by 10%?
A prescription drug is produced in the United States and sold internationally. Each unit of the drug costs $60 to produce. In the German market, you sell the drug for 150 euros per unit. The current exchange rate is 0.667 U.S. dollars per euro. Curre..
Pear Inc. is a monopolist producing the iWatch, a wristwatch mobile communication device. The iWatch is a device that will last for exactly two periods, after everyone will switch to Boogle Glass, a eyeglass mobile communication device that is not ye..
Suppose that there is a unit mass of consumers who are uniformly distributed on the segment[0,1]. Two firms are located on the line and sell identical products.
Elucidate the Total Cost also the firm total profits. If the above monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its output.
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 120 - 0.25P, and the marginal cost of production is $160. Determine the optimal number of units to put i..
Change is a constant factor in both in our personal and work lives. There seems to be resistance to change whether the change will be good or bad. Why do people resist change?
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