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Your firm sells a perfume. The daily demand for your perfume estimated by your economists is given by P=150-5Q Your marginal cost is constant at $2 per bottle, fixed cost is 0, and ATC is also constant at $2. (a) Write down the expression for Marginal Revenue. (b) Choose the quantity and the price of a bottle of perfume to maximize your profit, assuming that you can only charge one price. (c) Compute the profit from part (b) (d) Find the profit you could earn if you were able to perfectly price discriminate. (e) An experienced salesman offers his service (help you perfectly price discriminate) for $800. Based on c) and d), do you accept the salesmans offer? Show work, and explain briefly.
Presently, at a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply.
Elucidate why might an economist be skeptical of Billy's discrimination complaint. Billy works for the local piano-moving company part-time after school.
Suppose that a new law requires every firm to provide its workers with free parking spaces. These spaces are worth $200 per year to workers, but cost firms $500 per year to provide
Assume to two firms in an industry with an index of 5,000 announce a merger. The U.S. Justice Department concludes the merger will boost the index to 5,500. The antitrust authorities will most likely.
Illustrate what an identification and discussion of economic issues of special concern at the present time or in the future.
England can produce 50 units of wine if it produces no cloth, and 100 units of cloth if it produces no wine. Using this information, we can conclude that.
Assume that health production is subject to diminishing returns and that each unit of health care employed entails a constant rate of iatrogenic (medically caused) disease. Would product of health function eventually bend downward
Homer' s boat manufacturing has a monopoly on boat sales in the region. Homer' s marginal cost of the 8th boat produced is $1200.
In recent decades Americans have increased their purchase of stocks of foreign base companies.
Elucidate the way in which short-run AFC, AVC, ATC also MC vary as the output of the firm increases.
You read in a business magazine that computer firms are reaping high profits. Assume that the computer market is perfectly competitive.
You are a division manager at Toyota. If your marketing department estimates that the semiannual demand for the Highlander is Q 100,000 -1.25P, illustrate what price should you charge in order to maximize revenues from sales of the Highlander.
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