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A friend of yours is considering two cell phone service providers. Provider A costing $120 / month for the services regardless of the number of phone calls made. Provider B does not have a fixed service fee but instead charges $1 per minute for calls. Your friend's monthly demand for minutes of calling is given by the equation 50, where p is the price of a minute. Then,150 Q P
a. With each provider, elucidate the price to your friend of an extra minute on the phone?
b. In light of your answer to (a), how many minutes would your friend talk on phone with each provider?
c. How much would be end up paying each provider every month?
d. How much consumer surplus would be obtained with each provider?
e. Explain why your friend chooses the provider which you recommend?
Flora's Flowers operates in a perfectly competitive market. At the point where marginal cost equals marginal revenue.
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Now suppose your utility functioin is U= (square root)Wealth. What is the maximum you will pay for the bike check-in now.
Assuming that your opportunity cost funds interest rate is 5% which refrigerator would you buy and why.
Find the quantity that maximizes the profit of the monopolist, the profit of the monopolist and the corresponding domestic and international price.
For every firm in group B , long-run ATC curve is U-shaped and intersects the long-run MC curve when ATC = 10 and output is 6.
The biggest difference between Microsoft and software retailers is the market structure in which they operate.
For each level of output except zero output, calculate the average variable cost, average total cost and average fixed cost.
Suppose a consumer is at an optimum, consuming 6 hamburgers a week at a price of $1.50 each and 10 donuts a week at 50 cents a donut.
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