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You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1’s elasticity of demand is -6, while group 2’s is -3. Your marginal cost of producing the product is $70. a. Determine your optimal markups and prices under third-degree price discrimination. Instruction: Round your answers to two decimal places. Markup for group 1: Price for group 1: $ Markup for group 2: Price for group 2: $ b. Which of the following are necessary conditions for third-degree price discrimination to enhance profits. Instructions: You may select more than one answer. Click the box with a check mark for the correct answers and click twice to empty the box for the wrong answers. You must click to select or deselect each option in order to receive full credit. There are two different groups with different (and identifiable) elasticities of demand. At least one group has elasticity of demand greater than 1 in absolute value. We are able to prevent resale between the groups. At least one group has elasticity of demand less than one in absolute value.
Two widows, Rosie and Ethel, have identical preferences, and identical wage rates. Rosie has no non-labor income but Ethel receives an income from her late husband's pension. Assuming that leisure is a normal good, who will work more hours?
Hulk goes to the gym 20 times a month. His income is $1000 per month and his visits to the gym cost $4 per visit. For simplicity, assume all other goods that Hulk consumes besides the gym costs $10 each. Assume Hulk exhibits diminishing marginal rate..
Draw a new set of graphs that illustrate long-run equilibrium in a constant-cost competitive industry. Use two graphs, one for the market and another for a representative firm. a. Show and discuss the effect an increase in market demand has on the re..
The article also notes that, as a consequence of the rent control laws, the price of owner occupied housing has increased greatly. Utilize a supply and demand model to model this phenomenon as well.
Chevron Corporation currently contracts their dewatering unit operation in their South Korea natural gas plant to Asian Pacific oil. Contract renewal for 10 years will cost $8500 annually for the next 5 years, and SI 10,000 in years 6, 7, 8, and 9 wh..
q1. thomas schelling and expert on nuclear strategy and arms control observed in his book the strategy of conflict
Why would the Department of Justice consider activities like blind booking, block booking, and full line forcing anticompetitive?
A product has an arc elasticity of -0.8. at a price of $7.00, 1000 units are sold per period. In order to sell 1200 units, what will the new price be. Illustrate what is the revenue at the old price ($7.00)and the new price.
Talk about the ramifications involved in conducting business under both/either scenario.
Provide examples of two industries with different time frames for the short run. Clarify why this is the case.
What is the belief that laws are justified if they prevent a person from harming him- or herself known as?
Consider the following utility function, which specifies Carina’s preferences over two goods, donuts (D) and brownies (B). (Please note that we call this type of utility function quasi-linear.) U(D, B) = 3D + 2Bˆ 2 (a) (10) Plot an indifference curve..
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