Homework#3: Ex. Suppose you have a choice of three offers for soccer balls. the first charges $100 per delivery but won't deliver more than 200 at a time; the second charges $100 also but won't deliver less than 300; the third will deliver any quantity but quantity but charges $200. Which supplier you use? use: r= 20,s = S0.05
Q: Consumers value high-quality dirt bikes at $6,000 and low- quality dirt bikes at $2,500. The supply…
A: Answer; Option 3 is right answer
Q: Approximately 14 million Americans are addicted to drugs and alcohol. The federal government…
A: Net present value is the present value of inflows net of the present value of outflows. Sunk cost is…
Q: Evaluate the impact of COVID-19 pandemic on the performance of UK supermarkets. Performance should…
A: Uncertainty is described as the situation which has no probability of prediction. It is a situation…
Q: What impact do asymmetric and imperfect information have on prices and quantities? Group of answer…
A: Demand and Supply Demand refers to the number of commodities that the buyers are ready to buy at…
Q: Refer to the graph shown below, which illustrates a third-party payer market for diabetes screenings…
A: From the given demand and supply curve, Without a third party, the market is in equilibrium when the…
Q: A good that crosses borders one or more times as it gets progressively assembled is called an…
A: The full vary of activities like style, production, marketing, distribution, and support to the…
Q: A medical reported that the consumption of this product has many health benefits Describe how does…
A: As a medical reported that the consumption of this product has many health benefits, Describe how…
Q: In the contract of sale of goods, the goods supplied must be reasonably fit for the purpose for…
A: A contract of sale of goods is refer to the seller who can transfer or agrees at the time of the…
Q: Which of the following is NOT a common criticism of rationing products? a. Rationing costs money and…
A: Price ceiling is a situation where government sets a maximum price which can be charged for a…
Q: Asymmetric information can lead to adverse selection which means: a. Only a specific subset of a…
A: Meaning of Market: The term market refers to the situation under which the producers or the…
Q: Discuss the Law of Demand and Consumer Behavior during the covid19 pandemic
A: COVID 19 pandemic situation has impacted badly to the world where socio-economic status have…
Q: Which process would you select if the quantity that is sold is greater than the quantity calculated…
A: Indifference curve: It refers to the curve indicating a blend of two products that give the customer…
Q: A website offers a place for people to buy and sell emeralds, but information about emeralds can be…
A: Imperfect information is one of the major causes of market inefficiencies that arises when buyers…
Q: Hospital has the following treatment options to reduce the incidence of Ventilator-Associated…
A: Rational Individual refers to the person that chooses or takes decisions depending on the situation,…
Q: True or False: Write true if the statement is correct and False if it is incorrect. Write your…
A: 1. While cropping an image one must follow the rule of thirds. FALSE Explanation The rule of thirds…
Q: Screening and Imperfect Information Asymmetric information refers to a market where one side (either…
A: Market refers to the place where the buyers and sellers exchange goods and services in the market.…
Q: II. Pick any two (2) personal care product brands available in the market and answer the following…
A: I have chosen Colgate and Pantene shampoo as two personal care products brand available in the…
Q: Use the following information in answering questions 1 - 9. Assume persons of type 1 value quality…
A: since you have asked multiple questions and according to our policy we can only solve the first part…
Q: What might happen if a car dealership is awarded a bonus by the manufacturer for selling a certain…
A: please find the answer below.
Q: Barcelona and Los Angeles are similar, except Barcelona has a good public transportation system and…
A: Demand(dd) curve is a downward-sloping curve which shows a negative relationship between the…
Q: In the selling process or in negotiations, who typically has the upper hand, the buyer or the…
A: Introduction: The contact between a salesman and a potential buyer is referred to as the selling…
Q: Allocative efficiency occurs where (for the last unit) maximum willingness to pay exceeds minimum…
A: The aforementioned statement is False.
Q: Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores…
A: Opportunity cost refers to value of next best alternative. It refers to the foregone income that…
Q: Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores…
A: Given information Juanita makes $16 per hour at work. She wants to buy a suit, for that she has to…
Q: b. Sketch the effective marginal revenue curve that your firm faces. c. If the marginal cost of…
A: The table shows various costs : Insurance policies are provided at $6000.Beyond this price,it would…
Q: What pricing strategy is best for manufacturing smartphones? For instance, skimming pricing strategy…
A: Pricing is significant because it establishes the value of your product for both you and your…
Q: Ryanair sells two types of airfares, Standard and Flexi plus. There are 6000 consumers: 5000…
A: Given that; Standard and Flexi plus are the two categories of flights offered by Ryanair. There are…
Q: Suppose the price for an Uber ride in Austin, TX decreases from $15 to $12 causing the quantity of…
A: The midpoint formula for calculating the price elasticity of demand is given below. Price elasticity…
Q: Salesperson X and Salesperson Y are with the same brokerage office Salesperson X lists a property…
A: In a market, when an individual acts on behalf of another individual, he is known as an agent.
Q: Rational decisions are made through a process (a) that takes a long time and much effort (b) of…
A: Rationality may be defined as an ability and willingness to follow a reasoned, unemotional and…
Q: In an isolated town, there are two distinct markets for cars. Buyers will pay up to 10,000 for a…
A: GIVEN DATA The maximum amount of high quality car is 10000. The maximum amount of low quality car…
Q: Whcih of the following could help overcome the problem of adverse selection in the used car market?…
A: The answer is - The government could enact disclosure laws requiring that potential buyers be told…
Q: information refers to a market where one side (either the buyer or the seller, but usually the…
A: One of the effective ways of approaching asymmetric information is by screening. Screening is the…
Q: When a customer is required to buy one product only if the customer also buys a second product, this…
A: Markets refer to the places where the buyers and sellers interact. In the markets, the sellers tend…
Q: What is the term that economists use for pricing that is inconsistent among consumers? a. moral…
A: Price discrimination refers to a selling strategy by producers/sellers in which they charge…
Q: What are the limitations with the Quantity- Quality (QQ) model
A: According to this model, a trade-off between quantity and quality occurs as the marginal cost of…
Q: Describe the concept of contingency valuation, and two of its limitations.
A: Ecosystem valuation is a technique for calculating the effect of human actions on the environment…
Q: 3rd party payments often cause the cost of health care to go down does third party payments to…
A: Third-party payments:- Anyone who's not the patient pays for medical care is referred to as a…
Q: The late 19th century city was often dense, crowded, and dirty. This often led to disease and…
A: Industrialization was the rapid growth period of the economies because, under the industrial…
Q: How might imperfect information impact price? Group of answer choices Because buyers cannot…
A:
Q: Most people do not steal because: the marginal utilities of stolen goods diminish as more of…
A: Marginal Utility: - marginal utility is the utility derived by the consumption of an additional…
Q: The information which is reflected in current market prices with the help of past price movements is…
A: In economics, efficiency refers to the situation when all the goods and the resources are…
Q: pay $50, and person D is willing to pay $90. The willingness-to-pay is one
A: A and B will the pivotal person. They pay a combined tax of $60. Misreporting his willingness to pay…
Q: If the price match policy is a good idea, how widely should it be advertised? Explain. You woke up…
A: Customers usually look for the most outstanding value when purchasing goods or services. Customers…
Q: how much per year would the construction supervisor collect from his 10 inspectors? How much less is…
A: When the number of people decrease the amount of bribe they pay increase per person because of the…
Step by step
Solved in 2 steps
- Hello, please answer the questions below. Thanks! 1)Some business owners or service providers offer lower prices to lower income individuals. These sliding fees are often explained as a charitable gesture. How could the sliding fees also be a profit-maximizing strategy? 2)And how does the type of pricing in part (a) make consumers better off?Solve the problem below given that before price increase: price of cheese = 10 quantity of cheese = 6 price of sausage = 5 quantity of sausage = 8 income per week = 100 Determine if the values in the box is correct or not and defend your answer using solutions.Classify the following goods as normal or inferior and provide a justification. (It might be easiest to create a table in Microsoft Excel and put the phrase in one column while the answer goes in the next column.) used cars (as opposed to new cars) home remodeling (versus doing nothing) vacation planning services (versus doing the planning oneself) new clothes (as opposed to used clothes) canned vegetables (as opposed to fresh vegetables)
- The table below shows the market for AA batteries in Tulsa, Oklahoma, when tornadoes threaten the area. Market for AA Batteries with Tornado Threat Quantity of Quantity of Batteries Batteries Demanded Supplied (packages) 100 80 60 40 20 Price (dollars) $15 13 9 7 5 (packages) 40 50 60 70 80 90 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.What does marginal mean ? Can you give an example on why this term is crucial concept in economics discussion of behavior of consumer and supplier.What is the term that economists use for pricing that is inconsistent among consumers? a. moral hazard b. price discrimination c. adverse selection d. uniform distribution
- Consider the market for wine in a small town where all the 1000 residents live at equal distances on a 10-mile long stretch of Pine St. There are two wine stores, Tipsy’s and Jack’s, that are located on opposite ends of town; assume that Tipsy’s is located on the west side and Jack’s on the east side. All residents need only 1 bottle of wine. The wine at Jack’s is of a better quality than Tipsy’s. As a result, each resident values wine from Tipsy’s at VT = $15, 1 and from Jack’s at VJ = $22. Assume that each store has a marginal cost of $4 per bottle. Each consumer experiences a transportation disutility cost of $1 per round-trip mile. So, the total travel cost of purchasing wine from a store ? miles away is $?. Suppose the stores set prices sequentially, with Tipsy’s going first. (a) If Tipsy’s were to set a price of $11, what price should Jack’s set? Show your work. (b) Suppose, instead, that in addition to setting a price of $11, Tipsy’s announces that they will refund 50% of the…ASAP!! Mr. Kamran Ali is building houses in Karachi. He has analyzed the market carefully, and he knows that at a price of Rs.12,000,000. (Rs.12 million) he will sell 8 houses per year. In addition, he knows that at any price above Rs.12,000,000. (Rs.12 million), no one will buy his houses because the government provides equal-quality houses to anyone who wants one at Rs.12,000,000. (Rs.12 million). He also knows that for every Rs.2,000,000. (Rs.2 million), he lower his price, he will be able to sell an additional 2 units. For example, at a price of Rs.10,000,000. (Rs.10 million), he can sell 10 houses; at a price of Rs.8,000,000. (Rs.8 million), he can sell 12 houses; and so on. Sketch the demand curve that Mr. Kamrans’ firm faces. Sketch the effective marginal revenue curve that his firm faces. If the marginal cost of building a house is Rs.10,000,000. (Rs.10 million), how many will he build and what price will he charge? What if MC = Rs.8,500,000. (Rs.8.5 million)?Seven years ago, you started a cross-town delivery service. You have two types of deliveryservices. You have a small parcel service for anything that is flat and measures less than 11x17. You have a package service using a 100 lb capacity bike trailer for anything weighting up to 10lbs. Initially, you charged the same price for each service, but since the beginning of the Covid19 pandemic you have seen an increased in the demand for your package service. The demand for the package services seems to be more inelastic than the demand for parcels. You are now wondering if you should charge different prices for the parcel and package service or should you segment the market and charge two different prices? Complete the tables below and determine the best price strategy: price the services differently in each segment; or continue the one price policy? The Parcels Market Price Parcels TR MR TC MC MR-MC…
- Seven years ago, you started a cross-town delivery service. You have two types of deliveryservices. You have a small parcel service for anything that is flat and measures less than 11x17. You have a package service using a 100 lb capacity bike trailer for anything weighting up to 10lbs. Initially, you charged the same price for each service, but since the beginning of the Covid19 pandemic you have seen an increased in the demand for your package service. The demand for the package services seems to be more inelastic than the demand for parcels. You are now wondering if you should charge different prices for the parcel and package service or should you segment the market and charge two different prices? Complete the tables below and determine the best price strategy: price the services differently in each segment; or continue the one price policy? The Packages Market Price Packages TR MR TC MC…Seven years ago, you started a cross-town delivery service. You have two types of deliveryservices. You have a small parcel service for anything that is flat and measures less than 11x17. You have a package service using a 100 lb capacity bike trailer for anything weighting up to 10lbs. Initially, you charged the same price for each service, but since the beginning of the Covid19 pandemic you have seen an increased in the demand for your package service. The demand for the package services seems to be more inelastic than the demand for parcels. You are now wondering if you should charge different prices for the parcel and package service or should you segment the market and charge two different prices? Complete the tables below and determine the best price strategy: price the services differently in each segment; or continue the one price policy? Combined Parcels & PackagesPrice Parcels and Packages TR MR TC MC MR-MC…Use the scenario below to answer the question. Chocolate raisin protein bars are Duc’s favorite dessert. A local bakery sells them for $1.00 each. Duc buys one and eats it at the bakery. Duc decides that he wants another one, but is not willing to pay full price. He knows the owner of the bakery and wants to negotiate. He offers to buy two more protein bars at $0.75 each. He plans to eat one at the store and anther one later. The bakery owner agrees to the deals. What is the total utility of Duc’s decision? 00 75 50 00