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a) How can a firm determine the best level of output and
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- Your company produces a unique style of sandals. The table shows price/quantity combinations from the retail demand curve for your sandals. This demand curve for your shoes is linear. Your marginal cost and average total cost of producing a pair of sandals are constant and equal to $10 per pair. In addition, the marginal cost of distributing and selling a pair of sandals is constant at $40 per pair and equal to the average total cost of distribution.If a firm faces ________________________, while the prices for the output the firm produces remain unchanged, a firm's profits will increase. higher demand lower costs of production equilibrium a shift in demandPlease Answer both questions briefly Q1. What are the equilibrium conditions for a firm operating in a differentiated goods market? Q2. Under what assumption is the equilibrium in a differentiated goods market Pareto inefficient?
- What relationship, if any, can you detect between the facts that farmers’ fixed costs of production are large and the supply of most agricultural products is generally inelastic? Be specific in your answer.Exercise 4.6 An econometrician hired to analyse a local golf course has determined that there are two types of golfers, the regular and the occasional. The annual demand for games from regular players is given by QH = 24 – 0.3P, where P is the price of a round of golf. On the other hand, the annual demand for occasional items is given by QO = 10 – 0.1P. The marginal cost and the average total cost per item are equal to €20. a) If you could distinguish between regular and casual players, what price would be set for each type? How many games would each type of player play? How much profit could the golf course generate? Represent graphically. b) As an alternative to the discrimination of third degree prices, those in charge consider a double tranche rate according to which the members can play as many games as they wish at a price of € 20 per game. How much profit will the golf course generate if it charges all players the same annual fee for becoming a member of the club? What if you…If the producers of rice wants to maximize profit up to what level of output will it produce and at what price? What condition should be met in order for the firms to efficiently produce this level of output?
- Suppose that the market equilibrium price for a routine service of a four-cylinder car is $270 and the minimum average variable cost of such service at your local mechanic is $300. What would you advise the owner of this business to do? Explain.Under what conditions would a rational firm tolerate losses on production and sale of an item?Microsoft is the only business that sells Computer Operation System in the world. Assuming that Microsoft is maximizing its profit, which of the following statements is true? Select one: a. Microsoft prices will be less than marginal cost b. Microsoft prices will be higher than marginal cost c. Microsoft prices will equal marginal cost. d. Microsoft prices will be a function of supply and demand and will therefore oscillate around marginal costs.
- Suppose that the market price increases to $6, as Table shows. What would happen to the profit-maximizing output level?The demand function for a particular brand of LCD TV is given by p = 1480 − 20x where p is the price per unit in dollars when x television sets are sold. (a) Find the revenue function. R(x) = (b) Determine the number of sets that must be sold in order to maximize the revenue.sets(c) What is the maximum revenue? $ (d) What is the price per unit when the revenue is maximized?$ per unitAssume you are the manager of a firm that produces a unique pair of rainbow shorts. Based on the estimates provided by a consultant, you know that the relevant demand and cost functions for these shorts are Q=100−2P; C=40+2Q2.What are the levels of quantity and price when you are maximizing profits?