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- Suppose that the market demand curve of food delivery service in city A is given by P = 100 − Q, where P is the price and Q is the quantity. Currently there is only one firm. The incumbent’s cost function is given by TC = 40q, where q is the quantity provided by the incumbent. Suppose that there’s a potential entrant with cost function TC = 40qe + 100, where qe is the quantity provided by the entrant. The 100 is the sunk cost for developing the delivery system that is paid upon entering the market. a. If the entrant observes the incumbent providing qi units of service and expects this level to be maintained, what output will the entrant produce? b. At what price will the incumbent sell this output to keep the entrant out of the market?Apparel manufacturer Nike produces high-end and low-end versions of their running shirts. They estimate that the demands for their products are given by: High-end shirts: P = 130 - 2QH , andLow-end shirts: P = 80 - QL, where Q is measured in 1000 shirts, "H" denotes High-end and "L" denotes Low-end Both types of shirts are produced on the same production line in the same facility, so the marginal cost of producing and selling both types of shirts is constant at $30. Supposing that (i) the two demands are independent and (ii) Nike can produce and market the shirts such that the high- and low-end markets are successfully segmented, what are the profit-maximizing prices Nike would charge for each version?Answer Options:a) by the midpoint rule, PH = $65 and Pl = $40b) PH = $80 and PL = $55c) Nike will set price equal to marginal cost for both versionsd) PH = $130 and PL = $80A travel agency identifies two customer segments for a cruise ship. The demand curve for customers that are less price-sensitive is D1=1000-2P1. The demand curve for customers that are more price-sensitive is D2=1000-3P2. The cost of maintaining each cabin is $50. If one single price is charged, what is the price to maximize the profit? What is the profit? If the differential prices are charged to each customer segment, what is the price for each customer segment respectively? What is the total profit? What is the profit increase by charging different prices to each customer segment compared with one single price?
- Suppose company XYZ produces a differentiated commodity. The company has substantial control over the price of the product. The company’s cost function is estimated to be TC = 200 – 20Q + Q2, where Q is the volume per day. The firm also has the following demand equation P = 60 – 2Q, where P represents the price per unit and Q the volume of daily sales. What level of output should management of XYZ produce? a. 30 b. 10 c. 20 d. 15(Dominant Firm with Fringe Competition) The structure of competition in the market for product A follows the dominant firm model with competitive fringes, where there is one company that is a dominant player and there are many fringes companies that compete competitively. The total demand for product A in this market is expressed by P = 1200 - Q, while the supply function of the competitive fringe is expressed by Sf: qf = P - 240. If the dominant firm is known to have marginal costs as follows: MCd = 240 + 0.25qd b. What is the equilibrium price and the equilibrium quantity for the dominant firm? Show your answer mathematically and graphically. c. In that equilibrium, what is the supply of competitive fringes? How many total products are there on the market? What is the market share of the dominant company and the fringe company? Show your answer mathematically and graphically Thank you Bartleby!(Dominant Firm with Fringe Competition) The structure of competition in the market for product A follows the dominant firm model with competitive fringes, where there is one company that is a dominant player and there are many fringes companies that compete competitively. The total demand for product A in this market is expressed by P = 1200 - Q, while the supply function of the competitive fringe is expressed by Sf: qf = P - 240. If the dominant firm is known to have marginal costs as follows: MCd = 240 + 0.25qd a. What is the minimum price level required by the competitive fringe to offer output? At what price level will the fringe company supply the entire market? Thank you bartleby!
- (Dominant Firm with Fringe Competition) The structure of competition in the market for product A follows the dominant firm model with competitive fringes, where there is one company that is a dominant player and there are many fringes companies that compete competitively. The total demand for product A in this market is expressed by P = 1200 - Q, while the supply function of the competitive fringe is expressed by Sf: qf = P - 240. If the dominant firm is known to have marginal costs as follows: MCd = 240 + 0.25qd d. If the dominant company wants to limit competition from fringes, what can the dominant company do? What is the name of this strategy?Consider PNW Airlines, an airline focused on transporting cargo. Their fleet is composed of four cargo airplanes. Total cargo capacity of the fleet is 100,000 cubic feet. The monthly cost of maintaining and operating the fleet is $50,000. Market research indicated that the demand curve for cargo capacity is d=300,000-25,000p where d is the demand across all segments and p is the transport price per cubic foot. What is the price that maximizes profit for PNW Airlines if all the demand comes from a single segment?A price-taking firm's variable cost function is C = Q3, where Q is the output per week. It has an avoidable fixed cost of $2,000 per week. Its marginal cost is MC = 3Q2. What is the profit maximizing output if the price is P = $192? Multiple Choice A. 0 B. 6 C. 10
- Bitcom, a manufacturer of electronics, estimates the following relation between marginal cost of production and monthly output: MC= $150+ 0.005Q Assume Bitcom operates as a price taker in a competitive market. What is this firm’s profit-maximizing level of output if the market price is $175? Can it be done in Excel?The Able Manufacturing Company and Better Bettors, Inc. are rival firms in the production of a calculator used by horse racing fans for handicapping (determining betting strategies). Each firm has a fixed cost of $100 and a MC = $10 in producing calculators. The demand for the industry’s product is: Q = 900 – 5P, where P is the market price and Q = Q1 + Q2. If each firm must choose how many calculators to produce and sell without knowing of its rival’s production decision, what will be the Cournot equilibrium price and quantities produced? Calculate the profit for each firm.Consider an imperfectly competitive service provider, Muscat Automotive Repair Services (MARS), whose total cost of production is C = 30Q +0. 165Q2. Also, MARS faces two different market segments, A and B, whose demands can be linearly expressed as QA = 240 − PA and QB = 120 − 0.5PB . (Hint: the marginal cost is the slope of the total cost function). 4. If MARS decides to segment the market in accordance with the demands of groups A and B, find the profit-maximizing prices and quantities (PA, QA) and (PB, QB).5. What is the value of the consumer surplus for each group A and B, under this segmentation strategy?6. Draw the situation described in (4) and (5) above, clearly showing each group’s profitmaximizing price and quantity, and the areas that correspond to their consumer surpluses.7. Verify the inverse elasticity rule under each of the scenarios described (1) and (4) above.
