Price D1 D2 S1 S2 $18 7 11 22 17 $15 10 15 20 15 $12 13 17 18 13 $9 16 21 16 11 $6 19 24 14 9 $3 21 27 12 7 Refer to the above table. Suppose that D1 and S1 are the prevailing demand and supply curves for a product. If the demand schedule changes from D1 to D2, and supply schedule changes from S1 to S2, t
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D1 | D2 | S1 | S2 | |
$18 | 7 | 11 | 22 | 17 |
$15 | 10 | 15 | 20 | 15 |
$12 | 13 | 17 | 18 | 13 |
$9 | 16 | 21 | 16 | 11 |
$6 | 19 | 24 | 14 | 9 |
$3 | 21 | 27 | 12 | 7 |
Refer to the above table. Suppose that D1 and S1 are the prevailing
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- ***Just the last paragraph of the question please*** A ski resort in the White Mountains has conducted market and cost studies, and has determined that the demand and supply for ski-lift tickets at their resort are represented by: Qd=1750 - 5P - 8PR + 2PB; Qs=50 + 20P - 3PE. In these equations, P represents the price of a full-day lift ticket, in dollars per ticket; PR is the price of a ski-rental package; PB is the price of a pint of beer at the local pub in the nearby town; and PE is the price per megawatt hour for the electricity used to run the chair lifts on the ski slopes. Based on the equations above, determine whether the beer in the local pub is a substitute or complement to skiing. Briefly explain your answer. Suppose the price of a ski-rental package is $20, the price of a pint of beer is $5, and the price of electricity is $150 per megawatt hour. Calculate equilibrium price and quantity of ski-lift tickets. Now consider the more general relationship between the price of…Use the table below to answer the following questions:QuantityDemand (Price)Marginal RevenueMarginal CostAverage Cost1$120012005005002110010002753883100080022533349006002503135800400400330670020050035876000700407 Are there consumers who want the product but are not willing to pay the profit-maximizing price the firm will charge? How can you tell?If the firm could charge every consumer exactly what that consumer was willing to pay (called perfect price discrimination), would the quantity the firm produced increase, decrease, or remain the same? Would the firm’s profits increase, decrease, or remain the same? Explain your answers.Given the following information Qd = 240 - 5P Qs = P Where Qd is the quantity demanded, Qs is the quality supplied and P is the price. Seller's reservation price
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