The only gas station in a small town sells both regular and premium gasoline. The weekly demand functions for the two gasolines are Qdregular = 10,000-1,000 Pregular+50 Ppremium Qdpremium = 350 + 50 Pregular-100Ppremium where quantities are measured in gallons and prices in dollars per gallon. If the price of regular gas is $3.70 per gallon, its marginal cost is $2.95, and the marginal cost of premium is $3.75, what is the profit - maximizing price of premium gas?
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- PUP 48,213 UST 40,000 FEU 27,889 LRT2 200,000 passengers daily If 60% of PUP, 30% of UST, and 85% of FEU students take LRT2 daily and pays an average fare of Php25 per day… What is the total annual market size (revenue) of LRT2? What is the total annual market size (revenue) of the 3 schools? If operations is halted for 1 week, what is the projected loss in revenues? What is the market share (volume) of: PUP students? UST students? Feu students?A large company in the communication and publishing industry has quantified the relationship between the price of one of its products and the demand for this product as Price=160−0.02×Demand for an annual printing of this particular product. The fixed costs per year (i.e., per printing)=$47,000 and the variable cost per unit=$40. What is the maximum profit that can be achieved? What is the unit price at this point of optimal demand? Demand is not expected to be more than 4,000 units per year. The maximum profit that can be achieved is $? (Round to the nearest dollar.) The unit price at the point of optimal demand is $? per unit. The estimated daily demand for river corssings on a proposed new bridge is: Qd = 100,000 - 20,000P where Qd is the quantity demanded measured in number of daily crossings and P is the price(toll) per crossing in dollars. Engineers estimate that constructing the new bridge will result in a fixed cost of $1.2 billion or $120,000 per day over the life of the bridge. Once constructed, there are no marginal costs and variable costs associated with the bridge's use. Based upon the above information, answer the following questions: a. If a private company were to build the bridge, what would be the profit-maximizing number of daily crossings? b. What price per crossing(toll) would the profit-maximizing company establish? c. What would be the socially optimal number of daily crossings? d. What deadweight loss would exist given your answers to part (a) and (b)? e. Would a profit-maximizing company build the bridge?
- . The monthly demand for trotro rides in Kumasi, Ashanti depends on the price of a taxi ride, the price of a trotro ride, and the average monthly income of riders. Some consumers might choose to ride the taxi instead of the trotro, while other riders might use both forms of transportation to get to their final destination. The demand function for trotro rides is: Qd = 9,750 – 500P + 250Pj + 5INCOME, where Qd is the number of trotro rides demanded per month, P is the price of a ride, Pj is the price of a taxi ride, and INCOME is the average monthly income of riders. Suppose that P = $1.50, Pj = $4, and INCOME = $3,000. What is the monthly quantity of trotro rides demanded? What is the value of the cross-price elasticity of demand? Based on your answer, are taxi rides and trotro rides substitutes or complements? What is the value of the income elasticity of demand? Based on your answer, are taxi rides an inferior or a normal good?A large company in the communication and publishing industry has quantified the relationship between the price of one of its products and the demand for this product as Price = 150 − 0.01 × Demand for an annual printing of this particular product. The fixed costs per year (i.e., per printing) = $50,000 and the variable cost per unit = $40. What is the maximum profit that can be achieved? What is the unit price at this point of optimal demand? Demand is not expected to be more than 6,000 units per year.Drives Co. sells portable hard drives. They can sell 600 drives when the price is $75/drive, and they can sell 720 drives when the price is $45/drive. If x represents the number of drives sold, determine the following. (a) What is Drive Co.'s revenue function? R(x) =_ (b)What is the price per drive (in dollars) when revenue is maximized? _ (c) What is the maximum profit (in dollars) made from the sale of these drives if Drive Co. incurs production costs of $165 per drive and has fixed costs of $625? $_
- using economic reasonings, why are masks so important for Covid-19Based on the best available econometric estimates, the market elasticity of demand for your firm’s product is −3.0. The marginal cost of producing the product is constant at $150, while average total cost at current production levels is $215. Determine your optimal per unit price if: Instructions: Enter your responses rounded to two decimal places.A large company in the communication and publishing industry has quantified the relationship between the price of one of its products and the demand for this product as Price = 150−0.01 × Demand for an annual printing of this particular product. The fixed costs per year (i.e., per printing) = $50,000 and the variable cost per unit=$40. What is the maximum profit that can be achieved if the maximum expected demand is 6,000 units per year? What is the unit price at this point of optimal demand?
- EXAMPLE 18.3 Micro Pizza Heater: Market Demand A factory renovation is needed to build a compact microwave with a new shape, which will be called the Micro Pizza Heater. The low sales-volume prediction (20,000 heaters per year) has a subjectively estimated probability of 30%. The most likely market prediction is 30,000 units sold per year. The optimistic market prediction (30,000 sold the first year, with annual increases of 5000) has a subjectively estimated probability of 10%. In all cases, the factory equipment and the market will last 5 years. The net revenue will be $10 per microwave. What is the probability distribution for the net revenue?A firm produces two goods, A and B. Due to the product A’s fall in popularity near the end of last year, the estimated demand (units purchased) for A is 25% less than that of B. The selling price per unit is $30 for A and $20 for B. If the revenue target is $85,000 this year, how much of each of the two goods must be sold? (Round to whole number if necessary)A local defense contractor is considering the production of fireworks as a way to reduce dependence on the military. The variable cost per unit is $40D. The fixed cost that can be allocated to the production of fireworks is negligible. The price changed per unit will be determined by the equation p=$180-(5)D, where D represents demand in units sold per week. a.What is the optimum number of units the defense contractor should produce in order to maximize profit per week? b.What is the profit if the optimum number of units are produced?