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- The X-Corporation produces a good (called X) that is a normal good. Its competitor, Y-Corp., makes a substitute good that it markets under the name Y. Good Y is an inferior good. a. How will the demand for good X change if consumer incomes decrease? b. How will the demand for good Y change if consumer incomes increase? c. How will the demand for good X change if the price of good Y increases? d. Is good Y a lower-quality product than good X? Explain.For part 1b, my Professor said the answer is $56 but I'm finding it to difficult to get 56. Can you help? Thanks a lot! Jack is the owner of the only local bar in a small town.He sells whiskey in one-ounce glasses. For simplicity, let’s assume it doesn’t cost Jack anything to run his business. There are two customers, Adam and Burt who are twin brothers. Adam’s demand function is yA = 16 – 2p, and Burt’s demand function is yB = 8 – p (price is measured in dollars and quantity is measured by ounces). Jack knows their demand functions, but the problem is that he cannot tell them apart since they look exactly the same to him. To increase his profits, Jack offers the following two options that his customers can choose from: (1) You can pay $T1 up front and drink as much as you want; or (2) Pay $T2 up front and the price per ounce of whiskey will be $p. 1.a If p = 4, what is the maximal T2 that Jack can charge so that Burt is willing to come to the bar? 1.b What is the maximal T1 that…1. The X-Corporation produces a good (X) that is a normal good. Its competitor, Y-Corp. makes asubstitute good that it markets under the name (Y).a. How will the demand for good X change if consumer incomes decrease?b. How will the demand for good X change if the price of good Y increases?
- Provide an example where changes in one or more of the non-price factors that influence demand have either helped a company to expand their market share or caused the company to lose their market place. You will need to fully explain your answer and the non-price factor/s related it.”(Please, use graph to solve this problem) A good can be produced in a competitive industry at a cost of $10 per unit. There are 100 consumers are each willing to pay $12 each to consume a single unit of the good (additional units have no value to them.) What is the equilibrium price and quantity sold? The government imposes a tax of $1 on the good. What is the deadweight loss of this tax?Let us take a car market where we know(but the buyers don`t) that 40 percent of the cars are bad cars(lemons), the reservation price for demanders is 12 (thousand) for good cars and 10 (thousand) for bad cars, while the reservation price for the car suppliers is 10 thousand for a good car, and 8 thousand if it is a bad car. a-Discuss what the situation would be like if everybody could observe if a car is a good car, or a bad car(lemon)- how would the market reach equilibrium? b-Discuss what the situation would be like if only sellers knew the true character of the car( good or bad) whereas the buyers only know the average car quality? c-Why would the second situation create a partial unraveling of the market? What are the only cars that can be bought and sold? d-Prove why the in question 3b equilibrium is a suboptimal outcome? e-Why does a similar situation in the labor market result in a signaling equilibrium? Sketch your way of thinking, and show in which case there would be a…
- (a) Consider the market for natural gas (g), Here's the supply function QS = 11 + 4Pg + 0.4Po and the demand function:QD = -8Pg + 3.0Po. ; where Pg and Po are the prices of natural gas and oil, respectively. If the price of oil is $5, what is the market price of natural gas? (b) Now, suppose the regulated price of gas is fixed at $4.5, ceteris paribus, will there be a surplus or shortage? (c) Calculate the amount of surplus/shortage.Exercise 6.3.Little Kona is a small coffee company considering entering a market dominated by Big Brewer. The benefits of each of them depend on whether or not the first enters and whether the second sets a high or low price: After analazing the graph, answer the following question: Great Brew threatens Little Kona by telling her, "If you go in, we're going to set a low price, so the best thing you can do is not get in." Do you think Little Kona should believe the threat? Why yes or why not?No written by hand solution Suppose that headphones can be produced at a constant marginal cost. Headphone A is priced at $20 and headphone B is priced at $30. (a) If the Lerner index of headphone A divided by the Lerner index of headphone B is 0.5, what is the marginal cost of producing headphones? (b) Using your answer to part ‘a’, what is the elasticity of demand of headphone A? What is the elasticity of demand of headphone B?
- (a) Find the point (A, B, C, D, or E) that corresponds to the profit maximizing price and quantity. (Select only one letter.) (b) Which number corresponds to consumer surplus on the graph? (c) Which number corresponds to producer surplus on the graph? (d) Which number corresponds to deadweight loss on the graph?please TYPE and EXPLAIN your work. Disney World’s demand curve for rides is P=24-2.4Q, MR=24-4.8Q, and MC=0 where P is the price of a ride and Q is the number of rides. a. Find Disney’s profit maximizing P and Q. b. Disney charges an entry fee $120 but prices each ride at $0. Carefully explain in quantitative terms why this is a superior approach (Hint: Find consumer surplus in part a and part b).a) True or False and Explain: A profit maximizing monopolist has no limit to how high they set the price. b) True of False and explain: When there are economies of scale in production it is possible for a competitive market to sustain the competitive equilibrium. c) When there are economies of scale in production, why is it beneficial to have only one producer?