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using economic reasonings, why are masks so important for Covid-19
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- C2) Company A is the only supplier of glass in Big Apple City used for tall buildings’ exteriors. Its marginal cost of production is cA=1, and it has no other production costs. The demand for such glass in Big Apple city is QD=2-P. Company B in Jersey City produces the same glass and is considering whether to expand to Big Apple city. If it enters, it needs to get a permit to allow it to be a supplier in the Big-Apple city at a cost of L=0.5, which does not vary with quantity of output, and its marginal cost of production is cB=0.5. If it expands to the Big-Apple city, companies A and B both supply to the market, and the market price P satisfies QA+QB=2-P, where QA is company A’s production level and QB is company B’s. a) If company B expands to the Big-Apple city, what is the resulting price in a Nash equilibrium? b) Company B hires a consulting company to advise whether it should expand to the Big-Apple city. If you’re running the consulting company, what is your advice? Explain…C2) Company A is the only supplier of glass in Big Apple City used for tall buildings’ exteriors. Its marginal cost of production is cA=1, and it has no other production costs. The demand for such glass in Big Apple city is QD=2-P. Company B in Jersey City produces the same glass and is considering whether to expand to Big Apple city. If it enters, it needs to get a permit to allow it to be a supplier in the Big-Apple city at a cost of L=0.5, which does not vary with quantity of output, and its marginal cost of production is cB=0.5. If it expands to the Big-Apple city, companies A and B both supply to the market, and the market price P satisfies QA+QB=2-P, where QA is company A’s production level and QB is company B’s. a) If company B expands to the Big-Apple city, what is the resulting price in a Nash equilibrium? b) Company B hires a consulting company to advise whether it should expand to the Big-Apple city. If you’re running the consulting company, what is your advice? Explain…A pharmaceutical company Eureka Bio has discovered a corona vaccine that can be produced at constant marginal cost of R10. The company has entered into dosage demand of QA=200-PA, and country B has dosage demand QB = 160-PB. a. Suppose that country A has high infection rates, determine the price that Eureka Bio can charge country A and B to prevent a resale between countries. b. If Eureka Bio is the only pharmaceutical company that was successful in developing vaccines, determine the dosage that will be sold to both countries. What will be Eureka's profit?
- Tim's Tires sells tires under the firm's own brand name and private label tires to discount stores. The tires sold in both sub-markets are identical, and the marginal cost is constant at $15 per tire for both types. The firm has estimated the following demand curves for each of the markets: PB = 70 - 0.0005QB (brand name) PP = 20 - 0.0002QP (private label). Quantities are measured in thousands per month and price refers to the wholesale price. a) By selling the brand name and private label tires at different prices, is the firm is using first, second, or third degree price discrimination? b) With price discrimination, the firm's TOTAL profit is _______________ (assume fixed costs are zero). c) If the firm cannot price discriminate and must charge a single price in the market, the optimal price is and the optimal quantity is ________________. The firm's total profit in this case is approximately ________________(again, assume fixed costs are zero). d) When price discriminating, the…he Pear Computer Company just developed a totally revolutionary new personal computer. Pear estimates that it will take competitors at least two years to produce equivalent products. The demand function for the computer is estimated to be P=2,500−500Q�=2,500−500� where Q� is millions of computers. The marginal (and average variable) cost of producing the computer is $900. Assuming Pear acts as a monopolist in its market, the profit-maximizing price and output levels are per computer and million computers, respectively. The total contribution to profits and fixed costs at this output level is million. Pear Computer is considering an alternative pricing strategy of price skimming. It plans to set the following schedule of prices over the coming two years: Complete the following table by calculating the contribution to profit and overhead for each of the 10 time periods and prices. Time Period Price Quantity Sold Total Contribution ($) (Million)…. 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?
- You are hired as a consultant at a revenue management firm and one of ourrecent clients wished to determine the optimum price for their consumer electronics product.The cost of the product is $100 and before retaining us, they had been selling the product at$200 because it felt like a nice round number. The current sales volume is 1000 units peryear. We examined the market preferences and buying behavior, and concluded that thiscompany’s marketplace has a price elasticity of 1 (i.e. Assume that an x% change in pricewill result in an x% change in sales volume for any x). What is the optimal price thatmaximizes total profit for this company? What are the sales volume, total revenue and totalprofit at the optimal price?Explain well. Both subparts.asapA company produces and sells a consumer product and thus far has been able to control the volume of the product by varying the selling price. The company is seeking to maximize its net profit. It has been concluded that the relationship between price and demand, per month, is approximately D = 500 – 5p, where p is the price per unit in dollars. The fixed cost is $1,000 per month, and the variable cost is $20 per unit. Obtain the answer mathematically to the following questions: a.What is the optimal number of units that should be produced and sold per month? b.What is the maximum profit per month? c.What are the breakeven sales quantities and the range of profitable demand volume?
- USING ECONOMIC REASONIGS WOULD THE IMPOSITION OF A PRICE CELING BE AN EFFECTIVE SOLUTION TO THE GOUGING PRICE OF MASKS FOR THE COVID-19 PANADDMICA 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. Your current prices are $311 in the southwestern region; $278 in the western-region and $240 in the New England region. Your marginal cost is now $212.21. Given the predicted changes in the quantity demanded by region per problem 1 and using the stay even analysis %ΔQd = %ΔP/[%ΔP + ((P-MC)/P)], can you raise the price by 7% in any of the regional markets? State you conclusion and then show all the steps supporting your conclusion. (Note you are not being asked to compute the new price.)