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- Imagine you are the owner of the Omaha Surfboard Company. You have a branch in Omaha and in Long Beach CA. After some market research you find the following surfboard demand for each market, Omaha Demand: Qo = 1000 – 10P Long Beach Demand: QL = 1000 – 5P Combined/Total Demand: Q = 2000 – 15P Your marginal cost is constant at $40. a. Find your price and quantity if you treated the market as a single entity with a single price. What is your profit? (Hint: find Marginal Revenue and set equal to MC) b. If you treat each market separately, what is P and Quantity in each market, and final profit?c. What are the firm's profits if it charges the two prices as mentioned above?Mario's Pizza is the only pizza place in Sorrento City. The graph shows the market demand curve for pizza in Sorrento City. Mario's Pizza is a perfect price discriminator. What is the marginal revenue from the 20th pizza sold in an hour? The marginal revenue from the 20th pizza sold in an hour is O A. $300 O B. - $4 O C. $16 O D. $15 40- 35- 30- 25- 20- 15- 10- 5- 0+ -0 Price (dollars per pizza) -10 5 10 15 20 25 30 Quantity (pizzas per hour) D 35 40 -S
- Question 18 Alex Potter owns the only well in a town that produces clean drinking water. He faces the following demand P=200-2Q, and marginal cost MC=50+2Q, marginal revenue MR= 200-4Q curves. In order to maximize profits, Alex should charge a price of $150 at the profit maximizing quantity with a marginal revenue equal to $150. $100 at the profit maximizing quantity with a marginal revenue equal to $150. $100 at the profit maximizing quantity with a marginal revenue equal to $100. $150 at the profit maximizing quantity with a marginal revenue equal to $100. O Oa. . Coca-Cola cuts its price below that of Pepsi-Cola to increase profit. b. A Single firm, protected by a barrier to entry, produces a personal service that has no close substitutes c. barrier to entry exists, but the good has some close substitutes d. A museum offers discounts to students and seniors e. A firm can sell any quantity it chooses at the going price f. A firm experiences economics of scale even when it produces the quantity that meets the entire market demand. 1. Which of the six cases are monopolies or might give rise to monopoly? 2. which are legal monopolies and which are natural monopolies? can any of them price discriminate? if so, why? 3. What are the distinguishing features of oligopoly? 4. Why are breakfast cereals made by firms in oligopoly? Why isn't there monopolistic competition in that industry? 5. Business Week reported that Energizer is gaining market share against competitor Duracell and its profit is raising despite the sharp rise in the price of zinc,…Discuss in details the concept of efficient pricing, illustrate and show the equilibrium.
- Figure 11.4 Firm A Firm B MC ATC MC ATC D-M MR QUANTITY QUANTIT Firm C Firm D MC ATC ATC MR MR QUANTITY QUANTIT Which of the fırms in Figure 11.4 is using marginal cost pricing? Firms B and D. O All of the firms are using marginal cost pricing. Firm B only. Firm C only. PRICE OR COST PRICE OR COST PRICE OR COST PRICE OR COSTRefer to the figure below. When the firm charges the reservation price to each consumer, the additional profit equals area A C D Select one: a. A + D b. B+A C. C + B d. B+C+D . MR MC D-AR QuantityRaphael's hair salon is a monopoly in a small town and is currently earning an economic profit. a) Does Raphael's hair salon produce the allocatively efficient quantity? Explain. b) Assume that Raphael signs a new lease with an increase in rent, a fixed cost. Will the price of haircuts provided by Raphael increase, decrease, or stay the same in the short run? Explain. c) Assume that new hair salons enter the market and that the market becomes monopolistically competitive. In long-run equilibrium, will Raphael's hair salon produce the productively efficient quantity? Explain.
- Below is a decision table for Gregor's Tennis School. Director Gregor Anderson is considering expanding his school to accommodate the potential increased interest in youth tennis lessons, camps and teams. The decision table below describes his situation. Alternatives Add a new building Extend hours for existing building Do Nothing Answer Decision Table High Demand 25,000 10,000 0 Step 3 of 3: What would Gregor's decision be if he applied the Maximax strategy? State of Nature Moderate Demand O Add a new building O Do Nothing O Extend hours for existing building 5,000 3,750 0 Low Demand -50,000 -6,000- 0 Tables Keypad Keyboard Shortcuts$ 10 7 6 4 2 LA 10 7 6 4 2 I I 100 120 140 160 4,000 D Q S S2 D2 8,000 10,500 12,000 14,000 Q Answer the following in about a paragraph (5 sentences or so) The market for "moonshine", a form of liquor, is Perfectly Competitive and firms are breaking even. Then the incomes of consumers increase (assume moonshine is a normal good). What will happen to an individual firm and the market in the Short Run? What will happen in the Long Run? Use the above graphs to help with your answer.Price discrimination is the practice of selling the same good at more than one price when the price differences are not justified by cost differences. Evaluate the following statement: "Price discrimination is not possible when a good is sold in a perfectly competitive market." False, because perfectly competitive firms do not profit maximize by setting marginal revenue equal to marginal cost None of these choices True, because perfectly competitive firms have no market power False, because perfectly competitive firms have market power Which of the following kinds of price discrimination occurs when each customer in a single market is charged the maximum price he or she is willing to pay? Perfect price discrimination Third-degree price discrimination Second-degree price discrimination ○ This is not an example of price discrimination