a. Estimate the linear demand curve for “theater movies” that best approximates the data and graph...
a. Estimate the linear demand curve for “theater movies” that best approximates the data and graph it.
| Budget | Price of Theater Movies | Price of Home Videos | Quantity of Theater Movies | Quantity of Home Videos |
| 100 | 20 | 2 | 3 | 25 |
| 100 | 15 | 2 | 3 | 25 |
| 100 | 10 | 2 | 5 | 25 |
| 100 | 6 | 2 | 8 | 25 |
b. What is the point (price and quantity) at which demand is “unit elastic”?
Homework Answers
so, point (8,6) is unit
elastic for theatre movies.Add Answer to:
a. Estimate the linear demand curve for “theater movies” that
best approximates the data and graph...
1. Estimate Demand a. Suppose you are given this information from a consumer making rational, optimized...
1. Estimate Demand
a. Suppose you are given this information from a consumer making
rational, optimized decisions. Sketch a graph of demand for
“theater movies” using the available data.
b. Estimate the linear demand curve (i.e., ??? = ? + ????) for
“theater movies” that best approximates the data and add it to your
graph.
c. What is the point (price and quantity) at which demand is
“unit elastic”?
Price Quantity Price of of : «พื้ @พื้ of Quantity Theater...
a. Suppose you are given this information from a consumer making rational, optimized decisions. Sketch a...
a. Suppose you are given this information from a consumer making rational, optimized decisions. Sketch a graph of demand for “theater movies” using the available data. Budget Price of Theater Movies Price of Home Videos Quantity of Theater Movies Quantity of Home Videos 100 20 2 3 25 100 15 2 3 25 100 10 2 5 25 100 6 2 8 25
3. Estimate Supply a. Suppose you are given this information from a movie theater making rational,...
3. Estimate Supply
a. Suppose you are given this information from a movie theater
making rational, optimized decisions. Sketch a graph of supply
(total cost and quantity) for “theater movies” using the available
data.
b. Estimate the quadratic cost function (i.e., ??? = ? + ???? 2
) for “theater movies” that best approximates the data and add it
to your graph
c. What are the average and marginal cost equations based on
your estimate? Is there a non-zero quantity...
3. Estimate Supply a. Suppose you are given this information from a movie theater making rational,...
3. Estimate Supply
a. Suppose you are given this information from a movie theater
making rational, optimized decisions. Sketch a graph of supply
(total cost and quantity) for “theater movies” using the available
data.
b. Estimate the quadratic cost function for “theater movies”
that best approximates the data and add it to your graph
c. What are the average and marginal cost equations based on
your estimate? Is there a non-zero quantity that minimizes these
unit cost measures?
Price of...
1. If the demand curve is linear and downward sloping, which of the following statements is...
1. If the demand curve is linear and downward sloping, which of the following statements is not correct? a) Demand is more elastic on the lower part of the demand curve than on the upper part. b) Different pairs of points on the demand curve can result in different values of the price elasticity of demand. c) Different pairs of points on the demand curve result in identical values of the slope of the demand curve. d) Starting from a...
2. Calculating marginal revenue from a linear demand curve The blue curve on the following graph...
2. Calculating marginal revenue from a linear demand curve The blue curve on the following graph represents the demand curve facing a firm that can set its own prices Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool...
3) For theater tickets, the demand curve for students is Qs = 100 – 4P and...
3) For theater tickets, the demand curve for students is Qs = 100 – 4P and for the general public is Qgp = 200 – 4P. a. Graph demand for students, the general public, and the market. (Hint: Don't forget the kink.) b. What is the equation(s) for market demand? c. If the price is $30, calculate the quantity demanded from students, the general public, and the market. d. If the price is $10, calculate the quantity demanded from students,...
Based on the information below please: Calculate TR for each price level Graph the demand curve...
Based on the information below please: Calculate TR for each price level Graph the demand curve (plotting price and quantity) On a graph below – using the same quantity axis measurement- plot the TR- Since the vertical axis where you will plot price for the demand curve and dollar values of TR, if you plot both on the same graph you will find a small demand and the TR way above since those numbers will be much larger. Without using...
2. Calculating marginal revenue from a linear demand curve The blue curve on the following graph...
2. Calculating marginal revenue from a linear demand curve The blue curve on the following graph represents the demand curve facing a firm that can set its own prices. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool...
The graph to the right represents the linear demand curve for each identical consumer in a...
The graph to the right represents the linear demand curve for each identical consumer in a market that a monopoly faces. Using nonlinear price discrimination analysis, suppose that the monopoly can make consumers a take-it-or-leave-it offer P, $ per unit Suppose the monopoly sets a price, p, and a minimum quantity, Q, that a consumer must pay to be able to purchase any units at all. What price and minimum quantity should it set to achieve the same outcome as...
1. Estimate Demand
a. Suppose you are given this information from a consumer making
rational, optimized decisions. Sketch a graph of demand for
“theater movies” using the available data.
b. Estimate the linear demand curve (i.e., ??? = ? + ????) for
“theater movies” that best approximates the data and add it to your
graph.
c. What is the point (price and quantity) at which demand is
“unit elastic”?
Price Quantity Price of of : «พื้ @พื้ of Quantity Theater...
3. Estimate Supply
a. Suppose you are given this information from a movie theater
making rational, optimized decisions. Sketch a graph of supply
(total cost and quantity) for “theater movies” using the available
data.
b. Estimate the quadratic cost function (i.e., ??? = ? + ???? 2
) for “theater movies” that best approximates the data and add it
to your graph
c. What are the average and marginal cost equations based on
your estimate? Is there a non-zero quantity...
3. Estimate Supply
a. Suppose you are given this information from a movie theater
making rational, optimized decisions. Sketch a graph of supply
(total cost and quantity) for “theater movies” using the available
data.
b. Estimate the quadratic cost function for “theater movies”
that best approximates the data and add it to your graph
c. What are the average and marginal cost equations based on
your estimate? Is there a non-zero quantity that minimizes these
unit cost measures?
Price of...
1. If the demand curve is linear and downward sloping, which of the following statements is not correct? a) Demand is more elastic on the lower part of the demand curve than on the upper part. b) Different pairs of points on the demand curve can result in different values of the price elasticity of demand. c) Different pairs of points on the demand curve result in identical values of the slope of the demand curve. d) Starting from a...
2. Calculating marginal revenue from a linear demand curve The blue curve on the following graph represents the demand curve facing a firm that can set its own prices Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool...
3) For theater tickets, the demand curve for students is Qs = 100 – 4P and for the general public is Qgp = 200 – 4P. a. Graph demand for students, the general public, and the market. (Hint: Don't forget the kink.) b. What is the equation(s) for market demand? c. If the price is $30, calculate the quantity demanded from students, the general public, and the market. d. If the price is $10, calculate the quantity demanded from students,...
2. Calculating marginal revenue from a linear demand curve The blue curve on the following graph represents the demand curve facing a firm that can set its own prices. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool...
The graph to the right represents the linear demand curve for each identical consumer in a market that a monopoly faces. Using nonlinear price discrimination analysis, suppose that the monopoly can make consumers a take-it-or-leave-it offer P, $ per unit Suppose the monopoly sets a price, p, and a minimum quantity, Q, that a consumer must pay to be able to purchase any units at all. What price and minimum quantity should it set to achieve the same outcome as...
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