Homework Answers
The total cost of a bundle is equal to cost of good X plus cost of good Y i.e 2+1=3.
So, the bundle will be sold to B if the :
So, option c is correct.
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Use the following information to answer questions 15 - 17. Assume there are two persons who...
Use the following information to answer questions 1 - 6. Assume there are three persons who choose at most one uni...
Use the following information to answer questions 1 - 6. Assume there are three persons who choose at most one unit of good X and Y with reservation prices for X and Y given in the table below. Also assume that MC = AC = 3 for good X and MC = AC = 2 for good Y. Person A Person B Person C 1 x Y 8 2 6 3 4 6. When the price of X is 6...
Use the following information in answering questions 1 - 9. Assume persons of type 1 value...
Use the following information in answering questions 1 - 9. Assume persons of type 1 value quality level z and the product itself such that the inverse demand for the product is given by P, = 10 - Q. + 2z. Similarly, for a person of type 2 the inverse demand for the product is given by P2 = 24 - 2Q2 + 6z. The AC and MC of producing the product with quality z is MC = AC= 2...
Use the following information in answering questions 14 - 19. Assume persons of type 1 value quality level z and t...
Use the following information in answering questions 14 - 19. Assume persons of type 1 value quality level z and the product itself such that the reservation price for one unit is 8 + 2z. Similarly, for a person of type 2 the reservation price is 10 + 4z. The cost of producing the product is 2 and the cost of each unit of z is 3. Assume that z can be either equal to 1 or 2. This same...
Use the following information in answering questions 14 - 19. Assume persons of type 1 value...
Use the following information in answering questions 14 - 19. Assume persons of type 1 value quality level z and the product itself such that the reservation price for one unit is 8 + 2z. Similarly, for a person of type 2 the reservation price is 10 + 4z. The cost of producing the product is 2 and the cost of each unit of z is 3. Assume that z can be either equal to 1 or 2. This same...
Use the following information in answering questions 9- 13. Assume persons of type 1 value quality...
Use the following information in answering questions 9- 13. Assume persons of type 1 value quality level z and the product itself such that the reservation price for one unit is 5+3z. Similarly, for a person of type 2 the reservation price is 10 + z. The cost of producing the product is 2 and the cost of each unit of z is 2. Assume that z can be equal to 0 or 1 or 2 9. The optimal quality...
How to get the answer, explanation Use the following information to answer the next two questions: The utility function...
How to get the answer, explanation
Use the following information to answer the next two questions: The utility function of Ann is U(X,Y) = X(1/2)y(1/2) The utility function of Bob is U(X,Y)= X(3/4)Y(1/4) Also assume that they have the same income and face the same prices for the two goods. V. Consider the (X,Y) consumption bundle that maximizes Ann's utility. At this point, A. Bob also maximizes his utility B. Bob would prefer to consume more of the X-good and...
Please answer the multiple choice questions. Refer to the figure below. When the firm charges the reservation price to...
Please answer the multiple choice questions.
Refer to the figure below. When the firm charges the reservation price to each consumer, the additional profit equals area s/o MC D AR MR Quany Select one: a.A+D b. B+A c. C+ B C. C d. B+C+ D Refer to the figure below. The price-discriminating firm earns a higher profit by s/0 AC-MC MR D-AR MAK Quantity Select one: a.charging a lower price as time goes by. b. charging a lower price to...
1.Use the table below to answer the following question. Assume that the price of product A...
1.Use the table below to answer the following question. Assume that the price of product A is $4.47 while the price for product B is $5.79. The buyer has a budget of $50. Q MUA MUB 1 22 25 2 21 24 3 20 23 4 19 22 5 18 21 6 17 20 7 16 19 8 15 18 9 14 17 10 13 16 Given the marginal utilities The optimal bundle is ____. A. 6 of product A...
Use the following information to answer questions 7 - 12. Suppose there is one buyer located...
Use the following information to answer questions 7 - 12. Suppose there is one buyer located at points 1 through 11, one unit of distance apart. These buyers purchase at most one unit of the product when its price is less than or equal to $10. Assume the MC and AC of producing the product is $5. Transport costs are constant per unit of distance. 7. If a seller must sell at only one point, 1-11, the profit maximizing location...
Use the following information to answer questions 7 - 12. Suppose there is one buyer located...
Use the following information to answer questions 7 - 12. Suppose there is one buyer located at points 1 through 11, one unit of distance apart. These buyers purchase at most one unit of the product when its price is less than or equal to $10. Assume the MC and AC of producing the product is $5. Transport costs are constant per unit of distance. 7. If a seller must sell at only one point, 1-11, the profit maximizing location...
Use the following information to answer questions 1 - 6. Assume there are three persons who choose at most one unit of good X and Y with reservation prices for X and Y given in the table below. Also assume that MC = AC = 3 for good X and MC = AC = 2 for good Y. Person A Person B Person C 1 x Y 8 2 6 3 4 6. When the price of X is 6...
Use the following information in answering questions 1 - 9. Assume persons of type 1 value quality level z and the product itself such that the inverse demand for the product is given by P, = 10 - Q. + 2z. Similarly, for a person of type 2 the inverse demand for the product is given by P2 = 24 - 2Q2 + 6z. The AC and MC of producing the product with quality z is MC = AC= 2...
Use the following information in answering questions 14 - 19. Assume persons of type 1 value quality level z and the product itself such that the reservation price for one unit is 8 + 2z. Similarly, for a person of type 2 the reservation price is 10 + 4z. The cost of producing the product is 2 and the cost of each unit of z is 3. Assume that z can be either equal to 1 or 2. This same...
Use the following information in answering questions 14 - 19. Assume persons of type 1 value quality level z and the product itself such that the reservation price for one unit is 8 + 2z. Similarly, for a person of type 2 the reservation price is 10 + 4z. The cost of producing the product is 2 and the cost of each unit of z is 3. Assume that z can be either equal to 1 or 2. This same...
Use the following information in answering questions 9- 13. Assume persons of type 1 value quality level z and the product itself such that the reservation price for one unit is 5+3z. Similarly, for a person of type 2 the reservation price is 10 + z. The cost of producing the product is 2 and the cost of each unit of z is 2. Assume that z can be equal to 0 or 1 or 2 9. The optimal quality...
How to get the answer, explanation
Use the following information to answer the next two questions: The utility function of Ann is U(X,Y) = X(1/2)y(1/2) The utility function of Bob is U(X,Y)= X(3/4)Y(1/4) Also assume that they have the same income and face the same prices for the two goods. V. Consider the (X,Y) consumption bundle that maximizes Ann's utility. At this point, A. Bob also maximizes his utility B. Bob would prefer to consume more of the X-good and...
Please answer the multiple choice questions.
Refer to the figure below. When the firm charges the reservation price to each consumer, the additional profit equals area s/o MC D AR MR Quany Select one: a.A+D b. B+A c. C+ B C. C d. B+C+ D Refer to the figure below. The price-discriminating firm earns a higher profit by s/0 AC-MC MR D-AR MAK Quantity Select one: a.charging a lower price as time goes by. b. charging a lower price to...
Use the following information to answer questions 7 - 12. Suppose there is one buyer located at points 1 through 11, one unit of distance apart. These buyers purchase at most one unit of the product when its price is less than or equal to $10. Assume the MC and AC of producing the product is $5. Transport costs are constant per unit of distance. 7. If a seller must sell at only one point, 1-11, the profit maximizing location...
Use the following information to answer questions 7 - 12. Suppose there is one buyer located at points 1 through 11, one unit of distance apart. These buyers purchase at most one unit of the product when its price is less than or equal to $10. Assume the MC and AC of producing the product is $5. Transport costs are constant per unit of distance. 7. If a seller must sell at only one point, 1-11, the profit maximizing location...
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