Homework Answers
Question 6
In case of good A, a price of $90 will attract one customer while price of $35 will attract both customers.
Since there is no cost, firm will revenue maximization is equivalent to profit maximization.
If the price is $90, Revenue is $90 ($90*1)
If the price is $35, Revenue is $70 ($35*2)
Revenue is higher if firm sets the price of $90 for good A. So, correct option is
A. $90
Question 7
In case of good B, a price of $70 will attract one customer while price of $30 will attract both customers.
Since there is no cost, firm will revenue maximization is equivalent to profit maximization.
If the price is $70, Revenue is $70 ($70*1)
If the price is $30, Revenue is $60 ($30*2)
Revenue is higher if firm sets the price of $70 for good B. So, correct option is
A. $70
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Question 6 O out of 10 points Table: Willingness to Pay Maximum Willingness to Pay for...
QUESTION 4 Table: Willingness to Pay Maximum Willingness to Pay for Good A and Good B...
QUESTION 4 Table: Willingness to Pay Maximum Willingness to Pay for Good A and Good B John Mary Good A $90 $35 Good B $30 $70 Reference: Ref 14-6 (Table: Willingness to Pay) Refer to the table. What is John's maximum willingness to pay for the bundled goods? A. $90 B. $30 C. $105 OD.$120 QUESTION 5 Table: Willingness to Pay Maximum Willingness to Pay for Good A and Good B Mary John Good A $90 $35 Good B $30...
Table: Maximum Willingness Question 10 0 out of 10 points Table: Maximum Willingness to Pay for...
Table: Maximum Willingness
Question 10 0 out of 10 points Table: Maximum Willingness to Pay for Word and Excel Amanda Yvonne Word $110 $60 Excel $40 $100 Office (Word Excel) $150 $160 Reference: Ref 14-7 Table: Maximum Willingness to Pay for Word and Excel) Refer to the table. If Microsoft sells each product, Word and Excel, individualy, what is the maximum profit Microsoft can make from selling the two products? (Assume the marginal costs of production are zero.) Selected Answer...
QUESTION 1 Please refer to the buyer willingness to pay values provided in the table on...
QUESTION 1
Please refer to the buyer willingness to pay values provided in
the table on page 178 in the book (i.e., Customers A and B with
Goods 1 and 2). If the monopolist only sold Good 1 by itself, what
is the profit maximizing outcome for the monopolist?
A.
Sell zero units at a price of $3000
B.
Sell one unit at a price of $2800
C.
Sell two units at a price of $2300
D.
Sell two units...
1. The table below displays Andy Reid and Bill Belichick's willingness to pay for tickets to...
1. The table below displays Andy Reid and Bill Belichick's willingness to pay for tickets to watch the Super Bowl, Pro Bowl, and their combined willingness to pay for both tickets. If the NFL sells each ticket individually, the maximum profit the NFL can make from selling the two tickets is dollars. (Assume the marginal costs of production are zero). However, if the NFL were to bundle the two tickets into one package, the bundle would be priced at dollars...
Question 24 2 pts Refer to the following table to answer the following questions: Willingness to...
Question 24 2 pts Refer to the following table to answer the following questions: Willingness to Pay for Bottled Water Quantity City A City B City C 1 $20 $15 $14 2 $17 $13 $13 3 $14 $11 $12 4 $11 $9 $11 5 $8 $7 $10 Marginal Cost $0 Kaleb is the only provider of bottled water for three cities. Because he has access to a natural spring, the marginal cost to produce an additional bottle is $0. Imagine...
Class Date: Exam2s Table 7-4 The numbers in Table 7-1 reveal the maximum willingness to pay...
Class Date: Exam2s Table 7-4 The numbers in Table 7-1 reveal the maximum willingness to pay for a ticket to a Chicago Cubs vs. St. Louis Cardinal's baseball game at Wrigley Field. Willingness to Pay s10 $15 $20 $25 $50 $60 Виyer Jennifer Bryce Dan David Ken Lisa 36. Refer to Table 7-4. If you have a ticket that you sell to the group in an auction, what will be thee selling price? a. slightly more than $20. b. slightly...
Table 11-6 Consider the city of Widgetapolis with only four residents, John, James, Mary, and Lydia....
Table 11-6 Consider the city of Widgetapolis with only four residents, John, James, Mary, and Lydia. The four residents trying to determine how many hours to spend in cleaning up the public lake. The table below shows each resident's willingness to pay for each hour of cleaning. Hours Mary Lydia John $30 James $50 $10 Refer to Table 11-6. Suppose the cost to clean the lake is $32 per hour and that the residents have agreed to split the cost...
4. Refer to the open-access beach problem in the text of this chapter and table 6-2....
4. Refer to the open-access beach problem in the text of this chapter and table 6-2. If the cost per day rose to $15, how many people would maxi- mize the net benefits of the beach? And how many people would visit the beach under open access? Table 6-2 An Open-Access Resource: Public Beach Individual Aggregate marginal willingness Number of willingness visitors Total costs (TC) $12 24 36 48 60 72 84 96 108 120 Cost per visit $12 Aggregate...
The table below gives Robbie's willingness to pay (utility) for various hours of on-line computer access...
The table below gives Robbie's willingness to pay (utility) for various hours of on-line computer access per week. Suppose that Robbie's marginal utility is measured in SUS. On-line time is priced at $12 per hour. Number of Hours Total Utility (S) 1 20 2 38 3 54 4 68 80 90 6 7 98 8 104 a. Compute the marginal utility for each hour b. b. How many hours of on-line service will Robbie purchase? c. Compute Robbie's consumer surplus...
AR Refer to Figure 14-3 from question 31. If the market price is $10, what is the firm's short-run economic profit?...
AR Refer to Figure 14-3 from question 31. If the market price is $10, what is the firm's short-run economic profit? a. $9 b. $15 c. $30 d. $50 34. Figure 14-6 the MC ,ATC AVC Q1 02 03 Qanty 04 Refer to Figure 14-6. Firms will be earn losses in the short run but will remain in business if the market price a. Exceeds P2 b. Is greater than P1 but less than P3. c. Exceeds P3, d. Is...
QUESTION 4 Table: Willingness to Pay Maximum Willingness to Pay for Good A and Good B John Mary Good A $90 $35 Good B $30 $70 Reference: Ref 14-6 (Table: Willingness to Pay) Refer to the table. What is John's maximum willingness to pay for the bundled goods? A. $90 B. $30 C. $105 OD.$120 QUESTION 5 Table: Willingness to Pay Maximum Willingness to Pay for Good A and Good B Mary John Good A $90 $35 Good B $30...
Table: Maximum Willingness
Question 10 0 out of 10 points Table: Maximum Willingness to Pay for Word and Excel Amanda Yvonne Word $110 $60 Excel $40 $100 Office (Word Excel) $150 $160 Reference: Ref 14-7 Table: Maximum Willingness to Pay for Word and Excel) Refer to the table. If Microsoft sells each product, Word and Excel, individualy, what is the maximum profit Microsoft can make from selling the two products? (Assume the marginal costs of production are zero.) Selected Answer...
QUESTION 1
Please refer to the buyer willingness to pay values provided in
the table on page 178 in the book (i.e., Customers A and B with
Goods 1 and 2). If the monopolist only sold Good 1 by itself, what
is the profit maximizing outcome for the monopolist?
A.
Sell zero units at a price of $3000
B.
Sell one unit at a price of $2800
C.
Sell two units at a price of $2300
D.
Sell two units...
1. The table below displays Andy Reid and Bill Belichick's willingness to pay for tickets to watch the Super Bowl, Pro Bowl, and their combined willingness to pay for both tickets. If the NFL sells each ticket individually, the maximum profit the NFL can make from selling the two tickets is dollars. (Assume the marginal costs of production are zero). However, if the NFL were to bundle the two tickets into one package, the bundle would be priced at dollars...
Question 24 2 pts Refer to the following table to answer the following questions: Willingness to Pay for Bottled Water Quantity City A City B City C 1 $20 $15 $14 2 $17 $13 $13 3 $14 $11 $12 4 $11 $9 $11 5 $8 $7 $10 Marginal Cost $0 Kaleb is the only provider of bottled water for three cities. Because he has access to a natural spring, the marginal cost to produce an additional bottle is $0. Imagine...
Class Date: Exam2s Table 7-4 The numbers in Table 7-1 reveal the maximum willingness to pay for a ticket to a Chicago Cubs vs. St. Louis Cardinal's baseball game at Wrigley Field. Willingness to Pay s10 $15 $20 $25 $50 $60 Виyer Jennifer Bryce Dan David Ken Lisa 36. Refer to Table 7-4. If you have a ticket that you sell to the group in an auction, what will be thee selling price? a. slightly more than $20. b. slightly...
Table 11-6 Consider the city of Widgetapolis with only four residents, John, James, Mary, and Lydia. The four residents trying to determine how many hours to spend in cleaning up the public lake. The table below shows each resident's willingness to pay for each hour of cleaning. Hours Mary Lydia John $30 James $50 $10 Refer to Table 11-6. Suppose the cost to clean the lake is $32 per hour and that the residents have agreed to split the cost...
4. Refer to the open-access beach problem in the text of this chapter and table 6-2. If the cost per day rose to $15, how many people would maxi- mize the net benefits of the beach? And how many people would visit the beach under open access? Table 6-2 An Open-Access Resource: Public Beach Individual Aggregate marginal willingness Number of willingness visitors Total costs (TC) $12 24 36 48 60 72 84 96 108 120 Cost per visit $12 Aggregate...
The table below gives Robbie's willingness to pay (utility) for various hours of on-line computer access per week. Suppose that Robbie's marginal utility is measured in SUS. On-line time is priced at $12 per hour. Number of Hours Total Utility (S) 1 20 2 38 3 54 4 68 80 90 6 7 98 8 104 a. Compute the marginal utility for each hour b. b. How many hours of on-line service will Robbie purchase? c. Compute Robbie's consumer surplus...
AR Refer to Figure 14-3 from question 31. If the market price is $10, what is the firm's short-run economic profit? a. $9 b. $15 c. $30 d. $50 34. Figure 14-6 the MC ,ATC AVC Q1 02 03 Qanty 04 Refer to Figure 14-6. Firms will be earn losses in the short run but will remain in business if the market price a. Exceeds P2 b. Is greater than P1 but less than P3. c. Exceeds P3, d. Is...
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