ZuoTi.Pro
Question

Question 1 (1 point) $5.00 4.5아 4.00 3.50 3.00 2.50 2.00 1.50- 1.00 0.50 0 1 2 3 4 5 6 7 8 9 10 Quantity of Potato Chips r bag) Refer to the above diagram. This buyers marginal willingness to pay for the 7th bag of potato chips is(include the dollar sign and 2 decimal places in your answer)Question 2 (1 point) Suppose there are only two firms in the market for a certain good. Firm 1s marginal cost equation is MC 5/2 + 1/2Qs and firm 2s marginal cost equation is MC 4+ Qs. What is the aggregate supply equation for this market? MC 13/2+3/2Qs Qs-3P - 9 Qs-2/3P - 13/3 Qs-3P-1 Question 3 (1 point) S/ unit MCo 4 MC 1.2- 2 Q(1 000s of units) Refer to the diagram above Suppose this firm is currently producing 2000 units of product (note that quantity supplied is measured in thousands of units). The total cost saving resulting from the technological change is equal to Include a dollar sign in front of your answer, and do not insert a comma or leave any spaces in your answer-for example, if your answer is 73 thousand dollars, show this as $73000. If there are no cents, do not include zeros i.e do not show this as $73000.00Question 5 (1 point) Total willingness to pay describes the willingness to pay for one more unit of a good or service. True False Question 6 (1 point) More strict government regulations typically increase the cost of production for firms. The effect of stricter government regulations would be to shift the supply curve to the left (upwards) shift the supply curve to the right (downwards) reduce the quantity supplied, shown as a movement along an up the supply curve shift the demand curve to the left (downwards)

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Hello,

Please find the answer below:

1. $1.25

2 In a monopoly market, Supply = MC.

Aggregate Supply = MC1+MC2

= (5/2+1/2Qs) + (4+Qs)

=13/2+3/2Qs

3. Previous Cost = $ 5.2 per unit

Current Cost = $ 1.2 per unit

Saving = 5.2 - 1.2 = $4 per unit

Total units = 2000 , total savings = $4 * 2000 = $8000

5. False. This is called Marginal

0 0
Add a comment
Know the answer?
Add Answer to:
Question 1 (1 point) $5.00 4.5아 4.00 3.50 3.00 2.50 2.00 1.50- 1.00 0.50 0 1...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 5. Suppose there are only two firms In the market for a certaln good. Flrm 1's...

    5. Suppose there are only two firms In the market for a certaln good. Flrm 1's marginal cost equaton is MC aggregate supply equation for this market? 5/2 1/2QS and firm 2's marginal cost equation IS MC 4 QS. What is the as 2/3P - 133 as-3P-1 In the following figure, the total willingness to pay for the 10 unit of the good Is Marginal Willingness to Pay 20 21 MWTP 10 O $200 O $12 O $20 O $160...

  • Question 7 (1 point) Price of taxi ride $4 60 80 Quantity of taxi rides Refer...

    Question 7 (1 point) Price of taxi ride $4 60 80 Quantity of taxi rides Refer to the above diagram. If the price of a taxi ride increases from $6 to $8, producer surplus for this taxi driver will (rise, fall) by Include the $ sign and separate your two answers only with a comma and no space. For example, if your answer is" fall by $60.50, show this as fall,$60.50. If your answer is Eighty dollars, show this as...

  • Question 13 (1 point) The net benefit to buyers from participating in a market can be...

    Question 13 (1 point) The net benefit to buyers from participating in a market can be measured by their total willingness-to-pay True False Question 14 (1 point) Suppose there are only two individuals in the market for a certain good. Individual A's inverse demand equation is P-8-0.5Qd and individual B's inverse demand equation is P 10-Qd. What is the aggregate demand equation for this market? Qd-14-1.5P Qd-12-2/3P Qd- 26-3P P-18-1.5Qd Question 15 (1 point) Technolopical Progress and the Marginal Cost...

  • what are the right answers Question 7 0/1 point A rightward shift in the supply curve...

    what are the right answers Question 7 0/1 point A rightward shift in the supply curve indicates a shift in the demand curve also (because demand must equal supply). that an increase in income results in an increase in the quantity demanded at each price. that more is demanded at each price. an increase in the quantity supplied at each price. a decrease in the quantity supplied at each price. Question 8 0/1 point Economists say there has been a...

  • please help 2. Problem solving (4 questions, 5 point each) 1. The demand and supply schedules...

    please help 2. Problem solving (4 questions, 5 point each) 1. The demand and supply schedules for potato chips are in the table. Price (cents per bag) 50 60 70 Quantity Quantity demanded supplied (millions of bags a week) 160 130 150 140 140 130 160 120 110 180 150 80 90 170 100 a. draw a graph of the potato chip market and mark in the equilibrium price and quantity b. If the price is 60€ a bag, is...

  • Question 1: Point Price 2.00 $2.50 $3.00 $3.50 Quantity Demanded 400 375 325 $4.00 a) The...

    Question 1: Point Price 2.00 $2.50 $3.00 $3.50 Quantity Demanded 400 375 325 $4.00 a) The market price for a doughnut was $3.00. However, it is now S3.50. Use the maentmethod to calculate the price elasticity of demand (Ed) for doughnuts b) How sensitive is the quantity demanded for cupcakes to price changes? Please explain briefly. c) For this question use the price elasticity of demand calculated in part (a). If the price of doughnuts increases by 20%, how much...

  • Question 1 (1 point) Suppose the market demand for a certain good is represented by the...

    Question 1 (1 point) Suppose the market demand for a certain good is represented by the equation MWTP-490- 0.25QD, and the market supply is given by MC 40 + 2QS. Assuming the absence of market failures, the socially efficient level of output equals_units. Question 2 (1 point) Suppose market demand for a certain good is represented by MwTP-490-0.25QD and the socially efficient price equals Question 3 (1 point) Suppose market demand for a certain good is represented by MWTP 490...

  • Quantity of Masks 1 2. 3 Marginal Cost $0.50 $1.00 $1.50 $2.00 $2.50 4 5 The...

    Quantity of Masks 1 2. 3 Marginal Cost $0.50 $1.00 $1.50 $2.00 $2.50 4 5 The above table shows the marginal cost of producing different quantities of masks for Mako's mask business. What is Mako's average variable cost of producing 4 masks? $0.50 $1.25 $1.00 $0.75

  • Please help with these questions Question 1 0.4 pts We could state correctly that the minimum...

    Please help with these questions Question 1 0.4 pts We could state correctly that the minimum characteristic necessary to distinguish among price-making firms is O the level of the concentration ratio. O whether they produce industrial or consumer products. O the number of firms in the industry O price discrimination. O product differentiation. Question 2 0.4 pts According to Section 2 of the Sherman Antitrust Act, a person who attempts to monopolize commerce among the several states is guilty of...

  • Question 1: Point Quantity Demanded Price $2.00 $2.50 $3.00 $3.50 $4.00 400 375 350 325 300...

    Question 1: Point Quantity Demanded Price $2.00 $2.50 $3.00 $3.50 $4.00 400 375 350 325 300 a) The market price for a doughnut was $3.00. However, it is now $3.50. Use the midpoint method to calculate the price elasticity of demand (Ed) for doughnuts b) How sensitive is the quantity demanded for cupcakes to price changes? Please explain briefly.

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT