Uver is a ride-sharing service that has become very popular in large cities. In one of...
Uver is a ride-sharing service that has become very popular in large cities. In one of these large cities, Uver is trying a new model: selling a bundle of 10 rides per week (instead of charging for each ride). Let ? stand for the number of bundles, and suppose the weekly cost of providing a bundle of 10 rides is given by the following function: ?(?)=?33−10?2+200?+500
Assume all Uver drivers have the same cost function.
The market for Uver rides in this city is competitive. Suppose there are 174 Uver drivers in the city. If the price of a bundle of rides is $181, the number of bundles of rides that will be provided is bundles.
Homework Answers
Ans) 1 bundle has 10 rides per week. Y stands for number of bundles.
Cost per bundle, c(y) = y33-10y^2+200y+500. Price per bundle or Marginal Revenue = 181.
In a perfectly competative market : MR = MC. -------------equation 1
Marginal cost or MC = d/dx (y33-10y^2+200y+500) ---------differentiation of total cost
MC = 33-20y+200
181 = 33-20y+200 ------------------as per equation 1
20 y = 233-181
y =52/20 = 2. 6 rounded of to 3 bundles or rides
Add Answer to:
Uver is a ride-sharing service that has become very popular in
large cities. In one of...
In a small city, Uver, a new ride service, has become very popular with the younger...
In a small city, Uver, a new ride service, has become very popular with the younger generation. The inverse demand for Uver rides is given by p = 80.00 – where Q is the number of rides demanded and p is the market price per ride. The inverse supply of rides is given by p = 45.00 + Pose The local government in this small city is concerned that young people will walk less, which will have a negative effect...
11 Question (3 points) In a small city, Uver, a new ride service, has become very popular with the younger generation....
11 Question (3 points) In a small city, Uver, a new ride service, has become very popular with the younger generation. The inverse demand for Uver rides is given by p = 50.00 - Copy where is the number of rides demanded and p is the market price per ride. The inverse supply of rides is given by p = 25.00 + os The local government in this small city is concerned that young people will walk less, which will...
10 Question (2 points) In a small city, Uver, a new ride service, has become very...
10 Question (2 points) In a small city, Uver, a new ride service, has become very popular with the younger generation. The inverse demand for Uver rides is given by p= 100.00 – , where q is the number of rides demanded and p is the market price per ride. The inverse supply of rides is given by p = 60.00+ . The local government in this small city is concerned that young people will walk less, which will have...
In some cities, Uber has a monopoly on ride-sharing services. In one town, the demand curve...
In some cities, Uber has a monopoly on ride-sharing services. In one town, the demand curve on weekdays is given by the following equation: P = 50 - 1Q. However, during weekend nights, or surge hours, the demand for rides increases dramatically and the new demand curve is: P = 100 - 1Q. Assume that marginal cost is initially 0. What is the profit maximizing price during weekdays and surge hours? (Round answers to 2 decimal places as needed.) The...
ExERCISE 3 In 1980, New York City had a more-or-less free market of taxi services. Any...
ExERCISE 3 In 1980, New York City had a more-or-less free market of taxi services. Any firm could provide a taxi service, as long as the drivers and cars satisfied certain safety standards Suppose the constant marginal cost per trip of a taxi ride is $5, and the average taxi has a capacity of 20 trips per day. Let the demand function for taxi rides be given by D(p) 1,200-20p, where demand is measured in rides per day, and price...
In 2000, Catalina Island had a more-or-less free market in boat services. Any adult citizen could...
In 2000, Catalina Island had a more-or-less free market in boat services. Any adult citizen could provide boat services as long as the drivers and the boats satisfy certain safety standards. Suppose that the marginal cost per trip of a boat ride is constant, where MC = $14 (the boats are fully depreciated and there are no fixed costs), and that each boat can operate 10 trips per day. 12 passengers can board a boat. If the demand function for...
1) 2) 3) The smartphone market has been dominated by Apple, but recently the Droid has...
1)
2)
3)
The smartphone market has been dominated by Apple, but recently the Droid has been able to leverage Google's information services into market gains, while Blackberry, known for its secure business-oriented network, has attempted to become more attractive with a "friendlier" interface. At the same time, a number of less capable fringe firms are emerging. Suppose an economist analyzes this industry as follows: ECONOMIST: Each firm brings its own distinct capabilities to its product design, with each product...
2. Individual Problems 10-2 To increase a company's profit, a manager suggests that the company needs...
2. Individual Problems 10-2 To increase a company's profit, a manager suggests that the company needs to increase the value of its product to customers. Suppose, per the manager's advice, the company successfully increases the value of its product to its customers. At the same time, however, the cost per unit of the good increases by more than the price of the good increases. Indicate whether profit per unit will increase, decrease, or stay the same (no change). Hint: Think...
could someon please explain how they got g h and i i need the answer to...
could someon please explain how they got g h and i
i
need the answer to 24.4
cW)=c Me=ry 14 (0) Consider a competitive industry with a large number of firms, U of which have identical cost functions (cy) = y2 + 1 for y> 0 and (0) = 0. Suppose that initially the demand curve for this industry is ven by DP) = 52 - p. (The output of a firm does not have to be an nteger number,...
AUTOMAKERS BECOME SOFTWARE COMPANIES which does not exist as of yet. Ford has doubled its ways for vehicles to commu...
AUTOMAKERS BECOME SOFTWARE COMPANIES which does not exist as of yet. Ford has doubled its ways for vehicles to communicate with one another industry is working on technology that will allow Automakers are finding that software is a way of adding more "value" and freshness to their products now devote resources to updating and testing their production. It takes Ford Motor Company, for exam updated saftware to their customers. Car companies ple, about two and a half years to plan,...
In a small city, Uver, a new ride service, has become very popular with the younger generation. The inverse demand for Uver rides is given by p = 80.00 – where Q is the number of rides demanded and p is the market price per ride. The inverse supply of rides is given by p = 45.00 + Pose The local government in this small city is concerned that young people will walk less, which will have a negative effect...
11 Question (3 points) In a small city, Uver, a new ride service, has become very popular with the younger generation. The inverse demand for Uver rides is given by p = 50.00 - Copy where is the number of rides demanded and p is the market price per ride. The inverse supply of rides is given by p = 25.00 + os The local government in this small city is concerned that young people will walk less, which will...
10 Question (2 points) In a small city, Uver, a new ride service, has become very popular with the younger generation. The inverse demand for Uver rides is given by p= 100.00 – , where q is the number of rides demanded and p is the market price per ride. The inverse supply of rides is given by p = 60.00+ . The local government in this small city is concerned that young people will walk less, which will have...
In some cities, Uber has a monopoly on ride-sharing services. In one town, the demand curve on weekdays is given by the following equation: P = 50 - 1Q. However, during weekend nights, or surge hours, the demand for rides increases dramatically and the new demand curve is: P = 100 - 1Q. Assume that marginal cost is initially 0. What is the profit maximizing price during weekdays and surge hours? (Round answers to 2 decimal places as needed.) The...
ExERCISE 3 In 1980, New York City had a more-or-less free market of taxi services. Any firm could provide a taxi service, as long as the drivers and cars satisfied certain safety standards Suppose the constant marginal cost per trip of a taxi ride is $5, and the average taxi has a capacity of 20 trips per day. Let the demand function for taxi rides be given by D(p) 1,200-20p, where demand is measured in rides per day, and price...
1)
2)
3)
The smartphone market has been dominated by Apple, but recently the Droid has been able to leverage Google's information services into market gains, while Blackberry, known for its secure business-oriented network, has attempted to become more attractive with a "friendlier" interface. At the same time, a number of less capable fringe firms are emerging. Suppose an economist analyzes this industry as follows: ECONOMIST: Each firm brings its own distinct capabilities to its product design, with each product...
could someon please explain how they got g h and i
i
need the answer to 24.4
cW)=c Me=ry 14 (0) Consider a competitive industry with a large number of firms, U of which have identical cost functions (cy) = y2 + 1 for y> 0 and (0) = 0. Suppose that initially the demand curve for this industry is ven by DP) = 52 - p. (The output of a firm does not have to be an nteger number,...
AUTOMAKERS BECOME SOFTWARE COMPANIES which does not exist as of yet. Ford has doubled its ways for vehicles to communicate with one another industry is working on technology that will allow Automakers are finding that software is a way of adding more "value" and freshness to their products now devote resources to updating and testing their production. It takes Ford Motor Company, for exam updated saftware to their customers. Car companies ple, about two and a half years to plan,...
Most questions answered within 3 hours.
-
1. When a nearsighted person looks at an object that is in the
distance with their...
asked 48 minutes ago -
QUESTION 8
Both of these statements will store the same value in the
variable $number
$number...
asked 1 hour ago -
The price of 1 lb of potatoes is $1.75. If all the potatoes sold
today at...
asked 2 hours ago -
Garcia Company issues 20.00%, 15-year bonds with a par value of
$470,000 and semiannual interest payments....
asked 2 hours ago -
In C++ Programming, Try using loops only.
This lab demonstrates the use of the While Loop...
asked 2 hours ago -
Effect of DCMU and sodium azide on Chlamydomonas? We did an
experiment where we had Chlamydomonas...
asked 3 hours ago -
1a) According to the ideal gas law, _______________.
a. a gas has infinite volume at absolute...
asked 5 hours ago -
Oakdale Fashions, Inc. had $245,000 in 2018 taxable income.
Using the tax schedule in Table 2.3...
asked 5 hours ago -
The marketing class at CSUS had an average score of 150. An
educational analyst determined that...
asked 6 hours ago -
Justin Case has purchased a $250 000 home by putting 20 % down
and taking out...
asked 6 hours ago -
1. In a labor market, marginal cost for a firm is
____________.
a. recruiting cost
b....
asked 7 hours ago -
On January 1, 2019, ABC Company issued $60,000,000 of 20-year,
10.5% bonds when the market rate...
asked 7 hours ago