Homework Answers
1) When the market is perfectly competitive, the firm will set P=MC for profit maximization
since MC=0
so, quantity produced = 120
2) When they act as a monopolist they will produce where TR is maximized but each will cheat and produce more so the Nash equilibrium is reached when P= $4
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These two questions please Imagine a small town in which only two residents, Matthew and Anna, own wells that prod...
please answer all questions! it should be no problem with 1st question. Two discount superstores (Ultimate...
please answer all questions!
it
should be no problem with 1st question.
Two discount superstores (Ultimate Saver and SuperDuper Saver) in a growing urban area are interested in expanding their market share. Both are interested in expanding the size of their store and parking lot to accommodate potential growth in their customer base. The following game depicts the strategic outcomes that result from the game. Growth-related profits of the two discount superstores under two scenarios are reflected in the table...
Imagine a small town in which only two residents, Celia and Venya, own wells that produce...
Imagine a small town in which only two residents, Celia and Venya, own wells that produce safe drinking water. Each week Celia and Venya work together to decide how many gallons of water to pump. They bring the water to town and sell it at whatever price the market will bear. To keep things simple, suppose that Celia and Venya can pump as much water as they want without cost so that the marginal cost of water equals zero. The...
Consider a town in which only two residents, Jacques and Kyoko, own wells that produce water safe...
Consider a town in which only two residents, Jacques and Kyoko, own wells that produce water safe for drinking. Jacques and Kyoko can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price Quantity Demanded Total Revenue (Dollars per litre) Litres of water) (Dollars,) 4.20 3.85 3.50 3.15 2.80 2.45 2.10 1.75 1.40 1.05 0.70 0.35 40 80 120 160 200...
Consider a town in which only two residents, Bob and Cho, own wells that produce water...
Consider a town in which only two residents, Bob and Cho, own wells that produce water safe for drinking. Bob and Cho can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price Quantity Demanded Total Revenue (Dollars per gallon) (Gallons of water) (Dollars) 6.00 0 0 5.50 45 $247.50 5.00 90 $450.00 4.50 135 $607.50 4.00 180 $720.00 3.50 225...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Sean and Yvette, own wells that produce...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Sean and Yvette, own wells that produce water safe for drinking. Sean and Yvette can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water Quantity Demanded (Gallons of water) Total Revenue (Dollars) Price (Dollars per gallon) 3.60 3.30 3.00 2.70 2.40 2.10 1.80 1.50 1.20 0.90 0.60...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Felix and...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Felix and Janet, own wells that produce water safe for drinking. Felix and Janet can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price (Dollars per gallon) 5.40 Quantity Demanded (Gallons of water) 0 Total Revenue (Dollars) 0 4.95 40 $198.00 4.50 80 4.05 120 3.60...
Conslder a town In which only two resldents, Paolo and Sharon, own wells that produce water safe for drinking
3. Breakdown of a cartel agreement Conslder a town In which only two resldents, Paolo and Sharon, own wells that produce water safe for drinking. Paolo and Sharon can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price (Dollars per gallon)Quantity Demanded (Gallons of water)Total Revenue (Dollars)4.80004.4045$198.004.0090$360.003.60135$486.003.20180$576.002.80225$630.002.40270$648.002.00315$630.001.60360$576.001.20405$486.000.80450$360.000.40495$198.0005400Suppose Paolo and Sharon form a cartel and behave as a monopolist. The profit-maximizing price is...
6. Breakdown of a cartel agreement Consider a town in which only two residents, Tim and...
6. Breakdown of a cartel agreement
Consider a town in which only two residents, Tim and Alyssa, own
wells that produce water safe for drinking. Tim and Alyssa can pump
and sell as much water as they want at no cost. For them, total
revenue equals profit. The following table shows the town's demand
schedule for water.
Price
Quantity Demanded
Total Revenue
(Dollars per gallon)
(Gallons of water)
(Dollars)
6.00
0
0
5.50
45
248
5.00
90
450
4.50
135...
Do No Harm: 4 6. Breakdown of a cartel agreement Consider a town in which only two residents, Brian and Crystal, o...
Do No Harm: 4 6. Breakdown of a cartel agreement Consider a town in which only two residents, Brian and Crystal, own wells that produce water safe for drinking. Brian and Crystal can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Quantity Demanded (Gallons of water) Total Revenue (Dollars) Price (Dollars per gallon) 6.00 5.50 5.00 4.50 4.00 248 450...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Brian and...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Brian and Crystal, own wells that produce water safe for drinking, Brian and Crystal can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water Price (Dollars per gallon) 3.00 Quantity Demanded (Gallons of water) Total Revenue (Dollars) 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50...
please answer all questions!
it
should be no problem with 1st question.
Two discount superstores (Ultimate Saver and SuperDuper Saver) in a growing urban area are interested in expanding their market share. Both are interested in expanding the size of their store and parking lot to accommodate potential growth in their customer base. The following game depicts the strategic outcomes that result from the game. Growth-related profits of the two discount superstores under two scenarios are reflected in the table...
Imagine a small town in which only two residents, Celia and Venya, own wells that produce safe drinking water. Each week Celia and Venya work together to decide how many gallons of water to pump. They bring the water to town and sell it at whatever price the market will bear. To keep things simple, suppose that Celia and Venya can pump as much water as they want without cost so that the marginal cost of water equals zero. The...
Consider a town in which only two residents, Jacques and Kyoko, own wells that produce water safe for drinking. Jacques and Kyoko can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price Quantity Demanded Total Revenue (Dollars per litre) Litres of water) (Dollars,) 4.20 3.85 3.50 3.15 2.80 2.45 2.10 1.75 1.40 1.05 0.70 0.35 40 80 120 160 200...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Sean and Yvette, own wells that produce water safe for drinking. Sean and Yvette can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water Quantity Demanded (Gallons of water) Total Revenue (Dollars) Price (Dollars per gallon) 3.60 3.30 3.00 2.70 2.40 2.10 1.80 1.50 1.20 0.90 0.60...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Felix and Janet, own wells that produce water safe for drinking. Felix and Janet can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price (Dollars per gallon) 5.40 Quantity Demanded (Gallons of water) 0 Total Revenue (Dollars) 0 4.95 40 $198.00 4.50 80 4.05 120 3.60...
6. Breakdown of a cartel agreement
Consider a town in which only two residents, Tim and Alyssa, own
wells that produce water safe for drinking. Tim and Alyssa can pump
and sell as much water as they want at no cost. For them, total
revenue equals profit. The following table shows the town's demand
schedule for water.
Price
Quantity Demanded
Total Revenue
(Dollars per gallon)
(Gallons of water)
(Dollars)
6.00
0
0
5.50
45
248
5.00
90
450
4.50
135...
Do No Harm: 4 6. Breakdown of a cartel agreement Consider a town in which only two residents, Brian and Crystal, own wells that produce water safe for drinking. Brian and Crystal can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Quantity Demanded (Gallons of water) Total Revenue (Dollars) Price (Dollars per gallon) 6.00 5.50 5.00 4.50 4.00 248 450...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Brian and Crystal, own wells that produce water safe for drinking, Brian and Crystal can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water Price (Dollars per gallon) 3.00 Quantity Demanded (Gallons of water) Total Revenue (Dollars) 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50...
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