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You are the owner of Pete's Pantry, a gourmet food store. Based on your buddy's analysis, the market elasticity for...
Based on the best available econometric estimates, the market elasticity of demand for your firm’s product...
Based on the best available econometric estimates, the market elasticity of demand for your firm’s product is -3. The marginal cost of producing the product is constant at $225, while average total cost at current production levels is $315. Determine your optimal per unit price if: Instruction: Enter your responses rounded to two decimal places. a. You are a monopolist. b. You compete against one other firm in a Cournot oligopoly. c. You compete against 19 other firms in a...
Pete's Market is a small local grocery store with only one checkout counter. Assume that shoppers...
Pete's Market is a small local grocery store with only one checkout counter. Assume that shoppers arrive at the checkout lane according to a Poisson probability distribution, with an arrival rate of 9 customers per hour. The checkout service times follow an exponential probability distribution, with a service rate of 15 customers per hour. The manager’s service goal is to limit the waiting time prior to beginning the checkout process to no more than five minutes. Also the manager of...
Pete's Market is a small local grocery store with only one checkout counter. Assume that shoppers...
Pete's Market is a small local grocery store with only one checkout counter. Assume that shoppers arrive at the checkout lane according to a Poisson probability distribution, with an arrival rate of 16 customers per hour. The checkout service times follow an exponential probability distribution, with a service rate of 20 customers per hour. The manager’s service goal is to limit the waiting time prior to beginning the checkout process to no more than five minutes. Also the manager of...
Based on the best available econometric estimates, the market elasticity of demand for your firm’s product...
Based on the best available econometric estimates, the market elasticity of demand for your firm’s product is -2. The marginal cost of producing your product is constant at $60. 1)What is your optimal per unit price if you are a monopolist? 2)What is your optimal per unit price if you compete against one other firm in a Cournot oligopoly? What is your optimal per unit price if you compete against 20 other firms in a Cournot oligopoly? 3)What price pattern...
2. Suppose that in your analysis of the market for cars, you discover that the Marginal...
2. Suppose that in your analysis of the market for cars, you discover that the Marginal Social Cost (MSC) of car production to differs from the Marginal Private Cost (MPC). While MPC = 6P-15, MSC = 6P - 33. Assume that MPB = MSB = 75-3P. a. Find the social equilibrium price and quantity for this market. b. Given the social equilibrium, is the private market producing too many or too few cars?
Hello, this is a Micro Economic problems Could you please be kind enough and solve all of problems with the explanation in detail? Thank you and have a good one! 1. Suppose a firm has market power an...
Hello, this is a Micro Economic problems Could you please be kind enough and solve all of problems with the explanation in detail? Thank you and have a good one! 1. Suppose a firm has market power and faces a downward sloping demand curve for its product, and its marginal cost curve is upward sloping. If the firm reduces its price, then: A) consumer and producer surplus must increase. B) consumer surplus increases, producer surplus may increase or decrease. consumer...
Break-even and Profitability analysis You are the proud owner of a sock store. You sell one...
Break-even and Profitability analysis You are the proud owner of a sock store. You sell one type of sock, but in thousands of colours. Before you set the price of the sock, you must conduct break-even analysis and profitability analysis. The cost of your operation are: Rent: 5000 Salary: 5000 Advertising: 10,000 Cost of socks wholesale: 1 The price for comparable socks at other stores ranges from $1 to $6, Calculate the breakeven point for each price level: Fixed Cost...
1. Socially Optimal Thneed Production (Graphical Analysis) based on Dr. Seuss’ The Lorax. There is only...
1. Socially Optimal Thneed Production (Graphical Analysis) based on Dr. Seuss’ The Lorax. There is only one question, but it has several parts, (a) through (J), below, plus (k) and (l) for extra credit. The demand curve and supply curve for Thneeds (“A fine something that all people need,” according to the Once-ler Group’s web site) are given by QD= 100 –5P and QS = 2.5P – 5 [HINT: these are regular—that is economically sensible—demand and supply curves that say...
13) The cost the Almy type of market 7) The market is an example of A)...
13) The cost the Almy type of market 7) The market is an example of A) mattress: a monopoly B) com a perfectly competitive C) car insurance an oligopoly D) cell phone; a perfectly competitive 5) airplane manufacturing a monopolistically competitive 8) What is the difference between perfect competition and monopolistic competition? A) Perfect competition has a large number of small firms while monopolistic competition does not in monopolistic competition, firms produce identical goods, while in perfect competition, firms produce...
please help answer these Financial Analysis Exercise #1 You are the newest Financial Analyst in Investments,...
please help answer these Financial Analysis Exercise #1 You are the newest Financial Analyst in Investments, you need to demonstrate your prowess in Excel, your outstanding written skills and ability to communicate. Mr. Richards is the Executive Vice President and Chief Investment officer in your new firm. You are being asked to complete a series of “pet” projects for Mr. Richards. You have been told not to try to impress him, just do the work and stick to the facts....
Hello, this is a Micro Economic problems Could you please be kind enough and solve all of problems with the explanation in detail? Thank you and have a good one! 1. Suppose a firm has market power and faces a downward sloping demand curve for its product, and its marginal cost curve is upward sloping. If the firm reduces its price, then: A) consumer and producer surplus must increase. B) consumer surplus increases, producer surplus may increase or decrease. consumer...
Break-even and Profitability analysis You are the proud owner of a sock store. You sell one type of sock, but in thousands of colours. Before you set the price of the sock, you must conduct break-even analysis and profitability analysis. The cost of your operation are: Rent: 5000 Salary: 5000 Advertising: 10,000 Cost of socks wholesale: 1 The price for comparable socks at other stores ranges from $1 to $6, Calculate the breakeven point for each price level: Fixed Cost...
13) The cost the Almy type of market 7) The market is an example of A) mattress: a monopoly B) com a perfectly competitive C) car insurance an oligopoly D) cell phone; a perfectly competitive 5) airplane manufacturing a monopolistically competitive 8) What is the difference between perfect competition and monopolistic competition? A) Perfect competition has a large number of small firms while monopolistic competition does not in monopolistic competition, firms produce identical goods, while in perfect competition, firms produce...
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