1. A clothing company has available 3,600 meters of yellow fabric, 2,340 meters of blue fabric and 1,500 meters of red fabric, to market them to stores that organize them in two ways; Boxes A and B. Type A boxes contain 30 meters of yellow cloth, 18 meters of Blue cloth and 10 meters of red cloth. Type B boxes contain 10 meters of red cloth, 15 meters of blue cloth and 20 meters of yellow cloth. The boxes have a profit of $3,500 and $3,000 respectively and a manufacturing cost of $10,000 and $8,000 respectively. How many boxes should you make of each type to maximize sales?
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1. A clothing company has available 3,600 meters of yellow fabric, 2,340 meters of blue fabric and 1,500 meters of red fabric, to market them to stores that organize them in two ways; Boxes A and B. Type A boxes contain 30 meters of yellow cloth, 18 meters of Blue cloth and 10 meters of red cloth. Type B boxes contain 10 meters of red cloth, 15 meters of blue cloth and 20 meters of yellow cloth. The boxes have a profit of $3,500 and $3,000 respectively and a
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- Suppose 2 gas stations must post their prices for regular gasoline at 6am each morning and cannot change their price during the day. Each gas station has a choice: charge a relatively “low” price or charge a relatively “high” price. The following shows their profit for the day of each gas station depending upon which price each gas station chooses: Gas Station B Low Price High Price Gas Station A Low Price $2000, $900 $500, $1500 High Price $1200, $1800 $300, $2100 Assume that this is a "one shot" game: Which strategy should Gas Station A choose? Is it a dominant strategy? Explain why or why not. Which strategy should Gas Station B choose? Is it a dominant strategy? Explain why or why not What is the outcome for each Gas Station? How much profits will each Gas Station earn? Explain. Does this game represent a prisoner’s dilemma situation? Why or why not? If the gas stations can talk the night before making their pricing decision and discuss their pricing…2. There are two brands of cigarettes X, Y. The demand for each is as follows: Qx = 80 – 2p Qy = 60 – 0.5p Assume that the marginal cost of producing cigarette X is $10, the marginal cost of producing cigarette Y is $8, and that the market for both cigarettes is perfectly competitive. Assume that each pack of cigarette X smoked does $5 worth of health damage to the smoker, and a total of $4 worth of health damage to the smoker's neighbors via second-hand smoke. Each pack of cigarette Y smoked does $6 worth of health damage to the smoker, and $5 health damage to the smoker's neighbors. (a) Plot the private demand curve and private supply curve for both cigarettes on separate axes. (b) What is the privately efficient quantity demand of both cigarettes? (c) Add the public supply curves to the graphs you plot in (a). (d) What is the socially efficient quantity demand of both cigarettes?4. Firm A and firm B must decide whether to sell product X at a sales or a regular price. If both firms sell the product at a sales price, both firms earn a profit of 5. If both firms sell the product at the regular price, each firm earns a profit of 20. If firm B charges the regular price while firm A charges the sales price, firm A earns a profit of 60 while firm B has a loss of 15. If firm A charges the regular price while firm B charges a sales price, firm B earns a profit of 60 while firm A has a loss of 15. (a) Use the information to construct a payoff matrix for firms A and B. (b) Does firm A have a dominant strategy? (c) Does firm B have a dominant strategy? (d) What is the Nash Equilibrium for this game? Explain your answers.
- The following table presents the valuations that 5 different consumers have for 2 different products. The production costs are $10 per unit of good A and $10 per unit of good B. The firm producing them can choose to price them independently or using a bundling strategy. What is the profit the firm will realize, if it prices optimally? VALUATIONS Product A Product B Consumer 1 5 95 Consumer 2 10 90 Consumer 3 50 50 Consumer 4 80 20 Consumer 5 95 5 ANSWER SHOULD BE 410. I will like if it is right! showing my support. Thank you.2. "The competition commission investigated the high data prices in South Africa in 2017. The report, which was presented two years later, found that the data services market is "highly concentrated" with a duopoly of the leading cell phone operators - MTN and Vodacom".Based on the paragraph given above, which of the statements is CORRECT?A. Highly concentrated market benefits consumers as they have many, many choices available to them.B. Highly concentrated market restricts consumer welfareC. Highly concentrated market is an excellent reason for government to reduce regulationD. Highly concentrated market increases consumer welfare1. The two largest cigarette producers are Phillip Morris and R. J. Reynolds. Both are considering whether to increase their price for a pack of cigarettes or keep the price unchanged. The relevant factors to consider are: 1) demand for cigarettes is inelastic, so if both firms raise prices they will increase their revenue, and 2) if one raises price and the other doesn't, they will lose market share to their rival R. J. Reynolds Increase No change Increase R: 500 million R: 400 million P: 600 million P: 300 million Phillip Morris No change R: 200 million R: 300 million P: 500 million P: 400 million Does either cigarette maker have a dominant strategy? Why or why not? Use the above matrix to answer, and assume the two companies do not cooperate For purposes of the problem, ignore the existence of other cigarette makers. 2. Does the answer to #1 change if the two firms can cooperate? 3. How would your answer to #1 change if the outcome matrix changed to the following: R. J. Reynolds…
- Ilia is driving home from work. She needs to buy gas and notices an Exxon-Mobil station on one side of the street and a Shell station on the other side of the street. Although run by different companies, the two stations sell gasoline at the same price. a. The most likely reason that the price is the same is that _gas stations always make a profit, so they can charge any price they want. _drivers need gas and are willing to pay whatever price a gas station charges. _government regulation requires both gas stations to charge the same price. _consumers view gasoline from different gas stations as perfect substitutes. b. If one station increases its price, _it will be fined by the government. _it will sell more gasoline. _it will make a higher profit. _it will lose customers to the cheaper station across the street.2) ABC Corp. is selling a children's alphabet book and an iPad app. Suppose the reservation prices for four consumers are given by the table below: Desmond Cost Betsy 12 Carolyn 7 Aaron 4 3 Вook 11 5 App 2. 9. 10 a) If ABC prices them separately, what prices should it charge, and how much profit does it make? b) If the Corp. prices the products as a bundle, and only offers the bundle, what price should it charge and how much profit does it make? c) If ABC Corp. offers the book or app separately but also offers a bundle, what prices should it charge, and how much profit does it make?2) ABC Corp. is selling a children's alphabet book and an iPad app. Suppose the reservation prices for four consumers are given by the table below: Aaron Cost Betsy Carolyn Desmond Book 11 12 7 4 3 App 5 2 9 10 1 a) If ABC prices them separately, what prices should it charge, and how much profit does it make? b) If the Corp. prices the products as a bundle, and only offers the bundle, what price should it charge and how much profit does it make? c) If ABC Corp. offers the book or app separately but also offers a bundle, what prices should it charge, and how much profit does it make?
- Suppose that Nathan Juarez is the only seller of kumquats in a small town. The following graph shows the demand and marginal revenue (MR) curves facing Nathan. You can use the red rectangle labelled Total Revenue (cross symbols) to compute total revenue at various prices along the demand curve. To see the area of the Total Revenue rectangle, scroll over the shaded area with your mouse. You will not be scored on where you place the rectangle. Show Transcribed Text 80 72 64 56 48 40 32 24 PRICE (Dollars per basket) 16 10 8 9 0 8 7 TOTAL REVENUE (Thousands of dollars per year] 6 On the following graph, use the green points (triangle symbol) to plot annual total revenue at prices of $7, $6, $5, $4, $3, $2, and $1 per basket of kumquats. Be sure to use all of the points provided. Line segments will automatically connect the points. 5 Then, consider the quantity of kumquats at which Nathan Juarez's marginal revenue exactly equals zero. Place a grey point (star symbol) on the total revenue…Question # 5 A) Suppose in a market of confectioneries, there are only four suppliers; Delizia, Sachas, La Farine and Pie in the Sky. Using the data in give Table and answer the following the questions using completely labeled graph for each part. Price Delizia Qs Sachas Qs La Farine Qs Pie in the Sky Qs 10 50 100 300 650 20 100 200 600 1,300 30 150 300 900 1,950 40 200 400 1,200 2,600 50 250 500 1,500 3,250 Derive the market supply at given price levels. Also, illustrate it graphically and label it. Suppose the technology improvement has increased the output in the confectionery market by 100 units by every firm at each price level. Identify the change in the supply and also, illustrate it graphically and label it. B) Given the following individual demand and supply schedules for pen and answer the following the questions using completely labeled graph for each part. Price Demand by Ali Demand by…Scenario Between recalls on mass-produced commercial dog food and a general understanding of the benefits of a healthier diet for pets, the demand for natural or organic dog food is experiencing a significant increase. Wanda's treats are more expensive than the mass-produced treats found in most grocery and big box stores, but she prides herself on providing high-quality products and believes that her customers are willing to pay the extra money for quality. 1. How does Wanda's strategy of being a high-quality provider take advantage of the shifts in consumer demand for healthy dog treats? 2. Identify and describe an event that might occur in the economy that would cause Wanda's strategy to no longer be successful for Salty Pawz. If this event occurred, What actions would Wanda have to take in response, and what impact might they have on her business?
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