11. Suppose Jacob and Julius are the only 2 consumers in a market. Jacob's demand curve for TVs is given by Q 1348 - 4P, while Julius's demand curve is given by P + 2Q 206 as shown in the diagram below. When the market quantity demanded is 600, what is the market price? 337 206 Jacob Julius 103 1348 A. R312.34 B. R189.11 C. R56.00 D. R206.22 E. R807.00
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- The diagram below shows a demand line (green) and revenue curve (red) for a certain good. The horizontal axis is price in £. For the demand line, the vertical axis gives the number of units sold. For the revenue curve, the units of the vertical axis are £. Explain briefly how you can tell just by looking at the graphs that I must have gone wrong plotting the revenue curve, find the equation of the green line, the demand ? in terms of price, the correct equation of the revenue curve and the maximum revenue.Now, suppose that Barefeet can practice perfect price discrimination that is, it knows each consumer's willingness to pay for each pair of Ooh boots and is able to charge each consumer that amount. On the following graph, use the black point (plus symbol) to indicate the profit-maximizing quantity sold and the lowest price at which the firm sells its boots. Next, use the purple points (diamond symbol) to shade the profit, the green points (triangle symbol) to shade the consumer surplus, and the black points (plus symbol) to shade the deadweight loss in this market with perfect price discrimination. (Note: If you decide that consumer surplus, profit, or deadweight loss equals zero, indicate this by leaving that element in its original position on the palette.) PRICE (Dollars per pair of Och boots) 100 90 80 70 60 50 40 30 20 10 0 0 20 MC = ATC Demand 40 60 80 100 120 140 160 180 200 QUANTITY (Pairs of Ooh boots) Monopoly Outcome Profit A Consumer Surplus Deadweight Loss Consider the…8. Andrew and Vladimir are neighbours who enjoy consuming caviar. The demand curve for caviar for Andrew and Vlad are given as follows: Andrew: Vladimir: p = 40-q. p = 80 - 4q. If Andrew and Vladimir are the only two consumers of caviar the market demand curve is kink at the price equals to: a. p = 40 b. p = 20 c. p = 10 d. p = 25
- 1) Alex spends all his income on blueberries and strawberries. His Marginal Utility of blueberries is MUB=100-B. His total utility of strawberries is Us=900+150S-S². Find Alex's income if the price of blueberries is PB=$8/kg, the price of strawberries is Ps=$10/kg, and Alex consumes 30kg of blueberries. 2) A profit-maximizing monopoly faces a demand curve D(P)=1000-P, has variable costs VC(Q)=Q², and fixed costs equal to $30,000. Find this monopoly's profit.ACME Thingamjigs ltd. produces two types of thingamajigs, Type 1 and Type 2. The demand for equations for these Thingamajigs are = 91 120 1.5p₁ + P₂ and 92 = 100+2p13p2 where p₁ and på are the prices that ACME sets for Type 1 and Type 2 Thingamajigs, respectively, and ₁ and 2 are the corresponding weekly demands for these goods. ACME's weekly production cost is given by c = 40q₁ +30q2 +2000. The prices that ACME should set to maximize their weekly profit are pi [Select] and p [Select] and their maximum = weekly profit is * [ Select] =Q.3 being sold and consumed. The demand and supply equations for each type are: Suppose there are three types of Apples A, B and C D = 20 – 2P, +4P, + Pc D = 10+ 3P, – 5P, + 2P. S = 3P, - 7 De = 70+ 4P, + 2P, – 5P. Se = 5P. – 16 • Determine equilibrium prices and quantities using S, = 4P,-5 %3D Cramer's rule. • Calculate the elasticity of demand for B with respect to prices of variety A, B and C and interpret the economic meaning of the results.
- mbam subjects/4/1essons/3/quizzes/1626 Assume that the demand curve D(p) given below is the market demand for widgets: Q = D(p) = 1737 – 16p, p > 0 %3D Let the market supply of widgets be given by: S(p) = 5 + 10p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. Q: What is the equilibrium price? Please round your answer to the nearest hundredth. What is the equilibrium quantity? Please round your answer to the nearest integer. Q: What is the consumer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer.There are two restaurants next to each other. Restaurant 1 (R1) sells burritos and Restaurant 2 (R2) sells burgers. Both restaurants have to simultaneously set their prices which can be any non-negative 1 real number. Denote by p1 the price of a burrito set by R1 and by p2 the price of a burger set by R2. Since consumers have a choice of which restaurant to go to and are price conscious, the price of each restaurant, besides impacting the demand for its own product, effects the demand for the product of the other restaurant as well. Specifically, the demand functions for the burritos sold by R1 and burgers sold by R2, denoted q1 and q2, respectively, are given by: q1 = 44 − 2p1 + p2 q2 = 44 − 2p2 + p1 (For simplicity, we are assuming here that demand is perfectly divisible). Finally, the cost of producing each unit of burger and burrito is the same and equal to 8. Model this strategic environment as a normal form game and find a pure strategy Nash equilibrium. Is the equilibrium you…tion 14 Suppose you own two Domino's Pizza franchises in your town. After reading the latest issue of Pizza Monthly, you have concluded that both of your locations are generating below average revenue. You hire a ocal economics professor to conduct a pricing experiment. Here is her report: ocation 1: A 10% increase in price resulted in a 5% drop in the quantity demanded. ocation 2: A 10% increase in the price resulted in a 20% drop in the quantity demanded. sing this information, how should you alter your pricing policy to increase your revenue at each location? ( the toolbar, press ALT+F10 (PC) or ALT-FN-F10 (Mac
- Fall 2023/24) Adrienne and Stephen consume pizza, Z, and cola, C. Adrienne's utility function is and Stephen's is Us = (23) 05 (₂) 05 Their endowments are ZA-10, CA = 60, Zg=10, and C=140. What are the competitive equilibrium prices, where one price is normalized to equal one? is S $$ (Enter) UA =ZA CA Determine p, the competitive price of Z, where the price of C is normalized to equal one. Enter your response rounded to two decimal places) The competitive price, p.Consider the market for CD players, illustrated in the figure to the right. Suppose there are network externalities in this market such that the quantity of a good demanded grows in response to the growth of purchases by other individuals (as indicated by the demand curve "Demand" in the figure). Suppose that the price is initially $90 where the quantity demanded is 120 (thousand CD players per month). If the price of CD players falls to $50, demand will increase to 180 thousand CD players per month. (Enter your response using an integer.) Of this increase, price effect and thousand units of the 60 thousand-unit increase is the pure thousand units of the increase is the bandwagon effect. C Price 200- 180- 160- 140- 120+ 100- 80- 60- 40- 20- 0+ 0 Doo Demand 20 P150 D60 P120 180 40 60 80 100 120 140 160 180 200 220 CD Players (thousands per month)3 00:48:16 Graphically, the market demand curve is: Multiple Choice steeper than any individual demand curve which comprises it. the horizontal sum of individual demand curves. greater than the sum of the individual demand curves. the vertical sum of individual demand curves