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A standard deck of cards fifty-two cards has thirteen ranks R = {A, 2,3, 4, 5, 6, 7,8, 9, T, J, Q, K} and four suits S {♡, 0, 4, 4}. In MAT 133, we play cards with an extended deck. We have an additional suit of cards: the smile suit ©; and an additional rank: the Professor. For example, the “professor of smiles" card is P©. In terms of ranking, the professor outranks the king. %3D

A standard deck of cards fifty-two cards has thirteen ranks R = {A, 2,3, 4, 5, 6, 7,8, 9, T, J, Q, K} and four suits S {♡, 0, 4, 4}. In MAT 133, we play cards with an extended deck. We have an additional suit of cards: the smile suit ©; and an additional rank: the Professor. For example, the “professor of smiles" card is P©. In terms of ranking, the professor outranks the king. %3D

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Hello, please solve and explain the reasoning, thank you!!

A standard deck of cards fifty-two cards has thirteen ranks R = {A,2,3, 4, 5, 6, 7, 8, 9, T, J, Q, K} and four suits S = {♡, 0, smile suit ©; and an additional rank: the Professor. For example, the "professor of smiles" card is PO. In terms of ranking, the professor outranks the king. }. In MAT 133, we play cards with an extended deck. We have an additional suit of cards: the
Transcribed Image Text:A standard deck of cards fifty-two cards has thirteen ranks R = {A,2,3, 4, 5, 6, 7, 8, 9, T, J, Q, K} and four suits S = {♡, 0, smile suit ©; and an additional rank: the Professor. For example, the "professor of smiles" card is PO. In terms of ranking, the professor outranks the king. }. In MAT 133, we play cards with an extended deck. We have an additional suit of cards: the
A firm is originally operating as a single-price monopolist that faces a market demand curve Р (О) 198 - Q and total cost curve equal to TC (q) = 10, 500 + 32Q, with constant MC equal to MC(Q) = 32 for all units produced. Part (a): How much output does the firm produce and at what price is each unit sold for? Part (b): Calculate the firm's profit. The firm now realizes there are actually two distinct groups of consumers that purchase their product, with the following demand functions: P (q1) = 242 1 1 P (q2) = 176 – 292 Their total and marginal cost curves have not changed. If the firm wanted to successfully practice third-degree price discrimination: Part (c): How many units of output would they sell to group 1 and how much will each consumer in group 1 pay? Part (d): How many units of output would they sell to group 2 and how much will each consumer in group 2 pay? Part (e): How much profit is earned by the firm when they practice third-degree price discrimination? Part (f): How much did profits rise by when the firm switched to using price discrimination?
Transcribed Image Text:A firm is originally operating as a single-price monopolist that faces a market demand curve Р (О) 198 - Q and total cost curve equal to TC (q) = 10, 500 + 32Q, with constant MC equal to MC(Q) = 32 for all units produced. Part (a): How much output does the firm produce and at what price is each unit sold for? Part (b): Calculate the firm's profit. The firm now realizes there are actually two distinct groups of consumers that purchase their product, with the following demand functions: P (q1) = 242 1 1 P (q2) = 176 – 292 Their total and marginal cost curves have not changed. If the firm wanted to successfully practice third-degree price discrimination: Part (c): How many units of output would they sell to group 1 and how much will each consumer in group 1 pay? Part (d): How many units of output would they sell to group 2 and how much will each consumer in group 2 pay? Part (e): How much profit is earned by the firm when they practice third-degree price discrimination? Part (f): How much did profits rise by when the firm switched to using price discrimination?
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