At a price $12 per unit, Gadgets incorporated is willing to supply 24,000 gadgets, while United Gadgets is willing to supply 16,000 gadgets. If the price were to rise to $15 per unit, their respective quantities supplied would rise to 27,000 and 21,000. If these are the only two firms supplying gadgets, what is the elasticity of supply in the market for gadgets?

Q: There are two movie theaters in the town of Harkinsville: Modern Multiplex (Firm 1) and Galaxy (Firm…

A: GIVEN      Q1 =125 -  3.5P1 + 2P2 and Q2 =125 - 3.5P2 + 2P1

Q: Joe Smiley buys his mobile phone services from Sprint, the sole provider in his state of Wyoming.…

A: "Since you have asked multiple questions ,we will solve first question for you.If want any specific…

Q: Suppose the typical Buffalo Bills fan has the following demand curve for Bills football games: P=…

A: We have the demand curve for Bills football games:P = 120 - 10GWhere G is the number of games the…

Q: Jabari's HookNLadder is the only company selling fire engines in the fictional country of…

A: The person is only selling fire engines. The first four engines were manufactured at a lower cost…

Q: Suppose there are only two gas stations in the remote town of Nome, Alaska and they are competitors.…

A: The graph for the demand of gasoline is given as-There are two gas stations in the remote town of…

Q: Suppose Ford currently sells 250,000 Ford Mustangs annually. The unit cost of a Mustang, including…

A: The price elasticity of demand (PED) refers to how responsive the quantity demanded of a commodity…

Q: Suppose that both American and United charge a price of $300 each for a round-trip ticket between…

A: When only two firms are competing in the market, the market/competition is said to be a duopoly, a…

Q: What is a two-part tariff? Why do firms sometimes use them? What is an example of a firm that uses a…

A: A two-part tariff (TPT) is a method of valuing where the price of a good or service is divided into…

Q: a. What conditions must hold true for a firm to price discriminate? b. How and why might barber…

A: In a perfectly competitive market, sellers are price takers. All the sellers charge the same price…

Q: Francine is a a dental floss tycoon living in Montana.  She faces the following demand curve for her…

A: Price elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…

Q: sville: Modern Multiplex (Firm 1) and Galaxy (Firm 2). The demands for each firm are: Q1 = 125 –…

A: In Bertrand duopoly competition, firms choose price simultaneously by taking into account the price…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: When price = 125,000Quantity = 3When price = 75,000quantity = 4Revenue Lost = Change in Price x…

Q: 16. You are the CEO of Comchip. Each of the firm's computers contain a unique chip that is produced…

A: Total cost is the total expenses incurred by a firm while producing goods or services. It is the…

Q: [Suppose] A Cmpany is the sole provider of electricity in the various districts of Dubai. To meet…

A: Given P = 1,200 − 4Q, C1(Q1) = 8,000 + 6Q1 C2(Q2) = 6,000 + 3Q2 + 5Q22

Q: The managers of Movies Plus, a large movie theater, want to practice third-degree price…

A: A movie theater practices third-degree price discrimination. It has two groups of customers, i.e.,…

Q: Suppose there exists a costless way to charge drivers on the freeway. Under this costless system,…

A: A method that is useful to avoid to avoid freeway congestion and equate the demand and supply for…

Q: BigSwaba Corp produces virus home test kits which it sells in the market. It pays a marketing…

A: Given demand function P=48+m^0.5-0.5q TC=200+0.5q^2+m

Q: Price $20 $14 s10 S7 $5 Quantity 1 2 3 4 5 a. If Holy Cross is a profit maximizer and it can only…

A: Price Quantity TR MR $20 1 20 20 $14 2 28 8 $10 3 30 2 $7 4 28 -2 $5 5 25 -3 A) The…

Q: Mylan continues to charge $150 per EpiPen, Mylan will earn economic profit. rue or False: Given the…

A: The difference between the accounting cost and the opportunity cost is termed as the economic…

Q: The widget market is competitive and includes no transaction costs. Five suppliers are willing to…

A: Step 1:

Q: for smart phones.   Points P Q A 6060 3,0003,000 B 7070 2,8002,800 C 8080 2,6002,600 D 9090…

A: Elasticity of demand depicts how much consumer responds with the change in the price level.

Q: 6. A record company estimates the industry demand for "hard alternative rock" albums to be: QD =…

A: Demand in the market shows the willingness of the consumers to purchase the goods and services in…

Q: Suppose] A Cmpany is the sole provider of electricity in the various districts of Dubai. To meet the…

A: 1.P=1200-4Q Q=Q1+Q2 P=1200-4(Q1+Q2) For firm1: Total Revenue:PQ1  TR1=1200Q1-4Q1^2-4Q1Q2…

Q: MelCo’s Xamoff The global pharmaceuticals giant, MelCo, has had great success with Xamoff, and…

A: MelCo: Q1 = 25 million P1 = $10 per pack Q2 = 22 million P2 = $11 per pack Cost of production = $2…

Q: You are managing a firm with market power, and you think the price elasticity of demand for your…

A: To find the price from marginal cost and price elasticity of demand, the formula is as follows,…

Q: The linear demand curve for Pete's butternut squash and pecan pastry is Quantity = 205.5 12.78 x…

A: It refers to the overall income a firm generates from selling its services and items. It indicates a…

Q: 3. Consider the Smith family who have the following demand for rental housing (q, measured in square…

A: DISCLAIMER  “Since you have asked multiple questions, we will answer the first three questions. If…

Q: In the following table, complete the third column by determining the quantity sold in each country…

A: Demand measures the willingness and the ability of the individual to pay for the commodity. The…