Q12 Competition between firms results in:Oa. Lower prices.Ob. Greater output.OC. Less deadweight lossOa and bOa, b, and c

Competition between firms generally occurs when the market consisted of multiple firms, The…

Answered: Competition between firms results in:…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A merchant who sells newspapers and magazines at the corner kiosk heard you manage the Times’ inventory and asks for your advice. She has a small, variable number of customers who daily purchase the Chicago Sun Times. In order to get the newspapers in time, she has to place an order for the next day’s newspapers before noon. She pays $0.50 for each newspaper and sells them for $1.50 each. She has kept detailed records of her past sales of the Chicago Sun Times and estimates that 10% of the time she sells 10 newspapers, 40% of the time she sells 11, 30% of the time she sells 12, and 20% of the time she sells 13. (a) What is the merchant’s marginal profit and marginal loss? (b) Determine how many Chicago Sun Times newspapers she should buy every day to maximize expected profits. (c) Calculate the merchant’s expected profits for the optimal order quantity. (d) The merchant has always purchased 13 newspapers, thinking that the best way to maximize profits was to always meet the demand.…
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10.61 The per-store daily customer count (i.e., the mean number of customers in a store in one day) for a nationwide convenience store chain that operates nearly 10,000 stores has been steady, at 900, for some time. To increase the customer count, the chain is considering cutting prices for coffee beverages. The question to be determined is how much to cut prices to increase the daily customer count without reducing the gross margin on coffee sales too much. You decide to carry out an experiment in a sample of 24 stores where customer counts have been running almost exactly at the national average of 900. In 6 of the stores, the price of a small coffee will now be $0.59, in 6 stores the price of a small coffee will now be $0.69, in 6 stores, the price of a small coffee will now be $0.79, and in 6 stores, the price of a small coffee will now be $0.89. After four weeks of selling the coffee at the new price, the daily customer count in the stores was recorded and stored in . At the 0.05…
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Head and spine injury, along with the long-term effects of concussion of football players, is a very controversial health issue. As a result, the news has been covering this health issue, with many headlines involving famous NFL players. It has been assumed that this has made most Americans that follow football more aware of the risks involved in playing the game. However, we have not seen a decline in the number of young boys, ages 8-10, that are joining football leagues. For this age group to take part in playing football, these young boys need to have the permission of a parent or guardian to play, which demonstrates the adults support to their participation. Given the risks to these young boy’s health, we wonder why would parents allow or even encourage their children to play football? Using what you know about qualitative research, briefly explain (one page): How would you design a qualitative research study, with the goal of gaining an understanding of why parents allow their…
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Competition between firms results in: Oa. Lower prices. Ob. Greater output. OC. Less deadweight loss O a and b Oa, b, and c