Quantity12IN3col7910Totalutilityfromtoffee80140180210230240246249252253Total utilityfrom hotchocolate4075106116121123124123120115Khanh has $50 a month to spend. The price of hot chocolate is $10, and the price of toffeeis $5. According to this her optimal consumption bundle will haveunits of hot chocolate[TR]

khanh should consume such bundle of toffee and chocolate at which the ratio of marginal utilities…

Answered: from Quantity toffee 80 140 180 210 230…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You sell wristwatches. Your marginal cost and average cost for watches is $30. The demand curve for your watches among adults over age 50 is Q = 91,453-100P. The demand curve for your watches among adults under age 50 is Q- 31,437-100P. Round to two decimal places for all calculations below. a. Calculate the profit maximizing price and quantity for each group. What is the price elasticity of demand for adults over 50? Under 50? Explain which is your low-valuation group, and whether these results make sense. b. Contrast the profit earned in part (a) with the profit you would have earned if you had not been able to price discriminate. Was the price discrimination plan worthwhile? Explain. c. What is the optimal markup price for watches in both segments? Explain the calculation for optimal markup, and what it means.
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