Hiro, Francesca, and Luis are the only three buyers of gold in a small mining town. Their inverse demand functions for gold are as follows:Hiro: p = 20 - QuFrancesca: p = 10-Luis: p= 5-0QQF. and Q are the quantities (in ounces) demanded by Hiro, Francesca, and Luis, respectively.L9th attemptBecause Hiro, Francesca, and Luis always go shopping for gold together, the seller must sell at the same price all of them. Supposethe seller is selling 13.00 ounces of gold. Then the marginal revenue equals $13.5 Give your answer to two decimals.

The market consists of three consumers who buy gold. The market demand is aggregate demand which is…

Hiro, Francesca, and Luis are the only three buyers of gold in a small mining town. Their inverse demand functions for gold are as follows: Hiro: p= 20-QH = 10-2 Francesca: p= Luis: p= 5-º QuQF. and Q are the quantities (in ounces) demanded by Hiro, Francesca, and Luis, respectively. 9th attempt Because Hiro, Francesca, and Luis always go shopping for gold together, the seller must sell at the same price all of them. Suppose the seller is selling 13.00 ounces of gold. Then the marginal revenue equals $15 Give your answer to two decimals.

Hiro, Francesca, and Luis are the only three buyers of gold in a small mining town. Their inverse demand functions for gold are as follows: Hiro: p= 20-QH = 10-2 Francesca: p= Luis: p= 5-º QuQF. and Q are the quantities (in ounces) demanded by Hiro, Francesca, and Luis, respectively. 9th attempt Because Hiro, Francesca, and Luis always go shopping for gold together, the seller must sell at the same price all of them. Suppose the seller is selling 13.00 ounces of gold. Then the marginal revenue equals $15 Give your answer to two decimals.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter4: Utility Maximization And Choice

Section: Chapter Questions

Problem 4.2P

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