Price MC ATC 100 90 80 70 60 50 D 40 30 20 10 MR 3 9 10 Quantity (in 000s) Answer the parts and reference the above diagram. 1. Refer to the above diagram. The profit- maximizing quantity is: Group of answer choices А. 4 В. 5 С. 6 D.Can not be determined 2. Refer to the above diagram. The profit- maximizing price: Group of answer choices А. 60 В. 70 С. 80 D. 90 3. Refer to the above diagram. At the profit- maximizing output and price, what would be the total profit? Group of answer choices A. loss of 40 B. loss of 30 C. loss of 10 D. profit of 30

Price MC ATC 100 90 80 70 60 50 D 40 30 20 10 MR 3 9 10 Quantity (in 000s) Answer the parts and reference the above diagram. 1. Refer to the above diagram. The profit- maximizing quantity is: Group of answer choices А. 4 В. 5 С. 6 D.Can not be determined 2. Refer to the above diagram. The profit- maximizing price: Group of answer choices А. 60 В. 70 С. 80 D. 90 3. Refer to the above diagram. At the profit- maximizing output and price, what would be the total profit? Group of answer choices A. loss of 40 B. loss of 30 C. loss of 10 D. profit of 30

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Jorge is considering what to give his wife for their wedding anniversary. He is choosing between flowers, dinner at a restaurant, a weekend at a resort hotel, skydiving togethe or a visit to her favorite museum. Based on Jorge's consideration of these options for a gift, Jorge considers them to be: O substitute products. the same product. O complements. potential new entrants. The highest price that a customer is willing and able to pay for a product is the customer's perfect price. trigger price market equilibrium price. reservation price
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Does better pricing of the product help to increase purchase intention of product. plz explain in detail
8. Substitutes, complements, or unrelated? You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: penguin patties, raskels, and kipples. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of penguin patties decreases by 1%, the quantity of raskels sold decreases by 18% and the quantity of kipples sold increases by 3%. Your job is to use the cross-price elasticity between penguin patties and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following…
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Price Elasticity for Beef is GIVEN THIS ELASTICITY MATRIX Beef Demand Reponse % Pork ооооо Chicken Select one: O a. 063 O b. -852 Beef -0.852 0.109 0.183 Oc. -.955 d. 103 e. None of the above (1% change in price) Pork 0.063 -0.955 0.103 Chicken 0.0345 0.031 -0.564 Income 0.506 0.132 0.149