Question 19 relies on the following information: Vendors L and R sell a homogenous output at prices P, and PR. Vendor L is permanently located at Location 1, Vendor R is permanently located at Location 3. Customers are spread across locations as shown below. Customers buy from whichever vendor offers a better, non-negative value, where a customer's value is given by the function V = 10 – P-4t, where V, is the value to customer i, P, is the price they paid for the item, and t is how far they traveled to obtain it. If a customer receives equal value from L and R, that customer is split evenly. What price will Vendor L charge in equilibrium? Location 2 Location 1 (Home of Vendor L) 14 Location 3 (Home of Vendor R)

Question 19 relies on the following information: Vendors L and R sell a homogenous output at prices P, and PR. Vendor L is permanently located at Location 1, Vendor R is permanently located at Location 3. Customers are spread across locations as shown below. Customers buy from whichever vendor offers a better, non-negative value, where a customer's value is given by the function V = 10 – P-4t, where V, is the value to customer i, P, is the price they paid for the item, and t is how far they traveled to obtain it. If a customer receives equal value from L and R, that customer is split evenly. What price will Vendor L charge in equilibrium? Location 2 Location 1 (Home of Vendor L) 14 Location 3 (Home of Vendor R)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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