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- The global pandemic 2020 has promoted a race to capture the market for introducing effective vaccine and treatments. If PFIZER is the sole vaccine provider given the following information, answer the questions below: Output Price/Unit Total Cost 1 5500 1000 2 5000 1200 3 4500 1500 4 4000 2500 5 3500 4000 6 3000 5700 7 2500 7500 8 2000 9400 9 1500 11400 10 1000 13500 Given the tabular information above find the profit-maximizing output and price also illustrate the same using the two-dimensional labeled diagram. Show the calculation as well.A local defense contractor is considering the production of fireworks as a way to reduce dependence on the military. The variable cost per unit is $40D. The fixed cost that can be allocated to the production of fireworks is negligible. The price changed per unit will be determined by the equation p=$180-(5)D, where D represents demand in units sold per week. a.What is the optimum number of units the defense contractor should produce in order to maximize profit per week? b.What is the profit if the optimum number of units are produced?Consider two pizza places in NYC, Bella Napoli and SuperPizza. The current pandemic and the City's policy response halved the local demand for pizza and raised cost of production. Currently, the daily total cost at Bella Napoli is TC =q² + 12q + 100 and the recurring FC is entirely sunk in the short run. At SuperPizza, the daily total cost is TC = q? + 4q + 100 and $64 of the recurring FC is sunk in the short run. On weekends, the price of pizza is $20 per pie. On weekdays, it's $15. Should Bella Napoli and/or SuperPizza stay open on weekdays or shuold they stay open on weekends only?
- A country is the only production site in the world for "hyperhoney infinite pasta", a wonderful product produced using a delicate, highly perishable extract obtainable from some trees that grow only in this country. Beyond a very small size, there are no internal or external scale economies at present. Furthermore, there is no domestic demand for this product in the country, so all production will be exported. The country’s government has the choice of forming the pasta-producing industry either as a monopoly or as a large number of small pasta producers that will act as perfect competitors. What is your advice to the country’s government about which market structure to choose for the pasta industry? Why?The break-even price is equal to the minimum average cost of production. True FalseIs this statement true or false? And why? Manufacturing highly standardised products are usually more profitable in high context cultures due to economies of scale.
- Teascent is selling candles in Pleasantville. The incremental costs of wax, wick, and other materials for a candle are $0.80. The daily price- response function in Pleasantville is d(p) = 11000 - 980p. Teascent practices price differentiation and sells its candles for $5 to price-sensitive customers with coupons, and for $7 to quality- seekers. A: Find Teascent's daily total contribution based on the two-price policy. B: Find the total customer surplus based on the two-price policy.What happens to the ratio of incremental sales revenue to incremental marketing effort when thesales response function is an upward-slopingstraight line?Q (F) Suppose the inverse demand curve on ore is given by P = X - 0.67 Q. Ore can be either mined or obtained through a recycling program. The marginal cost of mining is MC1 = 6 q1. The marginal cost of obtaining ore through recycling is MC2 = 96 + 2 q2. What should be a maximum value of X so that recycling is NOT cost-effective?
- Which agricultural enterprise is relatively more efficient? Interpret all three derived economic parameters (breakeven yield, cost to produce a kilogram, and net profit) and discuss.Despondent over the Red Sox's terrible season, Prof. Gruber decides to quit his day job and start a bicycle manufacturing firm in Kendall Square. As he starts looking into the bicycle manufacturing industry, he realizes it has some interesting features. First, he realizes that it operates as a competitive industry. Second, he finds that there are two technologies used by firms in the industry. Technology 1 uses solar power, and has a cost function C1(q)=q+4Q2+32 for q>0. Technology 2 uses electricity from the grid and is more efficient, with a cost function C2(q)=q+2Q2+32 for q>0. Assume that we are in the long run, so firms using both technologies can shut and leave the market at 0 cost, so that C(0)=0 for both technologies. Now, suppose that the government of Massachusetts offers solar subsidies to 10 bicycle manufacturers. These subsidies are for $80 and the manufacturers receive these subsidies as long as they construct a bicycle manufacturing plant using the newly-invented…AC and AVC can intersect each other. True/False
