Suppose that Jacques, Julia, Cat, and Guy are potential suppliers of catering services for weddings. Each can cater at most one wedding. Jacques' cost of catering a wedding is $50,000; Julia's cost is $40,000; Cat's cost is $30,000; and Guy's cost is $20,000. If two wedding's are catered, who will be the marginal producer? Cat Guy Jacques Julia

Suppose that Jacques, Julia, Cat, and Guy are potential suppliers of catering services for weddings. Each can cater at most one wedding. Jacques' cost of catering a wedding is $50,000; Julia's cost is $40,000; Cat's cost is $30,000; and Guy's cost is $20,000. If two wedding's are catered, who will be the marginal producer? Cat Guy Jacques Julia

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the photo at exercise 14 to solve the problem below With the Firm Y response function Qy=600-1/2Qx and the Firm XX response function Qx=600-1/2Qy Imagine that firm X chooses their quantity first, then firm Y observes the quantity of firm X and chooses their own quantity. What quantities will they end up choosing? Is there a first or second-mover advantage here? [You may assume that firm X can only choose quantities that are multiples of 200. This prevents you from having to deal with prices that are not on the schedule. just a little thinking about how equilibrium works in a sequential-move game. Oh, and just give me the quantity for each firm, don't worry about giving me a complete strategy for firm Y.]
6,7
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Alec and Ellie are the only detectives in the town of Broadchurch. Assume efficient production. Each has 10 hours in a day to allocate between conducting interviews and completing paperwork. They work independently and have to decide whether they will trade paperwork files for interviews. Alec takes 33 hours to complete one interview or 38 hours to complete one file of paperwork. Ellie takes 6 hours to complete one interview or 20 hours to complete one file of paperwork. Consider the price of 1 interview in terms of paperwork files. What is the LOWEST price at which a trade between Alec and Ellie takes place? Enter a number only.
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Suppose Erin gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Erin is her time. As she gives more haircuts, Erin must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives up reading the paper and sleeping an extra half-hour. Erin's clients are a varied group willing to pay between $16.00 and $28.00 for a haircut. Assume that Erin cannot price discriminate, i.e., charge different clients different prices. If Erin charges $28.00 per haircut, she will have one client per week; if she charges $24.00, she will have two; if she charges $20.00, three, and so forth. The following table contains data on the revenues and costs of Erin's haircut business as a function of her price-quantity choice.…
Suppose that the inverse market demand for pumpkins is given by P = $10 - 0.05Q. Pumpkins can be grown by anybody at a marginal cost of $1.