There are two types of goat milk consumers in the market: Elves and Hobbits. Elves' inverse demand function is pE(g) = 10 – 8qE , andHobbits' inverse demand function is pH(p) = 12 – 7qH . Suppose the market has only one goat milk producer, Dolf, whose cost functionis C(q) = 4q. Dolf can easily tell the difference between Elves and Hobbits, and he can charge different prices for Elves and Hobbitsrespectively. What will Dolf's total profits be? Round your answer to 2 decimal points.Answer:191The correct answer is: 3.41

The quantity demanded of the good is defined as the amount of the good consumers are willing and…

There are two types of goat milk consumers in the market: Elves and Hobbits. Elves' inverse demand function is pe(g) = 10 – 8gE , and Hobbits' inverse demand function is pH(p) = 12 – 7gH - Suppose the market has only one goat milk producer, Dolf, whose cost function is C(q) = 4g. Dolf can easily tell the difference between Elves and Hobbits, and he can charge different prices for Elves and Hobbits respectively. What will Dolf's total profits be? Round your answer to 2 decimal points. Answer: 191 The correct answer is: 3.41

There are two types of goat milk consumers in the market: Elves and Hobbits. Elves' inverse demand function is pe(g) = 10 – 8gE , and Hobbits' inverse demand function is pH(p) = 12 – 7gH - Suppose the market has only one goat milk producer, Dolf, whose cost function is C(q) = 4g. Dolf can easily tell the difference between Elves and Hobbits, and he can charge different prices for Elves and Hobbits respectively. What will Dolf's total profits be? Round your answer to 2 decimal points. Answer: 191 The correct answer is: 3.41

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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