Please expalin 15 and 16 point Use the following information to answer questions 15 - 17. Assume there are twopersons who choose at most one unit of good X and Y with reservation prices for X andY given in the table below. Also assume that MC = AC = 2 for good X and MC = AC =1 for good Y.Person APerson BX53Y2a15. The profit maximizing price for good X isа) 3b) 2c) 5d) ae) cannot be determined without knowing the value for a16. The profit maximizing price for good Y isа) 1b) 2с) 3d) ae) cannot be determined without knowing the value for a17. A bundle containing one unit of X and one unit of Y is sold to both persons when a isgreater thanа) 2b) 4c) 0d) 3e) 5

Profit is maximized at the quantity of output where marginal revenue equals marginal cost. Marginal…

Use the following information to answer questions 15 - 17. Assume there are two persons who choose at most one unit of good X and Y with reservation prices for X and Y given in the table below. Also assume that MC = AC = 2 for good X and MC = AC = 1 for good Y. Person A Person B 5 3 Y 2 a 15. The profit maximizing price for good X is а) 3 b) 2 c) 5 d) a e) cannot be determined without knowing the value for a 16. The profit maximizing price for good Y is а) 1 b) 2 c) 3 d) a e) cannot be determined without knowing the value for a 17. A bundle containing one unit of X and one unit of Y is sold to both persons when a is greater than а) 2 b) 4 c) 0 d) 3 e) 5

Use the following information to answer questions 15 - 17. Assume there are two persons who choose at most one unit of good X and Y with reservation prices for X and Y given in the table below. Also assume that MC = AC = 2 for good X and MC = AC = 1 for good Y. Person A Person B 5 3 Y 2 a 15. The profit maximizing price for good X is а) 3 b) 2 c) 5 d) a e) cannot be determined without knowing the value for a 16. The profit maximizing price for good Y is а) 1 b) 2 c) 3 d) a e) cannot be determined without knowing the value for a 17. A bundle containing one unit of X and one unit of Y is sold to both persons when a is greater than а) 2 b) 4 c) 0 d) 3 e) 5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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