You start a business after inventing and patenting a design for a cleaning robot. Given your patent and the unique nature of the product, your business faces no competitors. The robots are very thorough and can clean both inside and outside your house (they can mow the lawn, clean your yacht you are going to buy, etc.) but take a considerable amount of time to do this so many families may find it advantageous to buy several. The marginal cost of production is $100 and assume there are no fixed costs. You are able to separate your customers into two groups: teen and adult. The demand curve for a teen is Q^T=1,000-5P and the demand curve for an adult is Q^A=3,500-10P. All customers have to pick up their product at the store. This allows you to identify which group is which and charge them the correct price. Answer the following: Please Show your Work. How many robots will be bought by adults? a. 1500 b. 1000 c. 750 d. 1250 Question: 2 All customers have to pick up their product at the store. This allows you to identify which group is which and charge them the correct price. Answer the following: Please Show your Work. How many robots will be bought by teens? a. 500 b. 375 c. 250 d. 100 Question: 3 All customers have to pick up their product at the store. This allows you to identify which group is which and charge them the correct price. Answer the following: Please Show your Work. What price will you charge adults? a. 200 b. 250 c. 275 d. 225
Economics: Industrial Economics
Question: 1
You start a business after inventing and patenting a design for a cleaning robot. Given your patent and the unique nature of the product, your business faces no competitors. The robots are very thorough and can clean both inside and outside your house (they can mow the lawn, clean your yacht you are going to buy, etc.) but take a considerable amount of time to do this so many families may find it advantageous to buy several. The marginal cost of production is $100 and assume there are no fixed costs. You are able to separate your customers into two groups: teen and adult. The
All customers have to pick up their product at the store. This allows you to identify which group is which and charge them the correct
How many robots will be bought by adults?
a. 1500
b. 1000
c. 750
d. 1250
Question: 2
All customers have to pick up their product at the store. This allows you to identify which group is which and charge them the correct price. Answer the following: Please Show your Work.
How many robots will be bought by teens?
a. 500
b. 375
c. 250
d. 100
Question: 3
All customers have to pick up their product at the store. This allows you to identify which group is which and charge them the correct price. Answer the following: Please Show your Work.
What price will you charge adults?
a. 200
b. 250
c. 275
d. 225
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