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Category > Economics Posted 17 May 2017 My Price 7.00

next 5 questions

The next 5 questions refer to the following figure:The graph shows the demands and marginal revenue in two markets, 1 and 2, for a price discriminating firm along with total marginal revenue, MRT, and marginal cost.

 

1.       What total output should the firm produce?

 

A.   275 units

B.  225 units

C.  175 units

D.   350 units

E.  100 units

 

2.       How should the firm allocate sales between the two markets?

 

A.   150 in each market

B.  100 in market 1, 175 in 2

C.  150 in market 1, 300 in 2

D.   112.5 in each market

E.  75 in market 1, 150 in 2

 

3.       What price should the firm charge in each market?

 

A. P1 = $20, P2 = $32.50 B. P1 = $35, P2 = $22.50 C. P1 = $20, P2 = $20

D. P1 = $27.50, P2 = $35

E. Impossible to say because market demand is not given

 

4.       At the optimal price and quantity, what is demand elasticity in each market?

 

A. E1 = -3.67, E2 = -2.33 B. E1 = -3, E2 = -4

C. E1 = -2.5, E2 = -3.5 D. E1 = -3, E2 = -3

E. E1 = -1.67, E2 = -2.33

 

PLEASE SHOW THE SOLUTIONS!!!!!!! THANK U :)

Answers

(15)
Status NEW Posted 17 May 2017 02:05 AM My Price 7.00

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