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Category > Economics Posted 12 Jul 2017 My Price 8.00

Homework-Help 3

Homework-Help 3
1. You compete with many firms offering similar products (monopolistic competition). An
economic consulting firm has estimated the own-price elasticity for your most profitable
product is -1.50. Your marginal cost is constant at $75 across most of your production
volume capability. What price will maximize profits? Show the computation.
2. Define the 3 types of price discrimination and explain why 1st degree discrimination is
very difficult to practice. Provide 1 example where a form of 1st degree discrimination is
practiced.
3. Complete and label the diagram showing the numbers of seats sold and price for leisure
and business passengers. Answer the following questions:
a. If the price of fuel increases modestly, will fares increase?
b. Are all seats sold? If not, wouldn’t the airline make more money by selling more
seats at a lower price? 4. Explain the conditions necessary for a firm to practice 3rd degree price discrimination and
using airline conditions as examples.
5. Wall-Mart offers to match the price of any competitor. Why is this guarantee not
necessarily a benefit to consumers? Page 1 of 1

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SuperTutor
(15)
Status NEW Posted 12 Jul 2017 02:07 AM My Price 8.00

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file 1499827024-Solutions file.docx preview (51 words )
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