aul's firm produces the same good as Sal's firm. The total cost of producing qp units in Paul's firm is Cp( qp ) = 8.6 qp + 1.1. The total cost of producing qs units in Sal's firm is Cs( qs ) = 8.6 qs + 1.1. What is the efficiency loss if each person's firm produces half of a total of 523 units?
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Paul's firm produces the same good as Sal's firm.
The total cost of producing qp units in Paul's firm is Cp( qp ) = 8.6 qp + 1.1.
The total cost of producing qs units in Sal's firm is Cs( qs ) = 8.6 qs + 1.1.
What is the efficiency loss if each person's firm produces half of a total of 523 units?
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- You and a group of friends are planning to visit a theme park, which charges $60 for admission, $80 for a two day pass, and $90 for a three day pass. You're friends are interested in spending a lot of time there, but they're worried about paying a lot of money. You explain the concept of marginal cost, which helps them see that the additional day is a good value. Part 1 The average cost per day of a three-day pass is $________ per person The marginal cost of adding the third day is $______ per person Part 2 If there are 6 people in your group, the groups marginal cost of switching from the two-day pass to the three-day pass is $ _______Hi! Can you help me with the question below? Northside Social (NS) sells cups of coffee and amazing breakfast sandwiches. The current price of a cup of coffee is $3.00 and the current price of an amazing breakfast sandwich is $8.00. At those prices, NS sells 1000 cups of coffee and 200 breakfast sandwiches daily. NS faces a constant marginal cost for each cup of coffee of 50 cents and the constant marginal cost of breakfast sandwiches is $2. NS increases the price of coffee 5%, to $3.15. After the price increase, NS sells 900 cups of coffee, a decrease of 10% in cups of coffee. Demand for coffee at NS at this price interval is best described as:A) ElasticB) InelasticC) Unitary ElasticD) Perfectly ElasticExercise 4.6 An econometrician hired to analyse a local golf course has determined that there are two types of golfers, the regular and the occasional. The annual demand for games from regular players is given by QH = 24 – 0.3P, where P is the price of a round of golf. On the other hand, the annual demand for occasional items is given by QO = 10 – 0.1P. The marginal cost and the average total cost per item are equal to €20. a) If you could distinguish between regular and casual players, what price would be set for each type? How many games would each type of player play? How much profit could the golf course generate? Represent graphically. b) As an alternative to the discrimination of third degree prices, those in charge consider a double tranche rate according to which the members can play as many games as they wish at a price of € 20 per game. How much profit will the golf course generate if it charges all players the same annual fee for becoming a member of the club? What if you…
- the cost of producing a bottle of zlurp is 1.50, and the competitive suppliers sell it at this price. Each whovillian will consumeThe manager of a men's store can sell 24 pairs of socks at a price of $2.31 per pair. If the price is $1.35, she can sell 36 pairs. The total cost of buying x pairs of socks is C) = 0.75x + 30.5 dollars. Step 3 of 3: Find the profit function. Do not round your answer. E Keypad Answer Keyboard Shortcuts Previous Step Answer P(x) = Submit Answer O 2021 Hawkes Learning MacBook Pro "4.23x" $ % & @ # 2 3 4 6 7 P Q W E R Y A S F H K N M V * C0A grocery store has limited shelf space. Every produce line generates a yearly profit per square foot of shelf space. As the shelf space devoted to any item is increases, its marginal benefit (i.e., its addition to total yearly profits) goes down. How many square feet should the store owner devote to each item?
- A perfectly competitive firm sells its good for $20. If marginal cost is four times the quantity produced, how much does the firm produce? Why? Assuming perfect competition, there is not enough information to determine how much the firm is producing. Assuming perfect competition, the firm is producing where MC is twice MR. If the price is $20, then MC is $40. This means that the firm is producing 10 units. Assuming perfect competition, the firm is producing where MR = MC. If the price is $20 and MC is four times the quantity, it is producing 80 units. Assuming perfect competition, the firm is producing where MR = MC = P. Since price is $20, MR is $20. If MC is 4 times the quantity, it is producing 5 units.A firm has a fixed production cost of $4000. For the first 100 units of production, the firm has a marginal cost of $50 per unit produced. Producing more than 100 units has a marginal cost of $70 per unit produced. The firm cannot produce more than 150 units. How much does it cost to produce at q=0? at q=50? at q=100? at q=125? at q=150? Graph the firm’s marginal cost functionSuppose that the profit from the sale of Kisses and Kreams is given by the following, where x is the number of pounds of Kisses and y is the number of pounds of Kreams. P(x, y) = 10x + 6.6y - 0.001x² -0.025y² dollars You know from previous experience that, for such a profit function, profit will be maximized at the critical point of P(x,y). (a) Determine the amounts of Kisses and Kreams that will maximize profit. pounds of Kisses pounds of Kreams (b) What is the maximum profit? (Round your answer to two decimal places.) $