**8)The numbers reveal the opportunity costs of providing 10 piano lessons of equal quality.SellerCostMarcia$200Jan-$250Cindy$350Greg$400Peter$700$800BobbyRefer to the table above. You wish topurchase 10 piano lessons, so you takebids from each of the sellers. The bidsare required to be rounded to thenearest dollar. You will not accept a bidbelow a seller's cost because you areconcerned that the seller will not provideall 10 lessons. Your parents have givenyou $450 to spend on piano lessons. Youbelieve that the sellers with higheropportunity costs offer higher qualitylessons. You want the highest qualitylessons that you can afford, but you canspend any remaining money on dinnerwith friends. From whom will you takelessons, and how much money will youspend?a. Peter; $450b. Cindy; $450

Detailed Explanation:The table shows the opportunity costs of six different piano teachers for…

Answered: * *8) The numbers reveal the…

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter24: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 12CQ

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5 poin 9 Add a I Price $ 30 28 25 20 15 10 Qd Old 15 16 20 24 25 30 Qd Young 2372 3 12 18 25 What is the best price to give both customers to achieve the highest revenue? What if you could charge each customer differently, what would be the best price for each customer? kat
The graph below shows the market for pineapples. Pnew (dolbera par pound) $4.00 $9.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 Market for Pingupplas 4150 62.00 10 52 50 200 Preu (dekura per pod) 81 56 unst 20 Instructionat Enter your answera sa a whole number a. Whes are the initial equilibrium griez ond quantity in the pineapple markust? P-S per pound $1.00 Now auppaac an increac in tropical cuisine made with pincopplea ahoa the demand curve for pincapcle aa ahawn in the groch below. 0 3.0 3 Quently (lon) 40 tana of gincapples 10 Market for Pineapples 20 30 0 A( 8.0 Quesilly (D D 60 b. Which of the lalamno aries and guomity combines ons baat daBorbos the new boudarnos in use market for ginooppica? D-2250 par pound and O-35 Un D-3225 ger Cound and 0-22 len P-3200 par pound and 0-20 tani 10-12.00 par pound ond 0-22 lon
Tane 1E Se.Fot Eamcation Tary notes that an electronics store is affenng a flat $20 off all prices in the store Tony reasons that he is better off if he buys something with a price of $S0 than sOmething with a price of $500 because it would represent a larger disCount as a percentage of the price. This Is: 35 Select one Oa Aabional ahoice because saviing 40% Is better than saving 48. O& Trug Tony would slso be better off f he didn't spend so much Oc False savng $20 is saving $20. Od The proper applicabon of Cost-Benefit Principle NEXT PAGE
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“If you have something that you don’t want anyone to know, maybeyou shouldn’t be doing it in the first place”. EXPLAIN THIS SENTECE
D Question 18 Burgers 6543210 10 0 5 TTTTT o O 20 O 24 0 P 4 B C 8 Budget: $10 Burgers: $2 Bus Tickets: 50 cents D E 。. 12 Bus Tickets If the consumer spends all his money on bus tickets how many bus tickets can he afford to buy? 16 F 20 24
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Assume that you are in the business of building houses in United Kingdom. You have analyzedthe market carefully, and you know that at a price of £120,000, you will sell 800 houses peryear. In addition, you know that at any price above £120,000, no one will buy your housesbecause the government provides equal-quality houses to anyone who wants one at £120,000.You also know that for every £20,000 you lower your price, you will be able to sell an additional200 units. For example, at a price of £100,000, you can sell 1,000 houses; at a price of £80,000,you can sell 1,200 houses; and so on.a. Sketch the demand curve that your firm faces.b. Sketch the effective marginal revenue curve that your firm faces.c. If the marginal cost of building a house is £100,000, how many will you build and whatprice will you charge? What if MC = £85,000?
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bartleby.com Tube ter Microeconomics 569, 18353 4 Maps 2 СЛ 5 10 11 V Moc Exam 1 - Chapters 1-3, 5-6 re. 42% (18/43) mpletion: 64% (9/14) ype here to search # 6 12 D 3 E 8. Chapter 6 - Consumer Choice OPEN $ 3 R F X Practice similar % CO Exam 1 - Chapters 1-3, 5-6- X = 6.2 How Changes in Income X 00 Chapter 6 - Consumer Choic X 5 to find the Total Utility for each The table below shows the marginal utility of consuming different quantities of Peaches. Use the information below quantity. O E T G Y H & Quantity 0 1 2 M U J a 31 hp 16 00 Total Utility 0 I 1 ( fo O Marginal Utility fi P 31 19 14 5 3 { + [ delete home X :
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ainter P BIUX, x AA- Words: 1,840 Font DEFICO r i n Low price High price Fine EEEE : Paragraph Dr Feelgood Low price $35 profit Enter response here Enter Feelgood response here. $35 profit FIRST Period Charges (high or low) $45 profit $0 profit FIRST Period Payoffs 3-1 High price Enter response here Enter response here. $0 profit $45 profit a. Using the information in Question 4 and Figure 4 above, explain why the Nash Equilibrium pricing strategy is the safest choice when there is only a single period in which to choose a price and the likely actions of the competitor are unknown. (Enter your response here.) b. Using the information in Question 4 and Figure 4 above, complete the following table to depict the two-period pricing situation when Dr. Fine always plays "tit-for-tat" and Dr. Feelgood always plays "tit-for-tat. $38 profit $38 profit SECOND Period Charges (high or low) Enter response here. Enter response here. AaBbcсD ME Normal SECOND Period Payoffs Enter response here. Enter…

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