Q)3. You are advising a friend who sells paintings on the sidewalk. What price should she put on all the paintings given the following information: Price $50 Quantity demanded 1 Price $40 Quantity demanded 2 Price $30 Quantity demanded 3 Price $20 Quantity demanded 4 And the fixed cost for her business is $30, while it costs her $20 to paint each additional painting, how many paintings should she sell if she sells each painting for the same price and what will that price be? Please show your work. 4. Go back to the example you used in the discussion of an example of price discrimination that you have experienced. Imagine that you are explaining to a friend

Q)3. You are advising a friend who sells paintings on the sidewalk. What price should she put on all the paintings given the following information: Price $50 Quantity demanded 1 Price $40 Quantity demanded 2 Price $30 Quantity demanded 3 Price $20 Quantity demanded 4 And the fixed cost for her business is $30, while it costs her $20 to paint each additional painting, how many paintings should she sell if she sells each painting for the same price and what will that price be? Please show your work. 4. Go back to the example you used in the discussion of an example of price discrimination that you have experienced. Imagine that you are explaining to a friend

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 11PA: You are the curator of a museum. The museum is running short of funds, so you decide to increase...

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