Lynch Enterprises has a monopoly in the production of dehumidifiers. Its factory is located in Spanish Town. There is no other industry in Spanish Town, and the labor supply equation there is W=10+0.1L, where W is the daily wage and L is the number of person-days of work performed. Dehumidifiers are produced with a production function, Q=10L, where L is daily labor supply and Q is daily output. The demand curve for dehumidifiers is P=41−Q/1,000, where P is the price and Q is the number of sales per day. What is the price of dehumidifiers? Select one: a. 31 b. 11 c. 10 d. 100
Lynch Enterprises has a monopoly in the production of dehumidifiers. Its factory is located in Spanish Town. There is no other industry in Spanish Town, and the labor supply equation there is W=10+0.1L, where W is the daily wage and L is the number of person-days of work performed. Dehumidifiers are produced with a production function, Q=10L, where L is daily labor supply and Q is daily output. The demand curve for dehumidifiers is P=41−Q/1,000, where P is the price and Q is the number of sales per day. What is the price of dehumidifiers? Select one: a. 31 b. 11 c. 10 d. 100
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter9: Market Structure And Long-run Equilibrium
Section: Chapter Questions
Problem 4MC
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Question
Lynch Enterprises has a
is the number of sales per day.
What is the price of dehumidifiers?
Select one:
a.
31
b.
11
c.
10
d.
100
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