ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- Suppose that you are the marketing manager of Citruscity, the only producer of grapefruits in the imaginary economy of Blockburg. As a monopolist, Citruscity's objective is to maximize its profit, so it is up to you devise a way to increase profits through price discrimination. As a former economics student, you know that many firms successfully practice price discrimination by separating their market into two identifiable types of consumers-what economists call third-degree price discrimination. Examples of this include student discounts, senior citizen discounts, and ladies' night discounts. After doing some research, you conclude that the demand for grapefruits varies greatly between consumers who clip coupons and those who do not. The following graphs show the overall dailly demand and marginal revenue (MR) for a pound of grapefruits for each group of consumers and the marginal cost (MC) for producing a pound of grapefruits. Assume that fixed costs are equal to zero. Note: You will…arrow_forward16.Suppose the market for a good is composed of 1,000 identical consumers. The market's demand curve is given by QM = 150,000 – 25P. What is the equation for an individual consumer's demand curve? A) Q = 150,000,000 – 25,000P B) Q = 6,000,000 – 40P C) Q = 6- 4P D) Q = 150 –0.025 17.There are 100 consumers in the market for good X. each with a demand curve givenarrow_forwardAssume the utility Janet obtains from consuming apples is given in table below. Number of Apples Total Utility Marginal Utility 1 7 7 2 13 6 3 18 5 4 22 4 5 25 3 6 27 2 28 1 28 0 27 -1 25 -2 7 8 9 10 a) What is the maximum satisfaction (total utility) she can obtain from consuming apples? b) Draw the graphs for Jane's total utility curve and marginal utility curve for apples c) If Janet is at her level of maximum utility from apple consumption, what will happen to her level of utility if she consumes an additional apple?arrow_forward
- 3. Suppose a company produces 2 products, X and Y, and has 3 potential buyers, A, B, and C. The following table summarizes each potential buyer's willingness to pay for each good: A В C 4 3 Y For simplicity, assume there is no production cost.arrow_forward2. A faculty member sells Gatorade at UNC Charlotte football games. He finds that if he raises his selling price by $1, he sells 6 less bottles each week. He turns over the operation to a Managerial Economics student for a week. The goal is to maximize revenue since the faculty member has a vast supply of Gatorade, and any unsold bottles can be sold in future weeks. The student takes over the operation for a week. She says she sold at the revenue-maximizing price of $4 per bottle. How many units sold? Show your work/thought process:arrow_forwardThe graph given below indicates Marshall's marginal utility for two products, A and B. Marginal utility 24 20 16 12 8 4 0 (1) Quantity 1 2 3 4 5 6 2 (2) Product A MU 4 Quantity of A: Quantity of B: 6 8 Quantity per period (3) Product A (4) MU per $ Product B (at $2) MU 10 Product A Product B 12 a) From the graph above, complete columns 2 and 4 of the table above. Round your answers to whole numbers. b) If the price of both products is $1, what quantity of each good would Marshall purchase if his budget was $8? Quantity of A: Quantity of B: c) Suppose that the price of product A increases to $2. Complete column 3 of table above. d) If Marshall's budget remained the same, what quantities of each good would he now purchase?arrow_forward
- What is the total utility at 4 units and the marginal utility when Jenna goes from consuming three units to four units pears? Quantity Marginal Utility 1 35 2 25 3 15 4 10 5 0 6 -5 Group of answer choices Total utility = 85 ; Marginal Utility = 10 Total utility = 85 ; Marginal Utility = 15 Total utility = 75 ; Marginal Utility = 10arrow_forwardOnly typed solutionarrow_forwardCan you answer this for me please?arrow_forward
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