Suppose the local lake has a population of 200 trout at the beginning of the fishing season. If the population at the end of the season is below 100, fishing won't be allowed next year to allow the population to recover. Three people live on the lake. Abhi's demand for fish is QA=40-P; Bea's demand is Qg=30-0.2P; Charlie's demand is Qc=50-2P. If fishing is free (P=0), there will be fish remaining at the end of the season, and the lake will be open + for fishing next year. Suppose the local government wants to ensure that there are 100 fish left in the lake at the end of every season. Then the government should impose a fee of $ per fish.

In an isolated town, there are two distinct markets for cars. Buyers will pay up to $12,000 for a high-quality car or $8,000 for a low-quality car. There are 100 high-quality cars for sale, and the sellers have a minimum acceptable price of $11,000. There are also 100 low-quality cars for sale at a minimum acceptable price of $5,000. The supply of automobiles is perfectly inelastic above the reservation price. a) If there is perfect information (i.e., the buyer knows what is a high and low quality car as does the seller), how many high-quality and how many low-quality cars will be sold? b) Suppose that the quality of a car is known to the seller, but not to the buyer. What price will prevail in the marketplace if buyers correctly estimate the chance acquiring a low-quality car at 50% ? What happens to the number of high-quality cars for sale at that price. c) After sellers make all adjustments, what will the equilibrium price of cars be? What proportion of those cars will be…

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The director of a recreation center in a small college town is considering changing the way he prices access cards. He has hired an economic consulting firm to estimate the demand for access cards. The firm has classified people who go the recreation center into two groups, and has come up with two demand functions. The demand curves for the general public (Q) and students (Q,) are given below: Q = 700 – 4P Q, = 1,300 – 5P a. If the current price of access cards is $100, identify the quantity demanded by each group. b. Find the price elasticity of demand for each group at the current price and quantity. c. Is the director maximizing the revenue he collects from card sales by charging $100 for each card? Explain. d. What price should he charge each group if he wants to maximize revenue collected from card sales? Check whether the new total revenue is indeed greater than the old one.

12 Jim's Camera shop sells two high-end cameras, the Sky Eagle and Horizon. The demands and selling prices for these two cameras are as follows. Ds = demand for the Sky Eagle Ps= selling price of the Sky Eagle DH = demand for the Horizon PH = selling price of the Horizon = 223 - 0.60P + 0.35PH DH=270+ 0.10P - 0.64PH Revenue Ds The store wishes to determine the selling price that maximizes revenue for these two products. Develop the revenue function R (in terms of Ps and PH only) for these two models, and find the revenue maximizing prices (in dollars). (Round your answers to two decimal places.) Price for Sky Eagle Price for Horizon Optimal revenue R = PS = $| PH = $ R = $

The concert promoters of a heavy metal band, WeR2Loud, know that there are two types of concert - goers: die - hard fans and casual fans. For a particular WeR2Loud concert, there are 1.000 die - hard fans who will pay $150 for a ticket and 500 casual fans who will pay $50 for a ticket. There are 1,500 seats available at the concert venue. Suppose the cost of putting on the concert is $50,000, which includes the cost of the band, lighting, security, etc. Refer to Scenario 15-6. How much additional profit can the concert promoters earn by charging each customer their willingness to pay relative to charging a flat price of $150 per ticket? Group of answer choices $25,000 $50,000 $ 75,000 $100,000

Sara buys fresh salmon for $5 per pound from Pike Place Market on Saturday morning and sells them for $12 per pound at a local fish market. Any salmon not sold that day needs to be disposed of properly. The disposal cost is $1 per pound. Kelly believes that demand for salmon is uniformly distributed between 120 to 190 pounds. How many pounds of salmon should she order each day? a) What is the cost of underestimating demand for salmon? $ (round your response to two decimal places) b) What is the cost of overestimating demand for salmon? $ (round your response to two decimal places (round your response to the nearest whole number) How many pounds should she order on Saturday morning?

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Walmart can be viewed as a first mover.  Now suppose both Walmart and HEB are considering whether and how to enter a potential market. Market demand is given by the inverse demand function p= 900−q1−q2, where p is the market price margin, q1 is the quantity sold by Walmart and q2is the quantity sold by HEB. To enter the market, a retailer must build a store. Two types of stores can be built: Small and Large. A Small pantry store requires an investment of $50,000, and it allows the retailer to sell as many as 100 units of the goods at zero marginal cost. Alternatively, the retailer can pay $175,000 to construct a Large full-service supermarket that will allow it to sell any number of units at zero marginal cost. Assume Walmart stays out of the potential market (i.e.Walmart chooses not to enterN1at the first stage,q1= 0). Calculate HEB’s profit for the following cases: a.) HEB chooses not to enter N at the second stage after viewing Walmart’schoice. b.) HEB chooses to build a small…

01 Question Hugh, Frank, and Luis are the only three buyers of gold in a small mining town. Their inverse demand functions for gold are as follows: Hugh: p=240.00-40.00 × Qu. Frank: p= 48.00-8.00 × QF. Luis: p= 12.00-2.00 × QL Se QH-QF, and QL are the quantities (in ounces) demanded by Hugh, Frank, and Luis, respectively.