ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- Name-Brand Prescription Drugs Market—“Happy Pill”—that greatly improves life but is not essential to life. Using supply and demand analysis, explain what happens to the market price and quantity of a name-brand prescription drug Happy Pill if its patent expires. Using supply and demand analysis explain why Happy Pill might be advertised. Using supply and demand analysis, explain what would happen to the price and quantity of Happy Pills if there was a severe recession, and people lost their jobs, which included a health-care benefit that payed for prescription drugs.arrow_forwardQ. STIHL, Inc., manufactures gasoline-powered chain saws for professional, commercial, farm, and consumer markets. To “better serve” their customers, STIHL offers its chain saws in four different quality lines and associated price ranges: occasional use, midrange, professional, and arborist. Under what circumstances could offering multiple qualities of a product be price discrimination? What form of price discrimination might this represent—first-, second-, or third-degree price discrimination? Explain why this practice could increase profit at STIHL.arrow_forwardProblem 11-04 (algo) ou are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Analysts at your irm have determined that group 1's elasticity of demand is -5, while group 2's is -2. Your marginal cost of producing the product is 630 a. Determine your optimal markups and prices under third-degree price discrimination. Instructions: Enter your responses rounded to two decimal places. Markup for group 1: Price for group 1: $ Markup for group 2: Price for group 2 $ b. Which of the following are necessary conditions for third-degree price discrimination to enhance profits. Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click twice to empty the box. ?At least one group has elasticity of demand greater than 1 in absolute value. ?At least one group has elasticity of demand less than one in absolute value.…arrow_forward
- Using the Online Self Study Certifications table, answer the following question: What is the maximum revenue for individual pricing? Continuing with the Table of Certificate Programs, complete the Total Revenue for the Bundled Programs: Online Self Certifications for Social Work License Online Self Certifications for Social Work License Customers Certification in Online Counseling 28 TR Counseling Certification as a Group Home Counselor Bundle TR Group Home TR Bundle Segment 1 1000 $190 a $70 e $260 49 4a $255 4c Segment 2 1000 $150 b $90 f $240 4b Ho 6 $195 h $230 4d Segment 3 1000 $95 C $160 Segment 4 1000 $35 Parrow_forward23 20 15 13 7 1200 1800 MR MC ATC What quantity will the above monopolist produce if it can first degree price discriminate? (Enter a number) How much consumer surplus do consumers get in the above graph if the monopolist first degree price discriminates? number) (Enter aarrow_forwardThe figure on the right shows the demand schedule for a product produced by a single-price monopolist. Price ($) 10 987654 Quantity demanded A. 9; 10; -1 B. 40; 45; 5 C. 36; 41; 5 D. 5; 4; 1 E. 15; 15; 0 4 567892 10 Using the graph on the right, suppose this single-price monopolist is initially selling 4 units at $10 each and then reduces the price of the product to $9. By making this change, the firm is giving up revenue of Its and gaining revenue of marginal revenue is therefore (All figures are dollars.) Price ($) 141 13- 12- 11- 10- 9- 6- 5- 4- 3- 2- 1- -N 4 5 6 7 8 9 10 11 12 13 14 15 16 Quantity Q Qarrow_forward
- Please fill in the blanks. Thank youarrow_forwardTable 17-2 The information in the table depicts the total demand for wireless Internet subscriptions in a small urban market. Assume that each wireless Internet operator pays a fixed cost of $100,000 (per year) to provide wireless Internet in the market area and that the marginal cost of providing the wireless Internet service to a household is zero. Quantity 0 2000 4000 6000 8,000 Price (per year) $180 $150 $120 $90 $60 10,000 $30 12,000 $0 Refer to Table 17-2. Assume that there are two profit-maximizing wireless Internet companies operating in this market. Further assume that they are not able to "collude" on price and quantity of wireless Internet subscriptions to sell. How many wireless Internet subscriptions will be collectively sold (by both firms) when this market reaches a Nash equilibrium? Oa. 2000 Ob.4000 OC. 6000 O d. 58000arrow_forwarde ap sep 0 ja ajaloo Purwas ap o Consider a town in which only two residents, Clancy and Eileen, own wells that produce water safe for drinking. Clancy and Eileen can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Tab Caps Lock Price (Dollars per gallon) 6.00 5.50 5.00 4.50 Esc is 81°F Sunny 4.00 3.50 3.00 2.50 2.00 1.50 1.00 ! 0.50 0 7 Q A Quantity Demanded (Gallons of water) 0 45 17 F2 8- @ Suppose Clancy and Eileen form a cartel and behave as a monopolist. The profit-maximizing price is $ gallons. As part of their cartel agreement, Clancy and Eileen agree to split production equally. Therefore, Clancy's profit is - C VE 2 W 90 135 S. 180 225 270 315 360 405 450 495 540 F3 0+ #M 3 Total Revenue (Dollars) 0 $247.50 $450.00 $607.50 $720.00 $787.50 $810.00 $787.50 $720.00 $607.50 E F4 BO $450.00 $247.50 0 D $ 4 F5 R F % 5 F6 D T F7 ^ 6 G 4- Y FB J+ & 7 per gallon, and the total…arrow_forward
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