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Please no written by hand solution
A local KFC franchisee is evaluating the number of fried chickens to produce each day. The following table shows the 4 alternatives, the states of nature and their payoffs
Daily Supply | |||||
40 | 50 | 60 | 70 | ||
Daily Demand | 40 | $80 | $0 | -$80 | -$160 |
50 | $80 | $100 | $20 | -$60 | |
60 | $80 | $100 | $120 | $40 | |
70 | $80 | $100 | $120 | $140 |
What would your decision be if the following rules are applied? (show your calculation)
- Maximax
- Maximin
- La Place
- Minimax-regret
Step by step
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- PRICE (Dollars per EpiPen) 1000 900 800 700 600 500 400 300 200 100 0 1 True 2 4 3 5 6 7 QUANTITY (Thousands of EpiPens) False MR 8 D ATC MC If Mylan continues to charge $150 per EpiPen, Mylan will earn + 9 H 10 Qat $150 + Profit Max ATC at Profit Max Profit True or False: Given the demand curve for EpiPens, you should tell Mylan's CEO that total revenue will increase if she raises the price of EpiPens because the demand curve in this region is relatively elastic. economic profit."Wearing mask and using the sanitizer has helped in controlling the spread of COVID-19". This statement is O a. All of these given options O b. A question O c. An opinion o d. Scientifically provenThe table below shows the reservation prices for passengers for American Airlines. Reservation Price Cost Tourist Business Economy 100 120 200 First 150 175 300 2) If American Airlines can identify exactly the type of customer (full information) then how should it charge for a Business traveler and what ticket should it sell him? O $300 for a First Class ticket O $200 for an Economy ticket O $175 for a First Class ticket KN$120 for an Economy ticket Won't scll Sny ncket
- s) You have a bicycle rental business which has 500 adult bikes and 250 children's bikes. The bikes have a fixed cost of $1,000 to maintain, but no marginal cost to rent them out. Demand is below. Price/hour $10 9 8 7 6 ANWAGO 5 4 3 2 1 Adults 50 100 150 200 250 300 350 400 450 500 Children 0 0 0 0 0 50 100 150 200 250 a. If you, by law, can only charge one price, what would it be, and to whom? b. If you could charge adults and children different prices, what would be the prices to each group?How dose oil prices affect the demand of Marine shipping companies1,050,000 1,000,000- 950,000 Price (dollars per car), 900,000- so850,000- 800.000 2750,000- 700,000- 650,000- 600,000+ 0 Fred 8 Michel 1 2 Hua ****** $5200000 3 4 5 John Marty Bob Blaise 8 9 Quantity Demanded(cars per year) If the price of a Spyder drops to $650,000, Instructions: Enter your responses as a whole number. a. how many Spyders can be sold at that price? b. how much consumer surplus will there be if all the cars are sold at that price? Combined consumer surplus: $ c. how much revenue (= price x quantity) will the car dealer get if he sells all the cars at (1) the same price ($650,000)? (ii) the maximum price each buyer is willing to pay?
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- A publisher faces the following demand schedule for the next novel from one of its popular authors:Price Quantity Demanded100 090 100,00080 200,00070 300,00060 400,00050 500,00040 600,000 530 700,00020 800,00010 900,0000 1,000,000The author is paid $2 million to write the book, and the marginal cost of publishing the book is aconstant $30 per book.a. Compute total revenue, total cost, and profit at each quantity. What quantity would a profitmaximizing publisher choose? What price would it charge? b. Compute marginal revenue. (Recall that MR=∆TR/∆Q.) How does marginal revenue compare tothe price? Explain. c. Graph the marginal-revenue, marginal-cost, and demand curves. At what quantity do themarginal-revenue and marginal-cost curves cross? What does this signify? d. In your graph, shade in the deadweight loss. Explain in words what this means. e. If the author was paid $3 million instead of $2 million to write the book, how would this affectthe publisher’s decision regarding the price…O P4 OP3 O P2 O P1 This firm will charge what amount? D Price PA P3 P₂t P₁ 0 T 1 B C 1 Q₁ Q₂ MR MC ATC D QuantitySome years ago. two intercity bus companies, Greyhound Lines, Inc. and Trailways Transportation System, wanted to merge. One possible definition of the market for this case was the market for intercity bus service. Another possible definition was the market for intercity transportation, including personal cars, car rentals, passenger trains, and commuter air flights.' Which definition do you think the bus companies preferred, and why?