A firm with market power has an individual consumer demand of Q = 10 − P and total costs of C = 2Q. What is the optimal amount of this product to package in a single block? Multiple Choice 6 2 4 8
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A firm with market power has an individual consumer demand of Q = 10 − P and total costs of C = 2Q. What is the optimal amount of this product to package in a single block?
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- A large company in the communication and publishing industry has quantified the relationship between the price of one of its products and the demand for this product as Price = 150 - 0.02 x Demand for an annual printing of this particular product. The fixed costs per year (ie., per printing) = $46,000 and the variable cost per unit=$40. What is the maximum profit that can be achieved? What is the unit price at this point of optimal demand? Demand is not expected to be more than 3,000 units per year. The maximum profit that can be achieved is $. (Round to the nearest dollar.) The unit price at the point of optimal demand is $ per unit. (Round to the nearest cent.) Enter your answer in each of the answer boxes.A large company in the communication and publishing industry has quantified the relationship between the price of one of its products and the demand for this product as Price = 150 − 0.01 × Demand for an annual printing of this particular product. The fixed costs per year (i.e., per printing) = $50,000 and the variable cost per unit = $40. What is the maximum profit that can be achieved? What is the unit price at this point of optimal demand? Demand is not expected to be more than 6,000 units per year.A large company in the communication and publishing industry has quantified the relationship between the price of one of its products and the demand for this product as Price = 160 -0.02 × Demand for an annual printing of this particular product. The fixed costs per year (i.e., per printing) = $51,000 and the variable cost per unit = $35. What is the maximum profit that can be achieved? What is the unit price at this point of optimal demand? Demand is not expected to be more than 4,000 units per year. The maximum profit that can be achieved is $144,313. (Round to the nearest dollar.) The unit price at the point of optimal demand is $ per unit. (Round to the nearest cent.)
- Hercules Films is deciding on the price of the video release of its film Son of Frankenstein. Its marketing people estimate that at a price of p dollars, it can sell a total of q = 280,000 - 20,00 copies. What price will bring in the greatest revenue? = $A discount shoe store always runs a ’buy one, get one free (limit one free pair per customer)’ campaign. A customer asked a clerk, if he would sell her one pair for half price. The clerk answered, ”I’m sorry, I can’t do that.” but when the customer decided to leave the store, the clerk hastily offered, “However, I think I can give you a 40% discount on any pair in the store.” Assuming the consumer has $200 to spend on shoes (X) or all other goods (Y ), and that shoes cost $100 per pair: a. Illustrate the consumer’s opportunity set with the ”buy one, get one free” deal and with a 50 percent discount. b. Why was the 40 percent discount offered only after the consumer rejected the ”buy one, get one free” deal and started to leave the store? c. Why was the clerk willing to offer a ”buy one, get one free” deal, but unwilling to sell a pair of shoes for half price?Shaughnessy Consulting, LLC currently enjoys a patent on software that estimates economic damages for clients involved in personal injury lawsuits. Demand for my software is QD = 287.5 – 12.5P. Creating the software cost me about $985 in development and coding. I can produce a copy of the software for $11 per unit (constant cost). How many copies of the software should I attempt to sell? At what price should I sell it? How much profit would I make? My patent expires in a year, and I know other economic consultants will produce competing software. What quantity and price will result once competing software emerges? How much consumer surplus will my clients (lawyers) gain once the competitors enter? (For measuring consumer surplus, recall that area of a triangle = ½ * base * height.) How much deadweight loss is created by my patent and monopoly in this software?
- Beta's Price Policy High Low A $20 B $30 High Alpha's $20 $10 Price Policy C $10 D $15 Low $30 $15 Help Save & Exit Submit Refer to the diagram, where the numerical data show profits in millions of dollars. Beta's profits are shown in the northeast corner and Alpha's profits in the southwest corner of each cell. If Alpha and Beta agree to a high-price policy through collusion, the temptation to cheat on that agreement is demonstrated by the fact that Multiple Choice Beta can increase its profit by lowering its price. Beta can increase its profit by increasing its price still further.A company can produce 7,000 units of smartphones in a month. The fixed cost is $65,000 per month, and the variable cost is $79 per unit. The selling price is p = $150 – 0.01D. a. Determine the optimal volume for this product and its percentage of the total capacity. Confirm that a profit occurs at this demand. b. Find the volumes at which breakeven occurs; that is, what is the range of profitable demand?Hand written solutions are strictly prohibitted
- A company estimates that the relationship between. unit price and demand per month for a potential new product is approximated by p= $100.00-$0.10D. The company can produce the product by increasing fixed costs $17,500 per month, and the estimated variable cost is $40.00 per unit. What is the demand that maximizes revenue and the maximum revenue? What is the optimal demand, D*, and based on this demand, should the company produce the new product? Why? (Work out the complete solution by differential calculus, starting with the formula for profit or loss per month.)The demand function for a product marketed by a company is p = (80-D) / 4, where D is the number of units and p is the price per unit. The value of D that will achieve maximum revenue is Blank 1 units.The second unit of a good gives less satisfaction to a consumer. This is clearly a case of diminishing returns. True/False