6. Number of Sellers: There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs * (1 Point) Few Many Few One 7. Type of Products: There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs * (1 Point) Unique Differentiated Standardized (Identical) Unique 8. Market Model: There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs (1 Point) Is * Monopolistic Competition Perfect Competition Oligopoly Monopolistic Competition Monopoly

6. Number of Sellers: There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs * (1 Point) Few Many Few One 7. Type of Products: There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs * (1 Point) Unique Differentiated Standardized (Identical) Unique 8. Market Model: There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs (1 Point) Is * Monopolistic Competition Perfect Competition Oligopoly Monopolistic Competition Monopoly

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 4PA

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Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the total revenues earned by the theater last month and this month (Show work please) Q2: Calculate the price elasticity of demand for large drinks. (Show work please) Q3: Is the price elasticity of demand for large drinks price elastic, inelastic, or unit (unitary)?
Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the price elasticity of demand for candy. Q2: Is the price elasticity of demand for candy price elastic, inelastic, or unit (unitary)?
Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the price elasticity of demand for small popcorn Q2: Is the price elasticity of demand for small popcorn price elastic, inelastic, or unit
Price Panel (a) Panel (b) Z D₁ Quantity Quantity Panel (c) Panel (d) XX Quantity Quantity Figure 3 a. Refer to Figure 3. Assume that the graphs in this figure represent the demand and supply curves for women's clothing. Which panel best describes what happens in this market when the wages of seamstresses rise? b. Refer to Figure 3. Assume that the graphs in this figure represent the demand and supply curves for almonds. Which panel best describes what happens in this market when there is an increase in the productivity of almond harvesters? c. Refer to Figure 3. Assume that the graphs in this figure represent the demand and supply curves for Fruitopia, a soft drink. Which panel describes what happens in the market for Fruitopia when the price of Snapple, a substitute product, decreases? d. Refer to Figure 3. Assume that the graphs in this figure represent the demand and supply curves for potatoes and that steak and potatoes are complements. What panel describes what happens in this…
Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the price elasticity of demand for hot dogs Q2: Is the price elasticity of demand for hot dogs price elastic, inelastic, or unit (unitary)?
16. What type of publications catered to urban dwellers and immigrants?
Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A Group B(sales per week) (sales per week) Volume of sales beforethe 10% discount 1.55 million 1.50 million Volume of sales afterthe 10% discount 1.65 million 1.70 million A. Using the midpoint method, calculate the price elasticities of demand for group A and group B. B. Explain how the discount will affect total revenue from each group.C. Suppose Nile.com knows which group each customer belongs to when he or she logs on and can choose whether or not to offer the 10% discount. If Nile.com wants to increase its total revenue, should discounts be offered to group A or to group B, to neither group, or to both groups?
7. There is a road named High Street with 800m long. There are two grocery shops: Woolworths located at the left end and Coles located at the right end. 4800 customers are uniformly distributed along High Street. To make our life easier, assume both grocery stores sell the same product, and consumers demand just one unit of the product. Traveling to a grocery shop is costly, and the cost of traveling is 4 cents per meter. Suppose the price of the product is $10 at Woolworths, and $12 at Coles. Then customers will purchase the product from Woolworths.
The market for fitness trackers is made up of five firms, and the data in the following table represents each firm's quantity supplied at various prices. Fill in the column for the quantity supplied in the market. Firm Price A 5 $25 50 75 m 7 9 100 11 Quantity supplied by: Firm Firm Firm B C D 0 3 5 7 10 2 5 8 11 3 co c 6 9 Firm E Market 5 6 7 8 Price of fitness trackers ($) 150- 125- 100- 75- 50- 25- 0 5 10 15 20 25 30 35 40 45 50 55 60 Quantity of fitness trackers
es The table below depicts the demand for sunscreen at Daytona Beach. Demand for Sunscreen Price (dollars) $20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 Quantity (bottles) Total Revenue (dollars) 0 800 2,800 4,800 6,800 8,800 10,800 12,800 14,800 1222 Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign. a. Fill in the total revenue column. b. When the price of a bottle of sunscreen decreases from $18.00 a bottle to $16.00 a bottle, what is the change in total revenue? $ c. When the price of a bottle of sunscreen decreases from $14.00 a bottle to $10.00 a bottle, what is the change in total revenue?
4. Suppose there are two firms selling mobile phones along Luthuli Avenue. Firm 1 sells high quality phones. It cost firm 1 Kshs. 10,000 to buy an average phone. Firm 2 sells low quality phones. It costs firm 2 an average of 6,000 to buy its phones. Consumers will on average be willing to pay 14,000 for high quality phones and 10, 000 for low quality phones. The cost of warranty for the high cost seller is 200t while the cost of warranty for the low cost seller is 1200t where t is the warranty year. i) Which firm would want to signal quality of its phone? Explain What t should the high quality seller set to prevent the low quality seller from matching his offer? ii)
$ Price S₁ P,P S 52 $ Price E2 E₁ S E2 02 D₁ D₂ Q₂ Q₁ 0 0 $ Price Q₁ Quantity Graph A Quantity Graph B S2 51 $ Price S₁ 52 E₁ P2 E1 P₁ P₁ E2 P2 D₂ D₁ D₁ 0 Q₁ = Q₂ 0 Q₁ = Q₂ Quantity Quantity Graph D Graph C Refer to the four graphs above. Select the graph that best shows the changes in demand and supply in the market specified in the following situation: In the market for beef, if a new diet fad favoring beef consumption becomes hugely popular, while cattle producers see steeply rising costs of cattle feed. O Graph C Graph A Graph B O Graph D