Suppose an online retailer of batteries has the following pricing scheme (free shipping and no sales tax) for its CR2450 Lithium Coin Cell Battery: Quantity of Batteries Purchased Price per Battery 1-4 $1.60 5-9 $1.30 10 or more $1.10 In the situation above, what is the marginal cost of the tenth battery purchased? Select one: O A. -$1.90. OB. -$0.70. O C. -$0.20. O D. $0.20. O E. $1.10. O F. $1.30. G. $11.00. OH. $14.00.
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- 4. You have been hired as a consultant to estimate the demand for various brands ofcoffee in the market. You are provided with annual price data for two years by U.S.state and the quantities sold. You want to estimate a demand function for coffeeusing this data. What problems do you think you will encounter if you estimatedthe demand equation by OLS?The Lulu Hypermarket sells 0,209 boxes of chicken per month at RO 4 per box. The own price elasticity for chicken is estimated to be O.45 If Lulu Hypernarket decreases the pripc of a box of chicken byS00 Baiza -8 Per (a) How many boxes of chicken will Lulu Hypermarket sell? (b) Lulu Hypermarket's revenue will change by how much? (c) Will the consume: be better off or worse off?Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, What is the right amount of variety? Can there be too many varieties of shoes, for example?
- for a certain product, if the number of units that gives maximum revenue is 300 units, the number of units that gives maximum profit is 250 units and each 1000 units comsumes 5000 dollers of raw materials and a sunk cost of 2000 dollers for the whole number produced. then the selling price equation is O a. p=30 05D O b. p=30 06D Oc. p=50 05D O d. p-42 07D O e. p=30_03DSuppose the ISP is considering decreasing the price it charges by $20. Because of the price effect, total revenue will fall by The graph below depicts the monthly demand facing the only Internet service provider (ISP) that serves customers in a small town. Currently, the ISP charges a price of $110 per month and serves 8 thousand customers. Type here to search O Part 2 Price 100 150 140 130 120 100 10 Internet Service Number of Customers in 1,000 4 Suppose the ISP is considering decreasing the price it charges by $20. Because of the price effect, total revenue will fall by $ thousand. Suppose the ISP is considering decreasing the price it charges by $20. Because of the output effect, total revenue will rise by S thousand.QUESTION 6 28 24 20 16 12 8 4 8FO O O O O D1 D2 04 8 12 16 20 24 Q 06. If demand for this product changed from D1 to D2 as a result of a change in consumer income from $35,000 to $45,000, the "income elasticity of demand" is and this is a/an product. P 0 ררררררררררררררו d) a) negative, normal b) negative, inferior. positive, normal positive, inferior S e) positive, complementary
- The chart below shows how annual electricity for an average Ontario household would vary with the price paid for electricity. Calculate the arc elasticity of demand for electricity for this average houschold. Also, in the final column, calculate the total revenue from sales of clectricity to this household. Price Quantity Demanded Kwh/year Total Revenue $/kwh Elasticity of Demand $0.25 1200 -0.36 $0.20 1300 $0.15 1400 $0.10 1500 $0.05 1600 Hint: The own price elasticity of demand is the percentage change in the quantity demanded divided by the percentage change in the price. What factors do you think influence the elasticity of demand for this household?Which formula will determine merchandise cost? O Merchandise cost + markup O Retail price - markup Retail price cost Retail price + markuphe quantity demanded each month of Russo Espresso Makers is 250 when the unit price is $136. The quantity demanded ach month is 1000 when the unit price is $106. The suppliers will market 750 espresso makers when the unit price is $80 er higher. At a unit price of $100, they are willing to market 2250 units. Both the supply and demand equations are known o be linear. (a) Find the demand equation. -1 -x + 146 25 p = (b) Find the supply equation. 1 x+ 70 p = 75* (c) Find the equilibrium quantity and the equilibrium price. |× units
- D)A manufacturer knows that: His TRis given by Revenue = 23Q-Q %3D His total cost of production is; Cost = 36+ 2Q +0.1Q Where Qis the weekly production in thousands I. Economists define MR as the rate of change of Total revenue. Derive an expression for Marginal Revenue (MR) II. How do you think Economists' would define 'Marginal Cost'? Derive an expression for marginal Cost (MC) III. What output will make marginal Revenue equal Marginal cost? IV. What can you deduce? V. Find the total profit and the value of Q that maximizes profit E The costs of production of the firm are composed of K125 in Fixed cost, variable costs of K36 per unit produced and depreciation charges are given by the expression KO.05Q'. Find thelevel of output which would minimize average cost of production per unitK Figure 4.2.2 The Market for Robotic Rubber Ducks Price $40 $ 50 $ 60 $70 $ 80 $ 90 $100 Quantity Demanded OA 70,450 OB. 70: 350 OC. 50:450 OD. 50, 350 OE 60,400 500 450 400 350 300 250 200 Quantity Supplied 300 350 400 450 500 550 600 Look at Table 4.2.2. Consumers learn that rubber ducks wear out batteries quickly. As a result, demand decreases by 100 rubber ducks at each pnce. The new equum price nubber ducks the new equilibrium quantity is Tine Remaining 00:30-40 NestThe following graph shows the daily demand curve for bippitybops in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per bippitybop) 240 220 200 180 160 140 120 100 80 8 60 40 20 0 mớ H + 0 9 18 27 36 45 54 63 72 81 QUANTITY (Bippitybops per day) * Demand 90 B 99 108 Total Revenue (?)