05 Jun Question This is a two part question request.
Question
This is a two part question request.
Chapter 2 5. The demand curve for product X is given by 300 2Px . a. Find the inverse demand curve. b. How much consumer surplus do consumers receive when Px $45? c. How much consumer surplus do consumers receive when Px $30? d. In general, what happens to the level of consumer surplus as the price of a good falls?
Chapter 5 22. In the aftermath of a hurricane, an entrepreneur took a one-month leave of absence (without pay) from her $5,000 per month job in order to operate a kiosk that sold fresh drinking water. During the month she operated this venture, the entrepreneur paid the government $2,500 in kiosk rent and purchased water from a local wholesaler at a price of $1.34 per gallon. Write an equation that summarizes the cost function for her operation, as well as equations that summarize the marginal, average variable, average fixed, and average total costs of selling fresh drinking water at the kiosk. If consumers were willing to pay $2.25 to purchase each gallon of fresh drinking water, how many units did she have to sell in order to turn a profit? Explain carefully.
Chapter 8 12. You are the manager of a small U.S. firm that sells nails in a competitive U.S. market (the nails you sell are a standardized commodity; stores view your nails as identical to those available from hundreds of other firms). You are concerned about two events you recently learned about through trade publications: (1) the overall market supply of nails will decrease by 2 percent, due to exit by foreign competitors; and (2) due to a growing U.S. economy, the overall market demand for nails will increase by 2 percent. Based on this information, should you plan to increase or decrease your production of nails? Explain.
Chapter 11 12. You are a pricing analyst for QuantCrunch Corporation, a company that recently spent $15,000 to develop a statistical software package. To date, you only have one client. A recent internal study revealed that this client’s demand for your software is Qd = 300 – 0.2P and that it would cost you $1,000 per unit to install and maintain software at this client’s site. The CEO of your company recently asked you to construct a report that compares (1) the profit that results from charging this client a single per-unit price with (2) the profit that results from charging $1,450 for the first 10 units and $1,225 for each additional unit of software purchased. Construct this report, including in it a recommendation that would result in even higher profits.
Chapter 14 5. As the manager of a monopoly, you face potential government regulation. Your inverse demand is P 40 2Q, and your costs are C(Q) 8Q. a. Determine the monopoly price and output. b. Determine the socially efficient price and output. c. What is the maximum amount your firm should be willing to spend
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