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- 1. There are two brands of cigarettes X, Y. The demand for each is as follows: Qx = 80 - 2p Qy = 60 - 0.5p Assume that the marginal cost of producing cigarette X is $10, the marginal cost of producing cigarette Y is $8, and that the market for both cigarettes is perfectly competitive. Assume that each pack of cigarette X smoked does $5 worth of health damage to the smoker, and a total of $4 worth of health damage to the smoker’s neighbors via second-hand smoke. Each pack of cigarette Y smoked does $6 worth of health damage to the smoker, and $5 health damage to the smoker’s neighbors. (a) Plot the private demand curve and private supply curve for both cigarettes on separate axes. (b) What is the privately efficient quantity demand of both cigarettes? (c) Add the public supply curves to the graphs you plot in (a). (d) What is the socially efficient quantity demand of both cigarettes?2. There are two brands of cigarettes X, Y. The demand for each is as follows: Qx = 80 – 2p Qy = 60 – 0.5p Assume that the marginal cost of producing cigarette X is $10, the marginal cost of producing cigarette Y is $8, and that the market for both cigarettes is perfectly competitive. Assume that each pack of cigarette X smoked does $5 worth of health damage to the smoker, and a total of $4 worth of health damage to the smoker's neighbors via second-hand smoke. Each pack of cigarette Y smoked does $6 worth of health damage to the smoker, and $5 health damage to the smoker's neighbors. (a) Plot the private demand curve and private supply curve for both cigarettes on separate axes. (b) What is the privately efficient quantity demand of both cigarettes? (c) Add the public supply curves to the graphs you plot in (a). (d) What is the socially efficient quantity demand of both cigarettes?Determine the implications of market pricing on the following when making e economic decisions. A. Buyer/consumer B. Seller/producer/supplier
- A ....... is defined as being comprised of individuals or organizations that are interested and willing to buy a good or service to obtain benefits that will satisfy a particular need 1. A or want and who have the resources to engage in such a transaction. Select one: O a. market O b. marketing channel O c. firm O d. industry4. Describe the three pricing methods discussed in the textbook (cost-based, demand-based, competition-based).9. Below is the total benefit Kenneth estimates he would get for jars of chocolate-flavored hazelnut butter. Jars Total Benefit (dollars) 1 5 2 9 3 12 4 14 5 15 6 14 7 10 What is Kenneth's optimal quantity consumed if the price of each jar is $4? 1 2 4 5 7 12. What will happen to the market supply curve of gadgets if a new gadget producer enters the market? It will not change. It will become more elastic. There is insufficient data to determine. It will shift right at every price with more output supplied. It will shift left at every price with less output supplied.
- 4 Some online retailers include free shipping while others charge for shipping. In July 2006, bajangles.com offered a Sony 60-inch rear projection TV for $2,968.99 with free shipping, while MB superstore offered the same TV for $2,692.95 with shipping charge of $299.50 to Alaska. (a) Using relevant demand and supply curves, explain whether it matters for consumers if the retailer offers free shipping or charges for shipping. (b) If consumers view bajangles.com and MB superstore as equivalent (in terms of quality of service), how should their prices for the same TV compare? Are the prices consistent with your answer in (a)? (c) If consumers are biased in decision-making by anchoring, how would that affect your answer in (a)?Which is most likely the result of healthy competition in the market?Below is a decision table for Gregor's Tennis School. Director Gregor Anderson is considering expanding his school to accommodate the potential increased interest in youth tennis lessons, camps and teams. The decision table below describes his situation. Alternatives Add a new building Extend hours for existing building Do Nothing Answer Decision Table High Demand 25,000 10,000 0 Step 3 of 3: What would Gregor's decision be if he applied the Maximax strategy? State of Nature Moderate Demand O Add a new building O Do Nothing O Extend hours for existing building 5,000 3,750 0 Low Demand -50,000 -6,000- 0 Tables Keypad Keyboard Shortcuts
- 1. Suppose a firm sells a luxury and a budget version of a good. Why might that firm make the budget version of the good extremely low quality?Suppose that Zimal and Zawaiyar are the only consumers of perfumes in a particular market. The following table shows their annual demand schedules: Price (Per Bottle of Perfume) Zimal’s Quantity Demanded Zawaiyar’s Quantity Demanded Market Supply 100 600 650 250 200 500 550 450 300 400 450 850 400 300 350 1050 500 200 250 1250 600 100 150 1450 Given the following information construct market demand curve and find the market equilibrium.3. Seller 123456 Construct from the information below a diagram of market demand and supply schedules, and the competitive equilibrium price interval. Buyer Unit 1st 103 107 115 127 135 111 Costs 2nd 129 119 123 131 141 131 123456 Unit 1st 149 145 141 137 133 129 Values 2nd 121 117 113 125 109 105
