Any one-off or all price discrimination, bundling and two-part tariffs are not strategies applied by business firms to capture consumer surplus
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- U.S. pharmaceutical companies charge different prices for prescription drugs to buyers in different nations, depending on elasticity of demand and government-imposed price ceilings. Explain why these companies, for profit reasons, oppose laws allowing re-importation of drugs to the United States.U.S. pharmaceutical companies charge different prices for prescription drugs to buyers in different nations, depending on elasticity of demand and government-imposed price ceilings. Explain why these companies, for profit reasons, oppose laws allowing reimportation of their drugs back into the United States.Would producer surplus with second-degree price discrimination not below a single price.
- Airlines primarily use ___ price discrimination.There are two movie theaters in the town of Harkinsville: Modern Multiplex (Firm 1) and Galaxy (Firm 2). The demands for each firm are: Q1 = 125 – 3.5P1 + 2P2 and Q2 = 125 – 3.5P2 + 2P1, where quantities are measured in hundreds of moviegoers. Costs per customer are: $4 for Firm 1 and $3 for Firm 2. Instructions: Use no decimals. Use the average cost to calculate monopoly profits. Do not round if values are used to complete other calculations. Use commas (30,000 instead of 30000) Complete the following table. P1 P2 Q1 Q2 Profits F1 Profits F2 Firm 1 colludes, Firm 2 cheats w/ QDC 2,824 Firm 1 colludes, Firm 2 cheats w/ QBRFThere are two movie theaters in the town of Harkinsville: Modern Multiplex (Firm 1) and Galaxy (Firm 2). The demands for each firm are: Q1 = 125 – 3.5P1 + 2P2 and Q2 = 125 – 3.5P2 + 2P1, where quantities are measured in hundreds of moviegoers. Costs per customer are: $4 for Firm 1 and $3 for Firm 2. Instructions: Use no decimals. Use the average cost to calculate monopoly profits. Do not round if values are used to complete other calculations. Use commas (30,000 instead of 30000) Complete the following table. P1 P2 Q1 Q2 Profits F1 Profits F2 Duopoly competition 2,059 Collusion 2,360
- Economics Consider the following cost function faced by the monopolist: TC(q)= 2q2+20q+10. The demand faced by the monopolist is the following: p(q)=200-10q, where q denotes quantity and p denotes price. Find the price and quantity that maximizes profit of the monopolist. If the monopolist becomes a perfectly price discriminating monopolist, calculate the Consumer Surplus and Producer Surplus.Each consumer has the following demand for annual visits to Planet Fitness: Q = 200 - P (or P = 200 - Q), where Q is the number of visits to Planet Fitness per year and P is the price per visit. In western Maryland, Planet Fitness has a monopoly on the gym market in the area. If the marginal cost of serving each customer is $10 per visit, what is the optimal two-part tariff that Planet Fitness could charge each customer? Annual fee = $18,050; P = $0 for each visit. Annual fee = $20,000; P = $0 for each visit. Annual fee = $18,050; P = $10 for each visit. Annual fee = $20,000; P = $10 for each visit.A single price monopolist has a cost function of c(Q) = 10 + Q, where Q is output. It faces the following demand curve: Q°(p) = 0, if p > 24 and Q°(p) = 120/p, if p s 24. What is the profit-maximizing choice of output? The profit maximizing choice of output is = At this optimum level of output, calculate the consumer surplus. In addition, by drawing a graph, show the area representing the producer surplus (label it by PS) and the area representing the deadweight loss (label it by DWL). Calculate the values of producer surplus and deadweight loss.
- The following graph gives the demand (D) curve for water services in the fictional town of Streamship Springs. The graph also shows the marginal revenue (MR) curve, the marginal cost (MC) curve, and the average total cost (ATC) curve for the local water company, a natural monopolist. On the following graph, use the black point (plus symbol) to indicate the profit-maximizing price and quantity for this natural monopolist. ? PRICE (Dollars per hundred cubic feet) 40 36 32 28 24 20 16 opoly analysis 12 B 1 2 3 7 A QUANTITY (Hundreds of cubic feet) MR 4 ATC -MC- 0 10 D Monopoly OutcomeThe following graph gives the demand (D) curve for water services in the fictional town of Streamship Springs. The graph also shows the marginal revenue (MR) curve, the marginal cost (MC) curve, and the average total cost (ATC) curve for the local water company, a natural monopolist. On the following graph, use the black point (plus symbol) to indicate the profit-maximizing price and quantity for this natural monopolist. ? PRICE (Dollars per hundred cubic feet) 40 36 32 28 24 20 16 12 8 4 0 +↓ 0 + 1 MR 8 3 4 5 6 7 QUANTITY (Hundreds of cubic feet) True 2 ATC False 9 10 D Which of the following statements are true about this natural monopoly? Check all that apply. Monopoly Outcome In order for a monopoly to exist in this case, the government must have intervened and created it. The water company is experiencing diseconomies of scale. The water company is experiencing economies of scale. The water company must own a scarce resource. True or False: Without government regulation, natural…The following graph gives the demand (D) curve for water services in the fictional town of Streamship Springs. The graph also shows the marginal revenue (MR) curve, the marginal cost (MC) curve, and the average total cost (ATC) curve for the local water company, a natural monopolist. On the following graph, use the black point (plus symbol) to indicate the profit-maximizing price and quantity for this natural monopolist. ? PRICE (Dollars per hundred cubic feet) 40 36 32 28 24 20 16 12 4 0 0 1 2 3 5 6 7 8 QUANTITY (Hundreds of cubic feet) MR 4 True ATC MC O False 9 10 D The water company is experiencing economies of scale. Which of the following statements are true about this natural monopoly? Check all that apply. + Monopoly Outcome The water company must own a scarce resource. It is more efficient on the cost side for one producer to exist in this market rather than a large number of producers. In order for a monopoly to exist in this case, the government must have intervened and…