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Posted: October 19th, 2023
A buyerâs RP for a total of q copies of Moby Dick is given by 10q-(q^2/2)
Problem 1. A buyerâs RP for a total of q copies of Moby Dick is given by 10q-(q^2/2)For
example, the RP for one copy of the Moby Dick is $9.5, the RP for 2
copies of the Moby Dick is $18. If copies of Moby Dick are sold at $4 a
copy, how many (whole) copies should the buyer purchase to maximize his
consumer surplus? Problem 2 You face a market of 30,000 buyers
divided into 2 segments (A and B). From each segment you have picked a
random sample and offered them a price. Here are the results.1.
Segment A: A random sample of 1000 from a population of 10,000 was
offered a price of $20. Of the sample, 200 indicated they would buy at
this price and the remainder said they would not.2. Segment B: A
random sample of 15,000 from a population of 20,000 was offered a
price of $60. Of the sample 4,000 indicated they would buy at this price
and the remainder said they would not.The unit cost of
production is $15. Is there sufficient data to determine profit
maximizing price? If not, in what way is the data deficient? Reasons
specific to the problem rather than generic are preferred.Problem 3. You are the monopoly supplier of laptops to a market consisting of four segments:A,
B, C and D. Individuals within a segment share the same RP for laptops.
The RPs of each segment and their fraction of the market are shown in
the table below:Segment A B C DProportion 25% 25% 30% 20%RP $800 $950 $1100 $1500Draw the demand curve for your product (market share vs. price). If a segment is indifferentbetween buying and not buying, assume they will buy.Now suppose there is a competitor supplying its own laptop at a price of $1100. The RPof each segment for the competitorâs laptop are $1000, $1200, $1500 and $1350 respectively.Draw the demand curve for your product in this case. In this case if at a particular pair ofprices a segment is indifferent between brands, assume that half the segment buy one brandand the other half of the segment purchase the other brand.
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