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Bill's demand for hamburgers (a private good) is Q = 21 - 6P and Ted’s demand is Q = 6 - 3P.

a. Write down an equation for market demand for hamburgers.

b. Now suppose that hamburgers are a public good. Write down an equation for the social marginal benefit of hamburger consumption.

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Yusra Anees
Yusra AneesLv10
28 Sep 2019

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Related questions

In the data shown in the table below, Q is the total number of hamburgers sold, P is the average price charged for a hamburger, A is the dollar amount spent on newspaper ads for each week. Assume that household income and population did not change during this period. Using the data in Table 1,

1. Specify a linear functional form for the demand for hamburgers.

2. Using Excel (or other statistical software), run a regression to estimate the demand for hamburgers (Attach your output from the regression). and

3. Write your estimated demand equation for hamburgers.





week Q P A week Q P A

1 51,345 2.78 4,280 27 78,953 2.27 21,225

2 50,337 2.35 3,875 28 52,875 3.78 7,580

3 86,732 3.22 12,360 29 81,263 3.95 4,175

4 118,117 1.85 19,250 30 67,260 3.52 4,365

5 48,024 2.65 6,450 31 83,323 3.45 12,250

6 97,375 2.95 8,750 32 68,322 3.92 11,850

7 75,751 2.86 9,600 33 71,925 4.05 14,360

8 78,797 3.35 9,600 34 29,372 4.01 9,540

9 59,856 3.45 9,600 35 21,710 3.68 7,250

10 23,696 3.25 6,250 36 37,833 3.62 4,280

11 61,385 3.21 4,780 37 41,154 3.57 13,800

12 63,750 3.02 6,770 38 50,925 3.65 15,300

13 60,996 3.16 6,325 39 57,657 3.89 5,250

14 84,276 2.95 9,655 40 52,036 3.86 7,650

15 54,222 2.65 10,450 41 58,677 3.95 6,650

16 58,131 3.24 9,750 42 73,902 3.91 9,850

17 55,398 3.55 11,500 43 55,327 3.88 8,350

18 69,943 3.75 8,975 44 16,262 4.12 10,250

19 79,785 3.85 8,975 45 38,348 3.94 16,450

20 38,892 3.76 6,755 46 29,810 4.15 13,200

21 43,240 3.65 5,500 47 69,613 4.12 14,600

22 52,078 3.58 4,365 48 45,822 4.16 13,250

23 11,321 3.78 9,525 49 43,207 4.00 18,450

24 73,113 3.75 18,600 50 81,998 3.93 16,500

25 79,988 3.22 14,450 51 46,756 3.89 6,500

26 98,311 3.42 15,500 52 34,592 3.83 5,650


Assume you have the following demand function from above: Q = 100,000

Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the two goods that each country can produce in one day are presented in the table below.

United States

Mexico

Hamburgers​ (in tons)

Tacos​ (in tons)

Hamburgers​ (in tons)

Tacos​ (in tons)

0

3636

0

3030

2020

2424

44

2020

4040

1212

88

1010

6060

0

1212

0

Which country has an absolute advantage in producing​ tacos?  

The United States

.

Which country has a comparative advantage in producing​ tacos?  

Mexico

.

Suppose the United States is currently producing

4040

tons of hamburgers and

1212

tons of tacos and Mexico is currently producing

88

tons of hamburgers and

1010

tons of tacos. If the United States and Mexico each specialize in producing only one good​ (the good for which each has a comparative​ advantage), then a total of

nothing

additional​ ton(s) of hamburgers can be produced for the two countries combined ​(enter a numeric response using an​ integer

Suppose that a small town has seven burger shops whose respective shares of the local hamburger market are (as percent- ages of all hamburgers sold):23 percent, 22 percent, 18 percent, 12 percent, 11 percent, 8 percent, and 6 percent.

What is the four-firm concentration ratio of the hamburger industry in this town?

What is the Herfindahl index for the hamburger industry in this town?

If the top three sellers combined to form a single firm, what would happen to the four-firm concentration ratio and to the Herfindahl index?

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