ECON 2030 Study Guide - Price Discrimination, Market Failure, Free Rider Problem
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9.
value:
10.00 points
A population consists of the following five values: 9, 11, 12, 14, and 18. |
a. | List all samples of size 3, and compute the mean of each sample. (Round your mean value to 2 decimal places.) |
Sample | Values Sum Mean | ||
1 | (Click to select)9, 11, 129, 12, 149, 12, 189, 14, 18 | ||
2 | (Click to select)9, 11, 149, 11, 129, 11, 189, 12, 14 | ||
3 | (Click to select)9, 11, 189, 11, 129, 11, 149, 12, 14 | ||
4 | (Click to select)9, 12, 1411, 12, 149, 11, 1411, 14, 18 | ||
5 | (Click to select)9, 12, 189, 11, 129, 11, 149, 11, 18 | ||
6 | (Click to select)9, 14, 189, 11, 129, 11, 149, 11, 18 | ||
7 | (Click to select)11, 12, 149, 11, 1211, 9, 149, 11, 18 | ||
8 | (Click to select)11, 12, 1811, 12, 1411, 12, 911, 9, 12 | ||
9 | (Click to select)11, 14, 1811, 14, 1211, 9, 1411, 9, 12 | ||
10 | (Click to select)12, 14, 1812, 14, 912, 14, 1112, 9, 14 | ||
For the question above please give me the Sum , Mean for each row starting with 1 through 10. ____ ______ |
b. | Compute the mean of the distribution of sample means and the population mean. (Round your answers to 2 decimal places.) |
Sample means________ | |
Population mean_______ | |
An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows:
The marginal operating cost of each unit of quantity is $5. Because marginal cost is a constant, so is an average variable cost. Ignore fixed costs. The owners of the amusement part want to maximize profits.
Price ($) |
Quantity |
|
Adults |
Children |
|
5 |
15 |
20 |
6 |
14 |
18 |
7 |
13 |
16 |
8 |
12 |
14 |
9 |
11 |
12 |
10 |
10 |
10 |
11 |
9 |
8 |
12 |
8 |
6 |
13 |
7 |
4 |
14 |
6 |
2 |
Calculate the price, quantity, and profit if: The amusement park charges a different price in the adult market
Please express your answers for Price and Profit in whole dollars (i.e.10.00)
Please use whole numbers for Quantity (i.e. 10, 27, 4)
Price |
Quantity |
Total Revenue |
Marginal Revenue |
Marginal Cost |
Total Cost |
MR-MC |
Profit |
Ā |
6 |
84 |
Ā |
5 |
30 |
Ā |
34 |
13 |
Ā |
91 |
7 |
5 |
35 |
2 |
56 |
12 |
8 |
96 |
5 |
5 |
40 |
0 |
Ā |
Ā |
9 |
99 |
3 |
5 |
45 |
-2 |
54 |
10 |
Ā |
100 |
1 |
5 |
50 |
-4 |
50 |
9 |
11 |
99 |
-1 |
5 |
55 |
-6 |
Ā |
Ā |
12 |
96 |
-3 |
5 |
60 |
-8 |
36 |
7 |
Ā |
91 |
-5 |
5 |
65 |
-10 |
26 |
6 |
14 |
84 |
-7 |
5 |
70 |
-12 |
Ā |
5 |
15 |
75 |
-9 |
5 |
75 |
-14 |
0 |
Table 14-12.
COSTS |
REVENUES |
|||||
Quantity |
Total |
Marginal |
Quantity |
|
Total |
Marginal |
0 |
$0 |
-- |
0 |
$80 |
Ā |
-- |
1 |
$50 |
Ā |
1 |
$80 |
Ā | Ā |
2 |
$102 |
Ā |
2 |
$80 |
Ā | Ā |
3 |
$157 |
Ā |
3 |
$80 |
Ā | Ā |
4 |
$217 |
Ā |
4 |
$80 |
Ā | Ā |
5 |
$285 |
Ā |
5 |
$80 |
Ā | Ā |
6 |
$365 |
Ā |
6 |
$80 |
Ā | Ā |
7 |
$462 |
Ā |
7 |
$80 |
Ā | Ā |
8 |
$582 |
Ā |
8 |
$80 |
Ā | Ā |
Ā
Refer to Table 14-12. At what quantity does Bill maximize profits?
a. 7
b. 8
c. 3
d. 6
Ā