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Intermediate Microeconomics, Problem Set #6 Due Tuesday, May 7, in class.
(1) Determine the “rule of thumb” price when the monopolist has a marginal cost of $25 and the price elasticity of demand is -3.0.
(2) A firm’s demand curve is given by P=500-2Q. The firm’s current price is $300 and it sells 100 units of output per week. (a) Calculate the firm’s marginal revenue at the current price and quantity using the expression for marginal revenue that utilizes the price elasticity of demand. (b) Assuming that the firm’s marginal cost is zero, is the firm maximizing profit?
(3) A price discriminating monopolist produces two products that exhibit the following price elasticities of demand: E1= - 2.2 and E2= -3.0. For good one (G1) he will charge a price of P1=$12. What should he charge for good 2? (4) The following payoff matric displays the profit and losses for company 1 and 2 given its own action and those of it’s opponent. Each company can either pursue strategy A, B, or C. Does anybody can have a dominant strategy? Explain. FIRM 2 A B C
FIRM 1 A -10,-10 0,10 10,20 B 10,0 -20,-20 -5,-15 C 20,10 15,-5 -30,-30
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