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In Thailand, a firm named SunFly is planning to monopolize its streaming services. The table below displays SunFly's monthly streaming service pricing as well as the quantity demanded for each pricing.
Price (฿):
- ฿ 130
- ฿ 120
- ฿ 110
- ฿ 100
- ฿ 90
- ฿ 80
- ฿ 70
- ฿ 60
- ฿ 50
Quantity demanded:
- 10,000
- 20,000
- 30,000
- 40,000
- 50,000
- 60,000
- 70,000
- 80,000
- 90,000
a.) Calculate 1.total revenue, 2.average total revenue, 3.marginal revenue, 4.total cost, 5.average total cost, and 6.profit using the information given. (The firm has made a ฿3 million investment in their streaming offerings. In addition, the firm has faced a marginal cost of ฿10 for each streaming service it offers. )
b.) Illustrate (draw) a graph for the marginal-revenue, marginal-cost, and demand curves based on your solution in (a). The marginal revenue and marginal-cost curves intersect at what price and quantity?
The market for lemon has 10 potential consumers, each having an individual demand curve (5%)
P = 101 - 10Qi, where P is price in dollars per cup and Qi is the number of cups demanded per week by the ith consumer.
a. Find the market demand curve using algebra
b. What is the quantity demanded by each consumer and in the market as a whole when lemon is priced at P = $1/cup?
Describe and give some explanations about 2 factors that would cause most companies' labor demand to move, as well as how this would influence equilibrium wages and the value of labor's marginal product.
Illustrate consumer and producer surpluses with demand and supply diagrams and explain how to maximize the total surplus (consumer surplus + producer surplus) at the equilibrium level.
Nimbus, Inc., makes brooms and then sells them to customers. Here is the relationship between the number of workers and Nimbus's output in a given day:
Workers:
- 0 worker
- 1 worker
- 2 workers
- 3 workers
- 4 workers
- 5 workers
- 6 workers
- 7 workers
Output:
- 0 broom
- 20 brooms
- 50 brooms
- 90 brooms
- 120 brooms
- 140 brooms
- 150 brooms
- 155 brooms
a.)Marginal product / b.)Total cost / c.)Average Total cost / d.)Marginal cost:
- ?
- ?
- ?
- ?
- ？
- ？
- ？
- ？
Calculate:
a.） Find the marginal products of 1 to 8.
b.） A worker costs $100 a day, and the firm has fixed costs of $200. Use this information to find 1to 8 for total cost.
c.） Find 1 to 8 for average total cost.
d.） Now find 1 to 8 for marginal cost.
e） Calculate the output level at minimum average total cost for Nimbus.
f) Create Nimbus's marginal cost and average total cost curves. Use the above cost curve to explain diminishing marginal product and explain when Nimbus experiences diminishing marginal product.
The average total cost (ATC) curve of a business varies/curve with the time frame. Give some explainations and reasons for the difference between short and long-term ATC curves and how firms can be identified as economies of scale, constant returns of scale and diseconomies of scale.
Give five (5) characteristics of a monopolistic market.
In Thailand, a firm named SunFly is planning to monopolize its streaming services. The firm has made a ฿3 million investment in their streaming offerings. In addition, the firm has faced a marginal cost of ฿10 for each streaming service it offers. The table below displays SunFly's monthly streaming service pricing as well as the quantity demanded for each pricing.
Price (฿):
- ฿ 130
- ฿ 120
- ฿ 110
- ฿ 100
- ฿ 90
- ฿ 80
- ฿ 70
- ฿ 60
- ฿ 50
Quantity demanded:
- 10,000
- 20,000
- 30,000
- 40,000
- 50,000
- 60,000
- 70,000
- 80,000
- 90,000
a.) Calculate total revenue, marginal revenue, total cost, and profit using the information given. What amount should a monopolistic business charge in order to maximize profits?
b.) Illustrate (draw) a graph for the marginal-revenue, marginal-cost, and demand curves based on your solution in (a). The marginal revenue and marginal-cost curves intersect at what price and quantity? Furthemore, give some explainations of your graph.
