This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: You and your friend go out shopping for television sets for your respective apartments. You find the ... (Read 17 times)

schs14

  • Hero Member
  • *****
  • Posts: 569
on: Jun 30, 2018
You and your friend go out shopping for television sets for your respective apartments. You find the one you want to buy and pay extra money to have it delivered during the weekend. Your friend is unwilling to pay extra and will wait for the television to be delivered as per the store's usual practice. Which of the following conclusions can be drawn from this information?
 a. You have a higher price elasticity of demand for the TV than your friend.
  b. Your opportunity cost of time is higher and than your friend's.
  c. Your friend's opportunity cost of time is higher than your's.
  d. Both of you have the same price elasticity of demand for the TV.

Question 2

Suppose you inherit the only spring of mineral water in an area and want to maximize profits from this costless product. You would ask your customers to bring their containers with them and:
 a. charge them the highest price possible to sell some output.
  b. charge them the lowest price possible to sell as much as you can.
  c. ask them how much they would like to pay and accept it.
  d. charge the price at which MR is zero.
  e. charge the price at which MR is maximum.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

ju

  • Sr. Member
  • ****
  • Posts: 325
Reply #1 on: Jun 30, 2018
Answer to Question 1

B

Answer to Question 2

d


schs14

  • Member
  • Posts: 569
Reply 2 on: Jun 30, 2018
:D TYSM

amit

  • Member
  • Posts: 364
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Did you know?

In the United States, there is a birth every 8 seconds, according to the U.S. Census Bureau's Population Clock.

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

Human neurons are so small that they require a microscope in order to be seen. However, some neurons can be up to 3 feet long, such as those that extend from the spinal cord to the toes.

Did you know?

Eating food that has been cooked with poppy seeds may cause you to fail a drug screening test, because the seeds contain enough opiate alkaloids to register as a positive.

Staff members often find it difficult to communicate with other coworkers. Staff members often find it difficult to communicate with other coworkers.
Because of immature visual-motor coordination, young children find it hard to throw and catch small ... Because of immature visual-motor coordination, young children find it hard to throw and catch small ...
Associate’s degrees or vocational degrees can help individuals find rewarding and productive ... Associate’s degrees or vocational degrees can help individuals find rewarding and productive ...
How to find derivatives of reciprocal trigonometric functions How to find derivatives of reciprocal trigonometric functions
Find the derivative of g(z) = 4z^7 - 3z^-7 + 9z Find the derivative of g(z) = 4z^7 - 3z^-7 + 9z
Find derivative using product rule Find derivative using product rule
Video: Regulation of GFR: autoregulation via myogenic mechanism Myogenic mechanism

For a complete list of videos, visit our video library