The market demand for MP3 player is p = 50 - 0.5Q, and the marginal cost for Nick to obtain and sell a MP3 player is 10.
If he receives 12 for each MP3 player he sells from the store owner and the store owner controls the quantity of MP3's available for sale, then A) 40 MP3 players will be sold.
B) joint profit is 798.
C) joint profit will be maximized.
D) Nick will sell as many as he can.
Question 2
The market demand for MP3 player is p = 50 - 0.5Q, and the marginal cost for Nick to obtain and sell a MP3 player is 10. If he signed a fixed-fee rental contract with the store owner and pays 1000 as the rent,
A) Nick will sell 20 MP3 players.
B) Nick will sell 40 MP3 players.
C) Nick will sell 50 MP3 players.
D) Nick will not sign the contract.
A graphical representation of the marginal value theorem.
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