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Author Question: A recent medical study reports new benefits of cycling. Simultaneously, the price of the parts ... (Read 130 times)

crobinson2013

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on: Jul 1, 2018
A recent medical study reports new benefits of cycling. Simultaneously, the price of the parts needed to make bikes falls. If the change in supply is greater than the change in demand, the price will _________ and the quantity will _________.
 a. Rise, rise
  b. Rise, fall
  c. Fall, rise
 d. Fall, fall

Question 2

Half of all your potential customers would pay 10 for your product but the other half would only pay 8 . You cannot tell them apart. Your marginal costs are 4 . If you set the price at 8, the expected profit is:
 a. 3
  b. 4
  c. 5
  d. 6


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kristenb95

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Reply #1 on: Jul 1, 2018
Answer to Question 1

c

Answer to Question 2

b


crobinson2013

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Reply #2 on: Jul 1, 2018
Correct answers!


kristenb95

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Reply #3 on: Jul 1, 2018
Great! Please up vote :D


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