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Suppose there are ten firms in the wiffleball market

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Subject: Economics
Due on: 11/14/2017
Posted On: 11/14/2017 11:03 AM

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28. Suppose there are ten firms in the wiffleball market, in which the market demand elasticity is -1.1. The elasticity of supply is .9. A single firm in this industry decides that, because there are only 9 competitors, it might be a good idea to increase prices by 1%. Calculate the residual demand elasticity facing a single firm.


29. The price elasticity of demand for umbrella in Drytown is -3, and in Wettown the elasticity is 1.5. A single firm supplies the umbrellas in both towns. If the marginal cost per umbrella is $2.00, how much should the firm charge for umbrellas in Drytown and in Wettown?


30. A monopolist faces two separate demand curves: P1 = 150 - 5Ql, and P2 = 90 - 2Q2. The firm's

marginal cost is constant at 50. Find Q1, Q2, P1, P2.


Tags market wiffleball firms suppose elasticity firm demand single umbrella cost umbrellas wettown drytown marginal market firms supplies towns separate constant curves faces monopolist charge calculate decides competitors industry supply wiffleball good idea residual facing

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