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(10 points) The Zinger Company manufactures and sells a line of sewing machines. Demand per period (Q) for a particular model is given by the following relationship:Q = 200 – .5Pwhere P is price. Total costs (including a “normal” return to the owners) of producing Q units per period are:TC = 20,000 + 50Q + 3Q2(a)Express total profits () in terms of Q. This should be an equation. (3 Points)What are total profits at this output level? (3 Points)10.(10 points) Consolidated Salt Company sells table salt to both retail grocery chains and commercial users (e.g., bakeries, snack food makers, etc.). The demand function for each of these markets is:Retail grocery chains:P1 = 180 – 8Q1Commercial users:P2 = 100 – 4Q2where P1 and P2 are the prices charged and Q1 and Q2 are the quantities sold in the respective markets. Consolidated’s total cost function (which includes a “normal” return to the owners) for salt is:TC = 20(Q1 + Q2)(a)Determine Consolidated’s total profit function. (4 Points)(b)Assuming that Consolidated is effectively able to charge different prices in the two markets, what are the profit-maximizing price and output levels for the product in the two markets? What is Consolidated’s total profit under this condition? (Total of 3 Points)(c)Assuming that Consolidated is required to charge the same price in each market, what are the profit-maximizing price and output levels? What is Consolidated’s total profit under this condition? (Total of 3 Points)11.(6 Points) Two Hospitals are reviewing their market plans. They have to decide which types of specialties they will offer. They recognize that the competing hospital’s actions will affect their business. As a result, each hospital has developed the following matrix provided the available market information.The following matrix depicts the payoffs to these two stores, when they develop different combination of appeals toward different specialties. This is an oligopoly market with full information.Hospital 2General MRISports MedicineHeart Transplant= 2 = 2 = 1Hospital 1= 3 = 4 = 2= 2 = 3 = 0a.Given the attached matrix, which choice would each Firm make? (6 Points)12.(9 points) The following payoff matrix represents the long-run payoffs for two duopolists faced with the option of buying or leasing buildings to use for production. Determine whether any dominant strategies exist and whether or not there is a Nash equilibrium. In any case, what is the logical solution and why?Firm 1Lease BuildingBuy BuildingLeaseF1 = 500F1 = 750Firm 2F2 = 500F2 = 400BuyF1 = 300F1 = 600F2 = 600F2 = 20013.(12 Points) You have an exclusive contract with Major League Baseball to manufacture Dodgers baseball jerseys and sell them in two markets: Los Angeles and Brooklyn. You produce all the jerseys in a single factory located in Seattle. Your total cost function associated with producing the baseball jerseys is c(Q)=Q2+400 where q is the total amount of jerseys you produce. The inverse demand function for your jerseys in Los Angeles is PLA(QLA)=60-QLA where qLA is the quantity of jerseys sold in Los Angeles. The inverse demand function in Brooklyn is PB(QB)=40-2QB. Assume there is no transportation costs. How many baseball jerseys will you sell in Los Angeles and how many in Brooklyn? What will be the price of your jersey in Los Angeles and what will be the price in Brooklyn? What will be your total profits?14.(12 Points) Suppose There are three farmers (Farmer A and Farmer B and Farmer C). The current zoning allows the land to be used for any purpose. Farmer A has chosen Pig Farming. A Pig Farm will earn $50,000 profit, every year, forever.a.Assume the interest rate is 8% per year. Using a present value equation– (PV = Y/(1+r)nWhat is the Pig Farm worth? You must make some investment assumptions—please state your assumptions. (4 Points)b.Suppose the next best use of Farmer A’s property is residential, where it could earn $20,000 per year. What is the minimum one-time payment Farmer A would accept to agree to restrict his land for residential use forever? (4 Points)c.Why would Farmer B agree to pay 60% of this cost (from question 14-b) and Farmer C would only pay 40%? (4 Points)Please answer either question 15 or question 16. If you answer both, I will only grade question 15.15.(12 Points) Consider a manufacturer with two factories. They can produce at either factory or both. However, we need to consider the quantities that will be produced at each factory. The firm can sell its products in Milwaukee and Madison.The firms production cost is C= .5q2 +500 where q is the number of items produced.If the firm sells its products in Milwaukee, the transportation cost is zero. However, if it sells its products in Madison, the transportation cost is $6 per item.The inverse demand function in Milwaukee is p(q) = 60 – qMilwaukeeMadison is a competitive market where p=$30a.How many items (q) will the firm sell in Milwaukee? (2 Points)b.What is the Marginal Revenue in Milwaukee? (2 Points)c.What is the Price in Milwaukee? (4 Points)d.What is the firm’s total profit? (2 Points)e.Is this a case of First, Second, or Third Degree Price Discrimination? (2 Points)16.(12 Points)a. Define price discrimination and briefly explain three factors which are necessary for a firm to successfully practice price discrimination. (4 Points) b.I recently flew to California and was offered a Sub Sandwich by the Flight Attendant for $10? Argue that this price represents price discrimination. (4 Points)c.The average dry cleaning company in Milwaukee $1.85 to clean and press a man’s shirt, but $7.70 to clean and press a woman’s blouse. Is this price discrimination? Argue for and against. (4 Points)Answer either question 17 or 18—if you answer both, I will only grade question 1717.(10 Points) Using the following table, consider the following: This firm rents its capital for $75 per hour. Its output (Q) is in terms of output per hour. The firm pays its employees $15 per hour.CapitalLaborOutputMarginalValue of theProduct of Marginal ProductCapitalof CapitalKLQMP of KVMP of K02001205050$10022015010020032030042040052045062047572047582045092040010203001120150a.Complete the table for the MP or K and the Value of the Marginal Product of K. (4 Points)b.At what point does the firm produce (how many pieces of capital does it rent)? (4 Points)c.What profit does this efficient firm make? (2 Points)18.(10 Points) A monopolist sells in both Milwaukee and Cleveland and has identical marginal costs of 8 in each market. If the elasticity of demand in Milwaukee is -5 and in Cleveland is -2 what are the profit-maximizing prices in each market? If the product can be easily shipped from one city to the other at a cost of 2 per unit, would this change your answer?

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