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Question: please solve the above questions...

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Attempts: 0.8 Keep the Highest: 0.871 8. Substitutes, complements, or unrelated? You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: penguin patties, frizzles, and mookies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: when the price of penguin patties increases by 5%, the quantity of frizzies sold increases by 5% and the quantity of mookies sold decreases by 4% Your ob is to use the cros price stiat et een pengum ates and the sche goods to determine which goods your marketing firm should advertise together. Complete the first column of the following table by computing the cross-price elasticity between penguin patties and frizzles, and then between penguin patties and mookies. In the second column, determine if penguin patties are a complement to or a substitute for each of the goods listed. Finally, complete the final column by indicating which good you should recommend marketing with penguin patties Relative to Penguin Patties Cross-Price Elasticity of Demand Complement or Substitute Recommend Marketing with Penguin Patties Frizzles Mookies Grade It Now Save & Continuc Continue without saving

The following graph shows the monthly demand and supply curves in the market for shirts. use the graph nput tool to help you answer the folowing questions. Enter an amount unto the Prioe fheld to see the quuantity demanded and quanbty suppoed at that price. You wi not be graded on any changes you make t this graph Graph Input Tool Market for Shirts l Price 24 (Dovlers per shirt) 500 Quaratity Suppied 50 100 150 200 250 200 30 400 450 550 QUANTITY IShirts) The equllbium price in this market is per shirt, and the eauililium quantty shirts bough and sold per month per shirt, and the equilibrium quantity is shirts bought and sold per month Complete the following table by indicating at each price whether there is à shortage or somzs in the makes trhe amount of tha: shortage o surplis and whether this places upward or downward pressuré on prices. makes, tne aoun of th ortae or surpus Shortage or Surplus Amount (Shirts) Price (Dollars per shirt) Shortage or Surplus

Douglas Fur ts asmall manufacturer of fake fur boots in Detroit. The folowing table shews the comeanys total cest of production at varicus production quantbes. Fir in the remaining cels of the fokowing table Quantily Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Pains)(Dallans) Dollars) (Dollars per pair) (Dollars per pair) On the following graph, pot Douplas Furs average tetad cost (ATC) uve using the seeen points triangle symbol) Wast plat its arage vanabe east (AVC) curve using tht purple peints (amend symbo Fnaly, plot itr marginal cost (C) ee ung e ge pnts fesule yre one ATC and AvC pice the paints on the ineger for sxample, the ATC of preducing ene pair of boets s200, 0 pou ahauld start yeur ATC c B placn9』grun pome at (1, 200) For Mer plot tha Dents between the magert. For eample, the Me nereaang ansehen (om sen, ne ose ear of boots x $80, zo you ahould start your MC eueve by piacing an orange aquare at (0.5, 82)) Note: set your sonts i, th, arder in which you would like them conected. Line segment, wit correct th·ponts autemareaty. OF OUTPUT Pars of soo

Back to Assignment Attempts: Keep the Highest: /2 1. Definition of economic costs Musashi lives in Chicago and runs a business that sells boats. In an average year, he receives $842,000 from selling boats. Of this sales revenue, he must pay the manufacturer a wholesale cost of $452,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $38,000 in rent per year. Alume that the value of this showroom does not depreciate over the year. Also, if Musashi does not operate this boat business, he can work as an accountant, receive an annual salary of $48,000 with no additional monetary costs, and rent out his showroom at the $38,000 per year rate. No other costs are incurred in running this boat business. Identify each of Musashis costs in the following table as either an implicit cost or an explicit cost of selling boats. Implicit Cost Explicit Cost The rental income Musashi could receive if he chose to rent out his showroom The salary Musashi could earn if he worked as an accountant The wholesale cost for the boats that Musashi pays the manufacturer The wages and utility bills that Musashi pays Complete the following table by determining Musashis accounting and economic profit of his boat business Profit (Dollars) Accounting Profit Economic Profit

1. Characteristics of competitive markets The model of competitive markets relies on these three core assumptions: 1. There must be many buyers and sellers-a few players cant dominate the market 2. Firms must produce an identical product-buyers must regard all sellers products as equivalent 3. Firms and resources must be fully mobile, allowing free entry into and exit from the industry. The first two conditions imply that all consumers and firms are price takers. While the third is not necessary for price-taking behavior, assume for this problem that a market cannot maintain competition in the long run without free entry Identilfy whether or not each of the folowing scenarios describes a competitive market, along with the correct explanation of why or why not. Scenario In à major metropolitan area, one chain of coffee shops has gained a large market share because customers feel its coffee tastes better than that of its competitors. Scholastik Inc Competitive? owns the U.s. copyright to a popular book series. It is the only company with the legal right to publish books in the series in the United States In a small town, there are two providers of broadband Internet access: a cable company and the phone company. The Internet access offered by both providers is of the same speed. Dozens of companies produce plain white socks. Consumers regard plain white socks as identical and dont care who manufactures their socks.

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