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Georgia [21]
3 years ago
10

Suppose all individuals are identical, and their monthly demand for Internet access from a certain leading provider can be repre

sented as p = 5 - (1/2)q where p is price in $ per hour and q is hours per month. The firm faces a constant marginal cost of $1. Potential consumer surplus equals
a. $16.
b. $4.
c. $8.
d. $32

Business
1 answer:
Brilliant_brown [7]3 years ago
6 0

Answer:

a. $16.

Explanation:

the firm offer a price where marginal revenue = marginal cost

We have to solve at which quantity the price is $1.

There, the marginal revenue would match the marginal cost.

1 = 5 - 0.5q

q= (5 -1) /0.5 = 4/0.5 = 8

Now, we solve or the price at which quantity is zero:

p = 5 - 0.5(q) = 5 - 0 = 5

With that we can now solve for the consumer good as the area of the triangle above the marginal cost and below the demand function

(see attached graph)

8 x (5-1) / 2 = 16

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Answer:

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Explanation:

A true business opportunity;

  1. is attractive, must have high profit expectations.
  2. must be durable, should last at least a few years, not only a one time event.
  3. must present itself at the right moment and time. Sometimes great ideas are left behind because they are too disruptive, e.g. the Nash Rambler built in 1950 was the first compact car but wasn't very successful. Japanese compact cars became successful in the 1970s.
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A city government uses eminent domain to seize property for a new public high school complex. Which of the following statements
Evgesh-ka [11]

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