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4 years ago

Locate the values of SSE, s2, and s on the printout below.

Business

1 answer:

mylen [45]4 years ago

7 0

Answer:

SSE = 1678.115; s2 = 139.843; s = 11.826

Explanation:

Consider the following formulas:

SSE: This value provides a measure of how well the line of best fit approximates the data set.

S^2: The variance is mathematically defined as the average of the squared differences from the mean

S: is the expectation of the squared deviation of a random variable from its mean.

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Other things equal, if more firms enter a monopolistically competitive industry:

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Answer:

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2 years ago

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3 years ago

Read 2 more answers

Suppose a firm has two types of customers but cannot tell which type of buyer the customer is before a purchase is made. If the

scoundrel [369]

Complete Question:

Suppose a firm has two types of customers but cannot tell which type of buyer a customer is before a purchase is made. One group of customers has an inverse demand of P = 100 – 10Q, while another group of customers has an inverse demand curve of P = 110 – 22.5Q. If the firm wanted to use a quantity discount pricing scheme, what prices should it set? Assume that the marginal cost of production is constant at $20.

A) The firm could charge $65 per unit for any quantity purchased or $60 per unit if buying 4 or more units.

B) The firm could charge $50 per unit for any quantity purchased or $40 per unit if buying 8 or more units.

C) The firm could charge $25 per unit for any quantity purchased or $20 per unit if buying 2 or more units.

D) The firm could charge $85 per unit for any quantity purchased or $75 per unit if buying 6 or more units.

Answer:

Option A. The firm could charge $65 per unit for any quantity purchased or $60 per unit if buying 4 or more units.

Explanation:

<u>Group One Customers:</u>

We will find the price and quantity by using the following relationship:

Marginal Revenue = Marginal Cost

But the first step would be to calculate marginal revenue.

<u>Step1: Calculate Marginal Revenue</u>

The price and quantity relation of group one customers is given as under:

P = 100 - 10Q

Now we will use total revenue equation which is given as under:

Revenue = Price * Quantity

Here

Price = 100 - 10Q

By putting this in the above equation, we have:

Revenue = (100 - 10Q) * Q

Revenue = 100Q - 10Q^2

Taking derivative on both sides we have:

Marginal Revenue = 100 - 2*10*Q = 100 - 20Q

Now as we know that:

Marginal Revenue = Marginal Cost

Here

Marginal Revenue = 100 - 20Q

Marginal Cost = $20

By putting values, we have:

$100 - 20Q = $20

$100 - $20 = 20Q

Q = $80 / $20 = <u>4 Units</u>

Now putting this value in the price equation we have:

Price = $100 - 10*4 = <u>$60</u>

<u>Group Two Customers:</u>

We will find the price and quantity by using the following relationship:

Marginal Revenue = Marginal Cost

But the first step would be to calculate marginal revenue.

<u>Step1: Calculate Marginal Revenue</u>

The price and quantity relation of group one customers is given as under:

P = 110 – 22.5Q

Now we will use total revenue equation which is given as under:

Revenue = Price * Quantity

Here

Price = 110 - 22.5Q

By putting this in the above equation, we have:

Revenue = (110 - 22.5Q) * Q

Revenue = 110Q - 22.5Q^2

Taking derivative on both sides we have:

Marginal Revenue = 110 - 2*22.5*Q

Marginal Revenue = 110 - 45Q

Now as we know that:

Marginal Revenue = Marginal Cost

Here

Marginal Revenue = 110 - 45Q

Marginal Cost = $20

By putting values, we have:

$110 - 45Q = $20

$110 - $20 = 45Q

Q = $90 / $45 = <u>2 Units</u>

Now putting this value in the price equation we have:

Price = $110 - 22.5*2 = <u>$65</u>

<u></u>

<h2><u>The data extracted from the above two scenario is as under:</u></h2><h2><u>For Group 1, Price is $60 and Quantity is 4 Units</u></h2><h2><u>For Group 2, Price is $65 and Quantity is 2 Units</u></h2><h2><u>Hence the option A is correct.</u></h2>

7 0

3 years ago