A firm in a perfectly competitive market: d. must take the price that is determined in the market.
<h3>What is a
perfectly competitive market?</h3>
A perfectly competitive market can be defined as a type of market in which there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.
This ultimately implies that, all business firms in a perfectly competitive market must be willing to take the price that is determined in the market.
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Somebody whose job is to provide analytics or research should always be someone who is very good at quantitative analysis. They should be good with math and numbers, because their job is to analyze a business. The same goes for research. A good researcher is good at math because they have to analyze large datasets. This person would also be pretty detail-oriented because they need to make sure that they are not making small mistakes, as small mistakes could result in poor decisions that come out of their analysis.
Does that make sense?
Total No of Units=12600+23400
=36000 units
Ski=12600/36000=35%
Snorkel=23400/36000=65%
Answer: See explanation
Explanation:
a. This has been solved and attached.
Note that the net benefits was calculated as:
= Marginal benefit - $200
b. Looking at the table and information provided in the attachment, we would see that no company offer to build the museum because since their cost of $1000 can't be covered by the revenue generated. The highest revenue gotten for the single price monopolist is $760 and this can't even cover their cost.
c. Based on the scenario given in (c), the highest revenue the price discriminating monopolist would make is $1200 and coupled with the fact that the cost is $1000, the maximum bid that a private company would make to supply the museum to Smallsville is $200 ($1200 - $1000)
