What is 21/4 equivalent to
2 answers:
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Answer:
The monopolist's net profit function would be:
Step-by-step explanation:
Recall that perfect price discrimination means that the monopolist would be able to get the maximum price that consumers are willing to pay for his products.
Therefore, if the demand curve is given by the function:
P stands for the price the consumers are willing to pay for the commodity and "y" stands for the quantity of units demanded at that price.
Then, the total income function (I) for the monopolist would be the product of the price the customers are willing to pay (that is function P) times the number of units that are sold at that price (y):
Therefore, the net profit (N) for the monopolist would be the difference between the Income and Cost functions (Income minus Cost):
Answer:
First mechanic worked 20 hours and second mechanic worked 5 hours
Step-by-step explanation:
Let the number of hours the first mechanic worked =
Let the number of hours the second mechanic worked =
Therefore, we can write 2 equations and then solve them simultaneously:
Rearranging the first equation:
and substituting into the second equation to find :
Now sub into the first equation to find
Therefore, first mechanic (a) worked 20 hours and second mechanic (b) worked 5 hours