1. which contains a demand schedule for swimming lessons, the marginal cost is c
ID: 1233997 • Letter: 1
Question
1. which contains a demand schedule for swimming lessons, the marginal cost is constant and equal to $5 per lesson. If there are two individuals who can provide these services, Liz and Maureen, and they decide to form a cartel, what is the market price?
a. $50
b. $45
c. $40
d. $30
e. $20
2. which contains a demand schedule for swimming lessons, the marginal cost is constant and equal to $5 per lesson. Liz and Maureen split the market evenly under their cartel agreement. What is Liz and Maureen?s combined profit?
a. $135
b. $140
c. $310
d. $270
e. $280
3. which contains a demand schedule for swimming lessons, the marginal cost is constant and equal to $5 per lesson. If Maureen cheats and produces an additional unit, what are Maureen?s and Liz?s profits respectively?
a. 150, 120
b. 160,120
c. 240, 200
d. 150, 140
e. 120, 100
4. which contains a demand schedule for swimming lessons, the marginal cost is constant and equal to $5 per lesson. The strategy in which Maureen produces units and Liz produces units is a Nash equilibrium.
a. 4,5
b. 4,3
c. 3,3
d. 4,6
e. 5,5
Explanation / Answer
1)c. $40 2)c. $310 3)a. 150, 120 4)d. 4,6
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