Managerial Economics
Middleton
Problem Set #4
Chapter 5, problem #1
The cost function for a single product firm is C(Q) = 75 + 20Q + 25Q2 + 5Q3 Based on this information, determine:
Chapter 5, problem #5
Chapter 5, problem #13
A multiproduct firm’s cost function was recently estimated as:
Suppose the own price elasticity of market demand for beer steins is -1.5, the Rothschild index is .5, and the typical beer stein retailer enjoys sales of $70,000 annually.What is the price elasticity of demand for a representative beer stein retailer’s product?
Chapter 7, problem #9
A firm has 600,000 in sales, a Lerner index of .75, and a marginal cost of $25, and competes against 500 other firms in its relevant market.
What price does the firm charge its customers?
By what factor does this firm mark up its price over marginal cost?
Do you think this firm enjoys much market power?Explain.
Chapter 7, problem #15
C(Q1,Q2) = 65 – .72(Q1Q2) + 5(Q1)2 + 2(Q2)2
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