1 – The following table summarizes the short-run production function for your firm. Your product sells for $5 per unit, labor costs $5 per unit, and…
1 – The following table summarizes the short-run production function for your firm. Your product sells for $5 per unit, labor costs $5 per unit, and the rental price of capital is $20 per unit. Complete the following table, and then answer the accompanying questions.a. Which inputs are fixed inputs? Which are the variable inputs?b. How much are your fixed costs?c. What is the variable cost of producing 20 units of output?d. How many units of the variable input should be used to maximize profits?e. What are your maximum profits?f. Over what range of variable input usage do increasing marginal returns exist?g. Over what range of variable input usage do decreasing marginal returns exist?h. Over what range of variable input usage do negative marginal returns exist? 2 – Based on your knowledge of one-shot and repeated games, would you expect tipping behavior to differ depending on whether a person is eating in a hometown diner or in a restaurant located in Timbuktu? Explain. JVC’s objective is to maximize revenues, and it is considering three strategies to price its stereo components: (1) a standard strategy whereby it prices each stereo component separately; (2) perfect price discrimination; or (3) bundling the three components together and selling only bundles containing the receiver, CD player, and speakers.a. If JVC uses a standard pricing strategy, what price should it charge for the receiver, for the CD player, and for the speakers to maximize revenues? What are the revenues they will earn through this strategy?b. Suppose JVC adopts a first-degree price discrimination policy. What prices should it charge to maximize revenues? What are JVC’s revenues using this strategy?c. Suppose that JVC markets the receiver, CD player, and speakers together. That is, it uses a commodity-bundle strategy such that the products are sold as one item. What price should JVC charge to maximize revenues? How much will it earn?
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