here are some attachments i need handled please answer all of them with no plagiarism please

ECN7200 MANAGERIAL ECONOMICS Homework Assignment Summer 2014 Name: _______________________________________________ Page 1 of 11 QUESTION 1 (Attribute Analysis): 1.1. Suppose there are three products in the market, products A, B, and C. Table 1 shows the perception of consumers on the two attributes (Y and X) for these products. Fill in the blanks of the last three columns. Use Figure 1 to construct and label the product rays, end points, and efficiency frontier in a Product Attributes Model representation of these products. Products A B C Table 1: Attributes and Prices of Three Products Total Attainable Attribute Ratings Attributes Price per unit Y X $10 $20 $8 10 15 7 5 2 20 Units per $100 Attribute Y (per $100) Attribute X (per $100) Page 2 of 11 1.2 Are any of the products priced out of the market, in the sense that no rational consumer would buy it? Which one? What price adjustment would make that product potentially competitive? Explain and show your analysis on Figure 1 above. (Note: For Figure 1 we have provided some graphing shapes on the side that you may choose to use for your graphical analysis throughout this problem. You are still responsible for using them appropriately in terms of length, orientation, number of use etc. Alternatively, you may submit a scanned PDF of all or part of the homework assignment and/or the final exam.) QUESTION 2 (Demand Analysis): Suppose that the demand for a product X has been estimated to be: Qx = 400 + 0.002I + 8Z - 5Py - 20Px Where Qx is the quantity demanded for the product X, Px is the price of product X, Py is the price of a related product Y, I is the level of income, and Z is some other variable that affects the demand for product X. Current values of the variables are: I = 10,000; Z = 150; Py = 50; Px = 50 2.1 Calculate the quantity of sales of Qx at the current values of the other variables. Qx = _____________________________ Show work here: Page 3 of 11 2.2 Calculate the own-price elasticity of demand, income elasticity of demand, and cross-price elasticity of demand with product Y at the current values of the variables. Own-price elasticity Income elasticity Cross price elasticity 2.3 Construct the demand, inverse demand, and marginal revenue equations for product X. Also find the revenue maximizing quantity and price. Show all work. (Calculate the coefficients in Inverse demand and Marginal revenue equations up to 2 decimal points.) Demand Curve Equation: Qx Inverse Demand Curve Equation: Px Marginal Revenue Equation: MRx = = = ___________________________ ___________________________ ___________________________ Revenue Maximizing Quantity__________________ Revenue Maximizing Price _____________________ Show work here: Page 4 of 11 2.4 Assuming marginal cost equals 20, what is the profit-maximizing price and quantity for product X? P* = _____________________ Q* = _____________________________ Show work here: 2.5 What is the own-price elasticity of demand at the profit-maximizing price and quantity? Check your answer to 2.4 by using the optimal markup pricing formula (that relates optimal price, elasticity at optimal price and quantity, and marginal cost at the optimal quantity). Show your calculation. Elasticity at P*, Q* = _________________________(Calculate up to 5 decimal points) Optimal Markup Pricing: Page 5 of 11 QUESTION 3 (Costs of Production): 3.1 Given the total cost function: C = 1000 + 25Q + 0.05Q2 and associated MC = 25 + 0.1Q Calculate each of the following values at Q = 10: Total Fixed Cost Total Variable Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 3.2 Fill in the blanks in the table below, reflecting short-run costs of producing a product: (Note: This problem is independent of problem 3.1 and the table below does NOT use the cost function shown in 3.1) Q 0 1 2 3 Total Cost Total FC Total VC ATC AFC AVC MC 1050 1000 60 75 Page 6 of 11 3.3 Fill in the blanks using your knowledge of various short run and long run characteristics of cost. (Note: Again, this problem is independent of problems 3.1 and 3.2) Hubert has opened a bakery that makes cupcakes. For his first year of operation, he operates the bakery out of his home kitchen. He finds that when he pays his brother to help him, he is able to produce cupcakes at lower ATC than when he works alone. An economic reason for the lower ATC is likely to be _______________________________________________ By his second year of operation, Hubert's cumulative output has increased. He finds that his ATC for the second year is lower than it was in his first year of operation, whether he works alone or whether he hires his brother to help him. A likely economic reason for his lower ATC in Year 2 is ______________________________________________. In his third year of operation, Hubert leases space in a commercial kitchen, where he has access to large ovens, large mixers, and other such equipment. Hubert finds that his ATC is even lower than before. A new reason for the lower ATC might be ___________________________________________________. QUESTION 4 (Value Pricing): Meow-Bow Pet Transport Company operates a pet airline service between New York and several major cities. All of its business consists of shipping dogs and cats. The inverse demand functions for the two market segments are: For dog transport: Pd = 110 - 0.2Qd For cat transport Pc = 70 - 0.1Qc Where, Qd = number of dogs transported per day and Qc = number of cats transported per day Suppose that the average variable cost as well as marginal cost of pet transport for MBPT Company is $10 and is constant over the range of output under consideration. Page 7 of 11 4.1 What are the profit-maximizing prices and number of pets carried for each of the two types of pets, assuming that MBPT is able to practice third degree price discrimination for the two markets? Dog transport Cat transport Pd =____________________________ Pc =______________________________ Qd = ____________________________ Qc = ______________________________ Show your work here: 4.2 What is MBPT's per unit contribution from each of the two markets? Per Unit Contribution from dog transportation = __________________________________ Per Unit Contribution from cat transportation = __________________________________ Show your work here: Page 8 of 11 QUESTION 5 (Assessing Competitor Response) Two players face the following possible payoffs. If Row Player plays Tough and Column Player plays Tough, both have profits of 100 RP plays Nice and CP plays Nice both have profits of 200 RP plays Nice and CP plays Tough, RP gets 0 and CP gets 250 RP plays Tough and CP plays Nice, RP gets 250 and CP gets 0. Arrange the payoffs described above in the payoff matrix below. Column Player Row Player 5.1 Does RP have a dominant strategy? Does CP have a dominant strategy? If so, what is it? Is there any Nash equilibrium in this game? Explain clearly. Page 9 of 11 5.2 Suppose the game is, instead, a repeated game that will repeat as far into the future as either player can imagine, with no end point in sight. Use the standard calculation method to illustrate the answer to the following question - If the players engage in tit-for-tat and each player has a 10% discount factor, is the Nash Equilibrium possibly going to be different from the one-shot game in part 5.1 above? 5.3 (Note: This part of the question is independent from the information in parts 5.1 and 5.2). Two Firms ABC and XYZ are the only two competitors in a certain market. XYZ has recently introduced a new variety of product in the market at a high price and (as the only seller) is currently earning a profit of $300 million from this new product. If XYZ (as the only seller) sells its product at a low price, its profit would be $200 million. ABC does not yet have a product of this new variety to compete directly with XYZ's new product and is considering introducing such a new product. If ABC does introduce the new product, XYZ could adopt one of two strategies: (1) XYZ could continue to charge the high price, and ABC and XYZ would earn $200 million and $275 million, respectively, or (2) XYZ could charge a low price, in which case ABC and XYZ would each earn $10 million and $100 million respectively. Should ABC introduce the new product? Why or why not? Use a game tree to illustrate the profit possibilities. Remember to label all important parts of the diagram. Mark on the game tree the equilibrium path using the method of backward induction (i.e., roll back technique or looking forward and reasoning backward) learned in the course. What will be the payoffs to each firm? Page 10 of 11 QUESTION 6 (Externalities and Efficiency) 6.1 Using the graph below depict a demand-supply graph for the market for paper and paper products. The production of paper and paper products creates pollution which affects human health as well as the eco-system. Show the market equilibrium for this market in general, with no government intervention. Be sure to identify any externalities that make social benefit or cost different from private benefit or cost. Is the market efficient? Explain. (Remember to label the axes, curves and all important points.) 6.2 Clearly show on your graph the effect of a per unit production tax on the final equilibrium price and quantity in this market. Again, make sure to label all important curves and points. 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Go to http://www.jurn.org/#gsc.tab=0 2. Search for Shakespeare sonnet 71 sources discussing "grief" and "death" 3. Find FIVE sources and cite them using the MLA format. The info must be from academic sources. (I already have 4 just need one more that isn't Tzachi) Works cited 1. Barber, Benjamin. \"Mimetic Drama in Shakespeare's Sonnets and Byron's Historicizing Lyricism.\"Anthropoetics 21.2 (2016): 18. Print 2. Martinez Lopez, Miguel.Teaching Shakespeare's Sonnets: time as fracture in sonnets 18, 60 and 63. Granada: University of Granada, 1996. Print 3. Pecora, Jennifer, Women Mourners, Mourning "NoBody". 6 Dec 2016. Web. 4 Nov. 2010. 4. Simpson, Lynne. \"The Death Drive in Shakespeare's Antony and Cleopatra.\" Humanitarian review 8.1 (2006): 6478. Print NOW FOLLOW THESE GUIDELINES Shakespeare Sonnet 71 You will have to write a paper on the theme of Sonnet 71: Death is final and grieving serves no purpose other than to make a person vulnerable to pity and ridicule (you can have a different take on this). You must use an academic resource (Jurn.org) or any other website with academic credibility Choose FIVE of the resources you have located and now write your Annotated Bibliography. Each annotation should be between 75150 words. Steps: 1. Place the words Annotated Bibliography at the top of your page as a heading. 2. Arrange your five citations alphabetically and according to MLA guidelines. 3. Under each citation include your 75150 annotation in which you: 4. Identify the type of resource you have cited (overview); 5. Identify the purpose of the resource you have cited (critical analysis); 6. identify the potential relevance to your (imaginary) paper (my purpose) of the resource you have cited. Here is an example of ONE Annotation