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Question 1: Lawn Mowing Initially, Geoffrey was just mowing his parent's lawn in Madison. After becoming good at lawn mowing, Geoffrey decides to expand his
Question 1: Lawn Mowing Initially, Geoffrey was just mowing his parent's lawn in Madison. After becoming good at lawn mowing, Geoffrey decides to expand his lawn mowing operation to the whole city of Madison. He takes Econ 101 first to be able to estimate the demand for his new lawn mowing business. Geoffrey classifies his potential customers into two groups, West Madison and East Madison, and estimates the demand function for each group. The demand curve for West Madison is QwM - 500 - 5P and the demand curve for East Madison is QEM = 200 - 4P. Geoffrey was charging $30 to mow his parent's lawn, if he decides to charge the whole city of Madison $30 per each lawn mowed, will Geoffrey's business be maximizing revenue? Answer: [ Select ] Question 13 2 pts Question 2: Lawn Mowing Based on the demand for lawn mowing for West and East Madison given in Question 1: Lawn Mowing, what is the price that Geoffrey should charge West Madison in order to maximize revenue? Answer: Price that Geoffrey should charge to West Madison is: (please enter just the number and not the $ symbol) Question 14 2 pts Question 3: Lawn Mowing Based on the demand for lawn mowing for West and East Madison given in Question 1: Lawn Mowing, what is the price that Geoffrey should charge East Madison in order to maximize revenue? Answer: Price that Geoffrey should charge to East Madison is: (please enter just the number and not the $ symbol)
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