SmokyWolves607
21.06.2019 •
Business
The local electronics store is offering a promotion "1-year: same as cash," meaning that you can buy a tv now, and wait a year to pay (with no in
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Ответ:
Part a: What will be the equilabrium price that Dumphy and Funke will charge?
Price charged = $30
Part b: What are the profits for Dumphy and Funke at the equilibrium price?
Profit on equilibrium price = $0
Part c: What type of competition would Funke and Dumphy likely engage in after the decrease in demand?
Price competition
Explanation:
Part a: What will be the equilabrium price that Dumphy and Funke will charge?
Price charged by each of the artists will be equal to their marginal cost.
Thus, equilibrium P = MC = $30.
Part b: What are the profits for Dumphy and Funke at the equilibrium price?
Equilibrium profits will be 0 at the equilibrium because price charged is equal to MC, leading to no profits.
Part c: What type of competition would Funke and Dumphy likely engage in after the decrease in demand?
Price competition - as changes in price will lead to changes in demand and thus sales