Chttps/bb.csueastbay edu/webapps/assessment/take/aunchjsp course assessment id 6

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Chttps/bb.csueastbay edu/webapps/assessment/take/aunchjsp course assessment id 63648 1&course; id 59086 1 e Question Completion Status: QUESTION S t john produces joint products A and B and refuses to sell allthe A he produces then O a.A is a low demand good b.Ais a low cost good C.Ais a high demand good d. john is definitely not profit maximising Oe.A is a high-cost good QUESTION6 For the Mickey Mice Company, the price elasticity of demand is-3, average cost is $15, and marginal cost is $30 Mickey's profit-maximizing price is: ? a, S4500 b.$30.00 .$10.00 d.$20.00 O e 522.50 QUESTION 7 Let the demand function for a product be 0-50-SP, The inverse demand function of this demand function is 0-25+p P-10-020 P-10+0.20 P-50-020 Ciek Save and Submi to save and submit.Cck Save All Ansuers to saue all aner OK

Explanation / Answer

5) a is correct

A is a low demand good due to which he does not sell all of the good.

6) a is correct

we know at profit maximisation, MC= P(1+1/e)

Or P= MC/(1+1/e) = 30/(1-1/3) = 45

7) P= 10 - 0.2Q is correct

Q= 50 - 5P

5P = 50-Q

Dividing by 5

P= 10 - 0.2Q

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