Suppose an industry has 4 firms each with 15% of sales, and 8 firms each with 5%

Question

Suppose an industry has 4 firms each with 15% of sales, and 8 firms each with 5% of sales. The HHI for this industry is

Quantity of the public good Willingness to pay of person 1 Willingness to pay of person 2 1 100 55 2 90 50 3 80 45 4 70 40 5 60 35 Consider the table above. How much is society willing to pay for the 4th unit of the public good? A) $40
B) $70
C) $110
D) $530
Quantity of the public good Willingness to pay of person 1 Willingness to pay of person 2 1 100 55 2 90 50 3 80 45 4 70 40 5 60 35 Consider the table above. How much is society willing to pay for the 4th unit of the public good? 1 100 55 2 90 50 3 80 45 4 70 40 5 60 35 Consider the table above. How much is society willing to pay for the 4th unit of the public good?

Refer to the figure above. If this firm is monopolistically competitive, in order to maximize profit, it should charge a price of Quantity of the public good Willingness to pay of person 1 Willingness to pay of person 2 1 100 55 2 90 50 3 80 45 4 70 40 5 60 35

Explanation / Answer

1.D) 1100

2.A) $40

3)D) $23

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