A monopolistic seller of rare oriental rugs discovers that 60% of the population is willing to pay $1,000 for a rug. The remaining 40% of the population is willing to pay $2000. Each rug costs $600 to produce. How much should the monopolist charge for each rug? a. $600
b. $1000
c. $1500
d. $2000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A monopolistic seller of rare oriental rugs discovers that 60% of the population is willing to pay $1,000 for a rug. The remaining 40% of ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
A 5-year project is estimated to cost $700,000 and have no residual value. If the straight-line depreciation method is used and estimated total income is $231,000, determine the average rate of return giving effect to depreciation on the investment.
Answers (1)
Being Human, Inc., recently issued new securities to finance a new TV show. The project cost $13.5 million, and the company paid $675,000 in flotation costs. In addition, the equity issued had a flotation cost of 6.
Answers (1)
Susan, a salesperson for a clothing company, always encourages her customers to be candid with her and requests them to be honest about the services they do not find satisfactory. In this scenario, Susan is:
Answers (1)
On January 1, 2021, Corvallis Carnivals borrows $10,000 to purchase a delivery truck by agreeing to a 6%, three-year loan with the bank. Payments of $304.22 are due at the end of each month, with the first installment due on January 31, 2021.
Answers (1)
Polaris, a manufacturer of snowmobiles, motorcycles, watercraft, and off-road vehicles, shares manufacturing operations across its businesses.
Answers (1)
New Questions in Business
Stock in 1999 your parents bought $3000 worth of stock. in 2000 the value of the stock jumped to $6000. however since that time, the stock has decreased in value by 6.5% per year.
Answers (1)
True or False: When a country is too small to affect the world price, allowing free trade will have a non-negative effect on total surplus in that country, regardless of whether it imports or exports as a result of international trade. True False
Answers (1)
Assume Canada can either produce three bushels of barley or six bushels of hay in a set period of time, and China can produce either two bushels of barley or three bushels of hay in a set period of time.
Answers (1)
The financial statements for Harold Corporation contained the following information: Accounts receivable $ 5,000 Sales revenue 75,000 Cash 15,000 Salaries and wages expense 20,000 Rent expense 10,000 How much was Harold's net income?
Answers (1)
Nastasha has a gross income of $66,429. she can make adjustments of $14,490 for business losses, $3,584 for business expenses, and $4,813 for contributions to her retirement plan. what is nastasha's adjusted gross income? a. $109,971 b. $22,887 c.
Answers (1)