Assignment Six 3.14.08

Assignment Six 3.14.08 - Assignment Six. AGEC 505....

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Assignment Six. AGEC 505. Agricultural Market Structures. Spring 2008. Due: 11:30 AM, Friday, March 14, 2008. Turn in TYPED hard copy before class. Assignments turned in after 11:30 AM will be marked 10 percent off. This late policy will be strictly enforced . Assignments turned in after the deadline will be marked 10 percent off each day that they are late (for example, an assignment due on Friday that is turned in on Monday will be marked 40 percent off). Exceptions will be granted in advance by the instructor. Assignments must be typed. Fifty percent off for untyped work. READ : Chapter 11 1. (10 pts) First Degree Price Discrimination Suppose that the producer of a new food product has an inverse demand curve given by: P = 36 - Q d and a cost function given by C(Q) = 0.5Q 2 , where P is the price of the food product in USD/unit and Q is the quantity of products sold. a. (4 pts) Define and explain first degree price discrimination, and provide a real-world example. b. (2 pts) Calculate P (if applicable), Q, CS, PS, and DWL under perfect competition.
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This note was uploaded on 04/29/2008 for the course AGEC 505 taught by Professor Barkley during the Spring '08 term at Kansas State University.

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Assignment Six 3.14.08 - Assignment Six. AGEC 505....

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