More students prefer to take 10 a..m. classes than 8 a.m. classes, meaning that the demand...

More students prefer to take 10 a..m. classes than 8 a.m. classes, meaning that the demand for seats in 10 a.m. classes at the university is higher than the demand for seats in 8 a.m. classes. The supply of seats is fixed. If the university can only charge one price, regardless the time, but wishes to maximize the total number of seats purchased during the day, it should set the price

a.
at equilibrium for 8 a.m. classes.

b.
at equilibrium for 10 a.m. classes

c.
midway between the two equilibria

d.
below either 8 a.m. or 10 a.m. equilibrium price.

2. More students prefer to take 10 a..m. classes than 8 a.m. classes, meaning that the demand for seats in 10 a.m. classes at the university is higher than the demand for seats in 8 a.m. classes. The supply of seats is fixed. If the university can charge a different price based on time, and wishes to maximize the total number of seats purchased during the day, it should set:

	a.	only one price at equilibrium for 8 a.m. classes.
	b.	only one at equilibrium for 10 a.m. classes
	c.	a lower price for 8 a.m. when there is a low demand and a higher price for 10 a.m. when there is a high demand.
	d.	none of the above

Solutions

Expert Solution

1) The answer is A -) At the equilbruim for 8 a.m classes.

because when the university wishes to maximize the total number of seat , it should set the price at equilbruim for 8.am classes because the demand for 8.am classes is low, so by doing that he will maximize his total number of seat.

2) The answer is C -) A lower price for 8 a.m. when there is a low demand and a higher price for 10 a.m. when there is a high demand.

Rahul Sunny answered 1 year ago

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Subjects

	a.	at equilibrium for 8 a.m. classes.
	b.	at equilibrium for 10 a.m. classes
	c.	midway between the two equilibria
	d.	below either 8 a.m. or 10 a.m. equilibrium price.