Use the following information in answering questions 1 - 9. assume persons of type 1 value quality level z and the product itself such that the inverse demand for the product is given by p1 = 10 - q1 + 2z. similarly, for a person of type 2 the inverse demand for the product is given by p2 = 24 - 2q2 + 6z. the ac and mc of producing the product with quality z is mc = ac= 2 + 4z. assume that z can be either equal to 0 or 1
5. the profit maximizing quantity to sell to a person of type 2 when z=1 is
a. 4
b. 3
c. 6
d. 2
e. 5
Answers: 3
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Use the following information in answering questions 1 - 9. assume persons of type 1 value quality l...
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