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In Bayonne, New Jersey, there is a large beauty salon and a number of smaller ones. The total demand function for hair styling per day is Q = 180 - 10P, where P is in dollars. The marginal cost function of all the small salons together is SMCF = 4 + .1Q, and the marginal cost function of the dominant or leading salon is MCL = 7 + .1Q. (b) Determine the best level of output and price for hair styling for the dominant salon operates as the price leader. How many stylings will the large salon supply per day? How many will the small salons supply together?

Econometrics, Economics

  • Category:- Econometrics
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