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Assume an economy lasts for 2 periods. In period 1, only 1 agent is born, this agent lives for 2 periods. In period 2, two agents (who only live in period 2) are born. The consumer born in period 1 is willing to pay a max price of $100 per period of TV usage. Each consumer born in period 2 is willing to pay a max of $50 for using a TV in period 2. Suppose that there is only 1 firm producing TVs which are durable goods and which have 0 marginal production costs. find out the prices the selling monopoly charges for TV sets in periods 1 and 2.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M942735

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