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Based on the given information, answer the following questions.
a. Compute the marginal utility of the two goods
b. At what amounts of consumption does diminishing marginal utility starts to occur for the two goods?
Market 1: P1 = 24 - Q1
Market 2: P2 = 12 - 0.5Q2
(a) Calculate profit-maximizing price and quantity in these 2 market.
(b) Calculate monopolist's total profit
(c) Calculate DWL in market 1
Why do you think there is such as a difference in the percentage of monthly income spent on rail travel in the UK compared with other European counties mentioned in the article?
In the UK, the British rail is privatised. Rail services in the UK have been provided by private companies. Therefore, giving them the right operate services being costly. However, in Europe, the rail service is a publicly owned system, which is cheaper.
There is no real competition in the UK rail system, commuters around the UK rely on trains to go to work. They can’t commute with alternative rail provider.
According to the articles how does the cost of rail travel in the UK compare with other European countries?
Commuters between Luton and London St Pancras spend £387 on a monthly pass.
In France, the route being a similar length, they spend £61.
In Italy, the route being a similar length costs £62.
The route being a similar length to the UK, in European counties, rail passes cost commuters more that the equivalent of £200, it is still made up less than 8% of the average worker’s monthly earnings.