Larry, Curly, and Moe run the only saloon in town. Larry wants to sell as many drinks as possible without losing money. Curly wants the saloon to bring in as much revenue as possible. Moe wants to make the largest possible profits. Using a single diagram of the saloon’s demand curve and its cost curves, show the price and quantity combinations favored by each of the three partners. Explain.

Answer:In this case, Larry wants to sell as many drinks as possible without losing money. Thus, he wants to set quantity where price (demand) equals average.

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bratislava bratislava · Answer 2 · 2022-01-07T14:02:55+01:00

We need to make a single diagram for the Larry saloon and show the demand curve. Most of them have to show the prices and quantity demanded. The curve will show the combinations that are favored by Larry, Moe, and curly.

As all of them run saloons in the same town. Larry will sell as many drinks as possible.

Curly will bring as much revenue as possible and Moe will make large profits. Only the partners will set the margin for the profit, and the MR = MC.

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