Anahid nos muestra una excelente sesión de estadística, donde trataron el tema del error estándar.…
Profit maximization: Ejercicio típico de Economía
Comentarios del Tutor: Este es un ejercicio bastante común en las sesiones de Economía. No es complicado pero a veces el estudiante no sabe cómo empezar. Edité un poco la sesión para enfatizar que es muy importante hacer que el estudiante complete las columnas, haga los cálculos y justifique la respuesta. Al final el objetivo es lograr que el estudiante se sienta dueño de la respuesta después de haber pensado un poco. A continuación la sesión:
Student: A bank in a medium-sized midwestern city, Firm X, currently charges $1 per transaction at its ATMs. To determine whether to raise price, the bank managers experimented with a number of higher prices (in 25-cent increments) at selected ATMs. The marginal cost of an ATM transaction is $0.50. ATM Fee Usage $2 1,000 $1.75 1,500 $1.50 2,000 $1.25 2,500 $1.00 3,000 What ATM fee should the bank charge?
Tutor: Hi, how are you?
Student: Hello
Tutor: I see you have a profit maximization problem. Did you start solving this?
Student: No. I’ve been trying to solve it, but have had issues for quite some time. I don’t know how to start.
Tutor: In this kind of problem it’s good to have all the information in a table. Please see the whiteboard. We have information of the price, the quantity demanded and the marginal cost.
Student: The fee is the price, right?
Tutor: Yes, that’s what the bank receives for each transaction.
Student: Alrighty.
Tutor: In the whiteboard I put a table with 5 columns, let’s complete it with your information
Student: OK
Tutor: Do you know what profit is?
Student: Like, the equation?
Tutor: The concept
Student: Yes
Tutor: Can you please tell me?
Student: Does it matter if its economic or accounting profit?
Tutor: In this case both are the same, profit is just the difference between revenue and cost. Can you please complete the columns of revenue and profit? Remember that revenue equals P*Q
Student: Working on it
Tutor: Take your time
Student: Finished
Tutor: Let me check. The revenue is correct but not the profit. Profit = total revenue – total cost. Keep in mind that each transaction cost 0.5
Student: Then MC*Q = TC?
Tutor: Yes!!! Can you please complete that column?
Student: Done
Tutor: Perfect, now we can answer our question. What ATM fee should the bank charge?
Student: Not sure
Tutor: Remember we need to maximize the profit.
Student: Then it should be 1.5
Tutor: Why?
Student: Because it gives you the largest profit
Tutor: Exactly!!! That’s correct =)
Student: wonderful! Thanks!!
Tutor: You’re welcome. Do you have any question about anything we went over today?
Student: makes sense…gotcha. Thanks man :) Spent forever getting this done!! Thanks!! Enjoy your evening
Tutor: You too, have a good night.
Colaborador: Jaime Vargas, Tutor Boliviano de Economía