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Assume that a monopolist sells a product with a total cost function TC=1200 + 0.5Q2 and a corresponding marginal cost function MC = Q. The market demand curve is given by the equation P = 300-Q. a. Find the profit- maximizing output and price for this monopolist. Is the monopolist profitable? b. Calculate the price elasticity of demand at the monopolist’s profit- maximizing price. Also calculate the marginal cost at the monopolist’s profit- maximizing output. Verify that the IEPR holds.
State whether you agree or disagree with the following statement and explain why: a. When the real economy expands (Y rises), the demand for money expands. As a result households hold more cash and the supply of money expands. b) Inflation a rise i..
Few trends could so thoroughly undermine the very foundations of our society as the acceptance by corporate officials of a social responsibility other than to make as much money for their stockholders as possible." Explain why you agree or disagre..
Cities do not reproduce themselves. Why do people move to some cities and away from others You may want to examine why some cities grew from 1990 to 2000, but you need to examine key concepts that underlie urban growth.
An industry is composed of 20 firms, all with equal sales. The Herfendahl Index ratio in this industry is a. 1000 b. 500 c. 800 d. This cannot be determined from the information given.
A new item that is manufactured and consumed only in United States and France is about to be launched. In the United States, the following demand and supply curves are appropriate,
Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.
Suppose you bought a ticket to a football game for $30 and that you place a $35 value on seeing the game. If you lose the ticket, then what is the maximum price you should pay for another ticket?
State the commodity in which each country has absolute advantage amd identify the commodity of comparative advantage for each country
Opportunity cost – faced by any company or country or government in choosing something and leaving other alternates For example – delay in setting up broad band in Australia or not building up infrastructure like high speed rail, roads, housing or po..
Consider the six reform proposals suggested by the authors at the end of this feature. Indicate why you believe each is either a good or a bad idea
Assume that the competitive firm's marginal cost of producing output q is given by MC(q)=3+2q. Suppose that the market price of the firm's product is $9. Find out level of output will the firm produce?
Consider an electricity market with a daytime (peak-period) inverse demand of P=160-Q, and a nighttime (off-peak) inverse demand P=80-Q, where P is the price of electricity and Q is units of electricity.
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