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Assume that a monopolist has a demand curve given by P = 1500 − 4Q, and T C = 100 + 5Q2 with MC = 10Q. (a) Graph the Demand, Marginal Revenue, Marginal Cost, and Average Total Cost curves. (b) What are the equilibrium price and quantity for this monopolist if it charges a single price to everyone? (c) How much profit does the firm make? (d) Show on the graph whether this market is operating efficiently. (e) Calculate the dead weight loss. (f) Calculate the consumer surplus. (g) Calculate the producer surplus.
Suppose the employees of Starbucks in China are paid 8 Yuan per hour and a cup of coffee is priced at 8 Yuan. If Starbucks is maximising its profit, a what is the value of marginal product of labour (VMPL) per hour of the last worker employed by Star..
Illustrate what is the graph among utility and income,when marginal utility of income increases or deminishes.
Explain and illustrate graphically the effect of the following on the monetary base and the level of reserves. Central bank purchases $30 million of government securities for Chase Bank. The Fed purchases from the public $3 million of government bond..
Identify and discuss at least two economic phenomena for which the linear-in-parameters/linear-in-variables regression model may not be appropriate (besides any mentioned in the text).
Beth is a college student who lives in San Francisco and provides math tutoring for extra cash. At a wage of $30 per hour, she is willing to tutor 6 hours per week. At $50 per hour, she is willing to tutor 16 hours per week. Using the midpoint method..
What is an innovation economy? How does it differ from a traditional manufacturing economy?
By what factor does this firm mark up its price over marginal cost? c. Do you think this firm enjoys much market power? Explain.
Suppose your utility function for fruit (F) and chocolates (C) is U(F,C) = F + 4C. If you reduce your chocolate consumption by 2 units, how much do you have to increase your fruit consumption in order to maintain the same utility level?
You are an aide for the Senate Banking Committee Chairman. He comes to you with a bill that proposes setting limits on what ATM owners can charge nonaccount holders, over and above what banks charge their own customers. The Senator asks you to look a..
How does advertising become unethical? B- What steps must each part of the advertising "communication" process take to ensure that it remains ethical
Compare and contrast the lives and contributions of "the men who built America" to the lives of their workers. How and what did each of these groups contribute to country? How did people like Rockefeller and Carnegie rationalize their extreme wealth?
Show and discuss the economics of land reform policy to redistribute agricultural lands across two equal groups of farmers. Assume the two groups have the same human capital in terms of farming (same Marginal Product curves) and that the amount of ag..
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