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Market demand for a given year is QD = 31,622,776.60·P^-1.25. Solving the function for price yields inverse demand: P = 1,000,000·Q^-0.8. Therefore, marginal revenue is MR = 200,000·Q^-0.8. If the monopolist has a total fixed cost of $2,000,000 and a constant marginal cost of $20 and must charge a single price, calculate the market price and quantity and the monopolist’s total variable cost. How much profit does the monopolist make? Show your calculations and answers.
Isabel's preferences for consumption C and leisure L can be expressed as U(C, L) = (C – 120) x (L – 90), implying that her marginal utility of leisure is (C – 120) and her marginal utility of consumption is (L – 90). What is her marginal rate of subs..
Two firms are ordered by the federal government to reduce their pollution levels. Compare the social efficiency of three possible outcomes: require both firms to reduce pollution by the same amount; charge a common tax per unit of pollution;
Given the production function Y = A and fixed values for the saving rate and depreciation, if productivity is growing at an average rate of three percent, and the labor input grows at two percent, there is a unique growth rate of capital that is su..
For a repayment schedule that starts at EOY three at $Z and proceeds for years 3 through 8 at $2Z, $3Z,..., what is the value of Z if the principal of this loan is $10,200 and the interest rate is 9% per year? Use a uniform gradient amount (G) in you..
Problem 1.2 A justification for job training programs is that they improve worker productivity. Suppose that you are asked to evaluate whether more job training makes workers more productive. However, rather than having data on individual worker..
alculate the correlation coefficient. If Hammer selects a pair of pants at random, what is the expected price? What is the variance of the price?
A construction firm can achieve a $15,000 cost savings in Year 1 and increasing by $2,000 each year for the next 5 years by upgrading some equipment. At an interest rate of 15%, what is the equivalent annual worth of the savings?
Suppose that a monopolist sells a product to consumers with an aggregate inverse demand that is downward sloping in quantity, P(Q) = 1, 000 − 4Q. The total cost of producing Q units is C(Q) = Q2. What is the unregulated price-quantity pair. What pric..
Suppose you can hire your mechanic for up to six hours. The total benefit and total cost functions are B (H)=420H-40H^2 and C(H)=100H+120H^2. The corresponding formulas for marginal benefit and marginal cost are MB (H)=420-80H and MC(H)=100+240H.
An incoming engineering student (age 18) expects to get a job that pays $53700 per year starting four years from now, and can reasonably expect that that salary will increase at a rate of 3.6% per year throughout his career. If he is planning to reti..
A profit-maximizing firm hires labor up to the point where. Accountants calculate. Which of the following is NOT a factor of production? Normal profit is a(n) ________ cost because ________.
Pete borrows $10,000 to purchase a used car, He must repay the loan in 48 equal end –of-period monthly payments. Interest is calculated at 1.25% per month.
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