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Question: Suppose there is only one firm in the market. Find the market price, quantity, and the firm's profit. (6 points) Show the equilibrium on a diagram, depicting the demand function (with the vertical and horizontal intercepts), the marginal revenue function MR, and the marginal cost function M C, the optimal price, and the optimal quantity. Illustrate the firm's profit. (6 points) Using the demand function, find the elasticity of demand at the monopoly price and quantity. Using this elasticity value (and nothing else), calculate the monopolist's factor markup of price over marginal cost. How does the monopolist's factor markup of price over marginal cost compared to that of a perfectly competitive firm? (3 points) Verify that the monopoly price and quantity satisfy the monopolist's rule of thumb for pricing
Let c1 = 25 and c2 = 55. Find the Nash equilibrium in which both players produce, and calculate both firms' profits
What effect should each of the following have on the demand for gasoline in a competitive market? State what happens to demand.
1. a reason for diseconomies of scale isa gains from specializationb costs of information and communicationc
Explain why Marshallian demand curves for normal goods slope down. Are there any values of b for which either cake or bread could be a Giffen good for Marie?
A hair salon offers three services: haircuts, color treatment, and styling. If the salon's costs for the month totaled $2,843, what was its profit?
What will happen when there's asymmetric information in a competitive market? Will the market still result in an efficient equilibrium?
If the number of visitors is estimated to be 392021.1, what is the minimum that visitors must value the new swimming pool if the project is to be efficient?
What is the p-value for: a two-tailed test - difference between two samples, or between a sample and a population, by the chance variation within the samples.
Normal goods are defined as having a positive income elasticity. We can divide normal goods into two types: Those whose income elasticity is less than one.
Identify which parts of the argumentation are correct and provide evidence, reformulating the argument in a more analytical way.
The gap between rich and poor and the growing awareness, beginning in the late 1950s, of the paradoxical coexistence of widespread poverty and prosperity.
Suppose a friend comments to you, "I think welfare recipients are simply lazy spendthrifts. I have a friend who receives Temporary Assistance for Needy Families
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