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A monopolist faces a demand curve P = 210 - 4Q and initially faces a constant marginal cost MC = 10.
a) Calculate the profit-maximizing monopoly quantity and compute the monopolist's total revenue at the optimal price.
b) Suppose that the monopolist's marginal cost increases to MC = 20. Verify that the monopolist's total revenue goes down.
c) Suppose that all firms in a perfectly competitive equilibrium had a constant marginal cost MC = 10. Find the long-run perfectly competitive industry price and quantity.
d) Suppose that all firms' marginal costs increased to MC = 20. Verify that the increase in marginal cost causes total industry revenue to go up.
Suppose that the demand for Federal funds curve is such that the quantity of funds demanded changes by $160billion for each 1 percent change in the Federal funds interest rate. Also, assume that the current Federal funds rate is at the 3 percent r..
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We draw two balls randomly and simultaneously. Describe the sample space and calculate the probability that the selected balls are of different color, by using two approaches: a counting approach based on the discrete uniform law, and a sequential..
You may need to play around with the numbers to make this work out.
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The cost of producing x-items is given by the equation C(x) = 2x2 - 200x + 6000 determine the cost of producing the 99th item.
If my income increases by 10%, then quantity of public transportation demanded drops by 5%. I can say that income elasticity of my demand for public transportation is negative and that public transportation is a normal good.
Suppose that you are a monopolist who produces gizmos, Z, with the total cost function C (Z) = F + 50Z; where F represents the firms fixed costs. Your marginal cost is MC = 50. Suppose also that there is only one customer in the market
a.) Determine the profit maximizing level of output. b.) Compute the profit maximizing price. c.) Calculate the upper and lower limits within which marginal cost may vary without affecting the profit maximizing output or the price.
With the machine adequately maintained, its production rate will remain constant for the first 1,200 hours of operation and then decrease by 2 feet per hour for each additional 400hours thereafter. the expected average annual use is 400 hours
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What is the average total cost for the 10th unit of output 4. Why does the marginal cost of producing the product fall and then rise (What is the relationship between the cost curves and the production function)
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