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1. a. Carefully draw a graph showing cost and revenue curves for a monopoly. Be sure to label the curves and axes. Because you'll have several things to do on this graph, draw a large scale graph. b. On your graph, show what price the monopolist will charge and what quantity it will produce in order to maximize profit. c. Shade (or describe carefully) the boundaries of the economic profit for the monopolist and shade (or describe carefully) the location of the deadweight loss that occurs with monopoly. d. Assume your monopoly is broken into hundreds of competing small firms under conditions of perfect competition. Using your monopoly graph, show what price and quantity equilibrium under perfect competition. What does this tell us above the impact of a monopoly?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
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Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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