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Assume that the market is perfectly competitive. Solve for equilibrium price and quantity (P,Q). Also compute the resulting aggregate firm profit and consumer surplus.1. What is equilibrium price?a=3b=2c=1d=1/2e=1/4f=none of the above
2. What is the equilibrium quantity(Q)?a=6b=12c=18d=16e=14f= none of the above
3. Compute the resulting firm profita=16b=326c=0d=214e=15f= none of the above
4. Compute the consumer surplusa=384b=296c=0d=112e=-112f= none of the above
Assume the market is served by a monopoly5. Solve for equilibrium pricea=3b=12c=25d=15e=27f= none of the above
6. Solve for equilibrium quantitya=16b=8c=12d=9e=27f=none of the above
7. Compute the resulting firm profita=164b=0c=192d=256e=112f= none of the above
8. Compute the Consumer Surplus?a=96b=25c=48d=0e=112f= none of the above
9= Compute the Lerner Indexa=0.89b=0.75c=3d=0.84e=0.13f= none of the above
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Explain how you would modify the data in order to make it relevant to decisions a manager must make. Explain the major factors that affect the degree of competitiveness in your industry.
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How concerned should this company be about price discounts by itsleading competitors and conduct a t-test to check the statistical validity of the estimated equationat 95 percentconfidence.
Discuss the current monopoly to provide a brief overview of the company. How did the monopoly arise? Did the monopoly increase barriers to entry? Does the company behave like a monopoly or more like a competitive firm?
As the employer who wants to reduce the production cost during the economic recession, he or she could choose to (1) lay off some workers without changing wages or (2) keep all workers but cut wages for all.
Question about micro economics- Sam Smith owns an internet radio company that has subscribers in Houston and Dallas
Do you think the overall level of R&D would rise or reduce over the next twenty to thirty years if the lengths of new patents were extended from twenty years to, say "forever"?
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