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Suppose there are two groups of consumers: high demand (1) and low demand (2). Inverse demands are
p = 12 - q1, 0 < p < 12
p = 8 - q2, 0 < p < 8
a) Suppose that the monopolist charges a uniform price on the integrated market and that his marginal cost is c = 0. Find price, quantity sold, consumer surplus and monopolist's profit. Compute the social welfare (sum of consumer surpluses and profits.)
b) Now assume that the monopolist can price discriminate between the market segments. Find the prices and quantities for the low demand and the high demand market. Show that welfare goes down with price discrimination.
Sweetgrass Radiology Labs has a fixed amount of radiology equipment. The laboratory can hire any number of radiology technicians per hour to produce radiographs, which are displayed on a screen.
What is a negative externality in production? How does the government combat this situation?
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what will happen to the price level and output? Using the AS/AD model, demonstrate your predictions graphically. what policy might you suggest to the government?
Gary has two children, Kevin and Dora. Each one consumes "yummiest" and nothing else. Gary loves both children equally.
Summarize the ethical debate about Physician-Assisted Suicide (PAS), euthanasia, and withdrawal of medical life support. (Please include resources)
1a) Calibrated Coffee estimates a demand curve for per bag of coffee to be: Log Q = .55 -3.22*Log (P) + .5 Log (I), where Q is quantity of bags of coffee, P is
Undergraduate student (age 22) gets a job that pays $49800 per year. Planning to retire at age 67, she decides to save 10% of her current salary each year. If she is able to get an average ROI of 5.8% per year, how much will she have saved when she r..
As more units of good X are consumed, what happens to utility and marginal utility of good X?
We know a car can be had for 60 monthly payments of $399. The dealer has set us a nominal interest rate of 4.5% compounded daily. What is the purchase price before interest?
Name a specific event to be expected to cause the equilibrium price of ice cream to increase.
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