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A monopolist faces the demand curve p = 11-Q , where Q is measured in thousands of units. The monopolist has a constant average cost of $6 per unit.
a) Calculate the firm's degree of monopoly power using the Lerner index?
b) A government regulatory agency sets price ceiling of $7 per unit. Find quantity produced? Profit? What happen to the degree of monopoly power?
Assume that the exchange rate between the Canadian dollar and the Euro is 2 Euros per Canadian dollar.
What is the difference between contractionary and expansionary monetary policy?
Fill in the table indicating whether the new Each row and column heading describes a shock to a market initially in equilibrium. Fill in the table indicating whether the new equilibrium price and quantity will increase, decrease, or not change.
Draw marginal revenue function for this firm. What is the profit-maximizing price for this firm? On the graph describe the area, this represents the net loss to society resulting from the monopoly power conferred by the patent.
Explain how each of the following will affect the relative values of the dollar and the euro:
Compute total revenue, marginal revenue, marginal cost, and average total cost of this natural monopoly. What is the profit maximizing output and price for this natural monopoly when the government does not regulate it?
What are the FC, ATC, AFC, AVC and MC at these output levels?
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
Suppose two identical firms produce widgets and they are the only firms in the market. Find out the Stackleberg Equilibrium.
Questions on Long-Run Labor Demand and Factor Substitutability, Own-price elasticity, Cross-price elasticity
Explain the concept of externality. What does it have to do with the efficient allocation of resources?
Mention the four assumptions for the Monopolistic competition model.
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