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A monopoly faces an inverse demand curve, p(y) = 100 - 2y, and has constant marginal costs of 20.
(a) What is its profit-maximizing level of output? __________
(b) What is its profit-maximizing price? __________
(c) What is the socially optimal price of this firm? __________
(d) What is the socially optimal output of this firm? __________
(e) What is the deadweight loss due to the monopolistic behavior of this firm? __________
(f) Suppose this monopolist could operate as a perfectly discriminating monopolist and sell each unit of output at the highest price it would fetch. The deadweight loss in this case would be __________
A small country imports industrial goods and exports agricultural goods. Both industry and agricultural are perfectly competitive. A new minimum wage law raises wages in industry but not in agriculture. However, all workers displaced from industry as..
How many popsicles will be sold/supplied each day in the short run if the price rises to $4 each per day
q.an individual has a comparative advantage in the production of a particular good if she can produce it at a lower
Your bank has total assets of $220 million and a capital-to-total assets ratio of 7 percent. You learn that your bank’s entire $20 million loan package to Central American nations will be written off as bad loans. Will your bank survive this crisis? ..
Bob and Ray buy only two goods, ice cream and root beer. They both get their root beer at Root Beer City, where they pay $1 a bottle. Bob is indifferent between the baskets (1, 3) and (2, 2). Ray is indifferent between the baskets (2, 2) and (3, 1). ..
Consider the subsequent cost relationships for a single-product Is there a minimum efficient scale of plant implied by these cost relationships
During course of twentieth century, average workweek in United States has gotten shorter and Americans have enjoyed greater amounts of leisure time. How has this development affected potential GDP and labour productivity.
What is the biggest beneficiary of the primary market (of the multi-sided network effects) for the Windows Operating System?
elling price of another product Y in dollars per unit. The inverse delivery curve. Conclude whether X also Y are substitutes or complements.
How did Neoclassical economists rationalize a policy of laissez faire with respect to the potential intervention into a market economy by government? Why do modern economists, on the other hand, acknowledge a role for government? Pareto’s definition..
Suppose total benefits and total costs are given by B(Y) = 150Y − 10Y2 and C(Y) = 5Y2. What level of Y will yield the maximum net benefits?
It is estimated that the annual sales of an energy saving device will be 20,000 the first year and increase by 10,000 per year until 50,000 units are sold during the fourth year. Proposal A is to purchase manufacturing equipment costing $120,000 with..
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