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A monopolist faces a demand curve given by: P = 105 - 3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $15. There are no fixed costs of production.
A) What quantity should the monopolist produce in order to maximize profit?
B) What price should the monopolist charge in order to maximize profit?
C) How much profit will the monopolist make?
D) What is the deadweight loss created by this monopoly (hint: compare the monopoly outcome with the perfectly competitive outcome).
E) If the market were perfectly competitive, what quantity would be produced?
Suppose that \(X_{1},X_{2},....,X_{n} \) is an i.i.d. random sample, where \(X_{i}\) follows a normal distribution, with mean zero and unknown variance \(\sigma^{2}\) . Find the Maximum Likelihood Estimator of \(\sigm..
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A grocery store notices that the cross-price elasticity between ice cream and chocolate syrup is -.3. The store is advertising a sale with ice cream prices reduced by 20%. By how much should they expect chocolate syrup sales to increase
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Smith can work as many hours per day as he chooses, and he will be paid $1/hr for the first 8 hours he works, $2.50/hr for each hour over 8. Faced with this payment schedule, Smith chooses to work 12 hr/day.
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