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A monopolist's demand function is given by
P = 80 - 3Q
(with MR = 80 - 6Q).
Its total cost function is
TC = 20Q + 200
(with MC = 20).
Using algebra determine the profit maximizing output, price and optimal profit for the firm.
(ii) Suppose that instead of maximizing profit, the firm wants to maximize total revenue. Using algebra determine the optimal output, price, profit and revenue for the firm.
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Distinguish between explicit and implicit costs, giving examples of each. Differentiate between accounting profit, normal profit and economic profit.
Consider the price-taking firm in competitive industry for raw chocolate. The market demand and supply functions for raw chocolate are estimated to be
Economists make decisions by thinking in terms of alternatives. Why do economists thinks there is no such thing as a free lunch?
Suppose you are the manager of a small pharmaceutical firm that received a patent on a new drug 3-years before. Despite strong sales and a low marginal cost of manufacturing the product
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The marginal revenue curve of a monopoly crosses its marginal cost curve at $30 per unit, and an output of 2 million units. The price that consumers are willing and able to pay for this output is $40 per unit.
Your are the chief economic advisor to the King of Terra. The king has observed that while the price of energy has increased 20 percent over the past five years, consumers have actually increased their energy consumption by 10 percent over the sam..
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