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As the manager of a monopoly, you face potential government regulation. Your inverse demand is P = 45 - 1Q, and your costs are C(Q) = 17Q. a. Determine the monopoly price and output. Monopoly price: $ Monopoly output: units b. Determine the socially efficient price and output. Socially efficient price: $ Socially efficient output: units c. What is the maximum amount your firm should be willing to spend on lobbying efforts to prevent the price from being regulated at the socially optimal level? $
The principle that a firm should produce up to the point where the marginal revenue (MR) from the sale of an extra unit of output is equal to the marginal cost (MC) of producing the extra unit applies:
Ethanol is an environmentally friendly, alcohol-based alternative fuel produced from corn and other crops that contain starches. Several states have passed legislation that requires gas stations to sell a mixture of gasoline and ethanol. On two sepa..
explain how much of the current unemployment can be attributed to cyclical factors.
A company employee is considering legal action against her employer. If she came to you for advice, how would you present to her the differences between a stereotype, prejudice, and discrimination? What two laws would you cite (list) to alleviate two..
Consider an economy where there are 100 unemployed persons and 900 employed persons. The job finding rate (f) of the economy is 0.3 and job separation rate of the economy (s) is 0.02. What is the average spell of employment? What is the average spell..
Government policies and regulations in host countries have a major effect on the operations of foreign companies. Which of the following does not reflect a typical regulation? Which of the following statements concerning the effects of fluctuating ex..
Suppose the costs of an environmental pollution-control program are expected to be equal to $1000 per year, and that benefits will be $600 for 20 years, then $2500 thereafter. What would be the net benefits of this program if the discount rate is 1%,..
XYZ School District is having budget issues and is facing the possibility of cutting some programs. How could one use ethical principles to address their budget issues?
Suppose its GDP grows by 1% in the next year and the budget deficit is again $100 billion. Compute its new level of national debt and its new debt-GDP ratio.
When the price of a top-of-the-line luxury sedan was $85,000 there were 6,184 sold. Several years later when the price was $116,000, although the cars were basically unchanged, there were 9,462 sold. Does this mean that the demand for these sedans sl..
Esen consumes only two goods, meat and potatoes. When the price of meat rises, he buys less meat and less potatoes. Based on this information, we can say that
Why does the assumption of independence of risks matter in the examples of insurance. Illustrate what would happen to premiums if the probabilities of house.
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