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No missing information as per the data. As the manager of a monopoly, you face potential government regulation. Your inverse demand is P = 60 - 2Q, and your costs are C(Q) = 8Q.
a. Determine the monopoly price and output.
b. Determine the socially efficient price and output.
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?
In Becker’s taste for discrimination model, how does discrimination disappear in the long run? Briefly describe the three types of unemployment? Briefly describe the economic policies undertaken by Governments to reduce unemployment?
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In the country of Wiknam, the velocity of money is constant. Real GDP grows by 3 percent per year, the money stock grows by 8 percent per year, and nominal interest rate is 9 percent. What is the growth rate of nominal GDP and the inflation rate?
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Most large firms have personnel departments responsible for setting specific rates of pay for each job. In performing this function, how much discretion does the personnel department have in terms of the rates it sets? To what extent do outside marke..
Beside economic value, name three other types of value a person might assign to an object or circumstance.
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