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Define natural monopoly. Draw the demand, marginal revenue, marginal cost, and average cost curves for a natural monopoly.
a. What does the size of a market have to do with whether an industry is a natural monopoly?
b. What are the two problems that arise when the government regulates a natural monopoly by limiting price to be equal to marginal cost?
c. Suppose that a natural monopoly is required to charge average total cost. On your diagram, label the price charged and the deadweight loss to society relative to marginal cost pricing.
If Roger could insure himself fully against the loss and the insurance is actuarially fair. d) What is the fair premium for his risk? e) Calculate his utility gain due to insurance. f) What value for the premium (instead of a fair premium would cause..
A bullock cart can travel at the rate of 4 kmph for the first two hours of a trip. After the firsttwo hours, the bullock cart's speed drops to 3 kmph. How many hours will it take thebullock cart to travel 20 km?
For this assignment, you are to use the text online library resources and the Internet to research the use of incentives in motivating employees.
According to the News on page 238, how much more did the average household spend on appliances, electonics, and furniture when it received the 2008 tax rebate? (b) If all 110 million households did so, how much did aggregate consumption increase
Which combination(s) in part (c) lie inside the affordable set, and which lie on the boundary?
Sleak Teak builds yard furniture using domestic hardwoods and (in a smaller shop) knick-knacks from the same sort of wood. Although hard woods were readily available in the past, recently they have become harder to botain.
A firm with market power has an individual consumer demand of Q = 20 - 4P and costs of C = 4Q. What is the optimal price to charge for a block of 20 units
Find the Subgame Perfect Nash Equilibrium where rm 1 chooses its quantity in the rst stage, then in the second stage rm 2 makes its quantity choice. Find the equilibrium quantities, price, and prots. Which rm produces more in equilibrium Find the ..
You are looking at the hat market. Hats sell for $15 each, and the variable cost of producing hats is Cv(H)=.25*H^2, with marginal cost MC(H)=.5*H. What is the highest fixed cost you would be willing to pay and still enter the market
Name a product you regularly purchase for which you have an inelastic demand and one for which you have an elastic demand. What determines whether your demand is elastic or inelastic for these products?
Is the statement that "Inflation is always and everywhere a monetary phenomenon" a statement that refers to the medium run or the short run?
Consider the following model of a closed economy in which household income taxes are proportional to income: Yd = C + I + G C = 200 + 0.80(Y-T) Y=Yd I=600 T= 0.20 Y G = 1000 a. What is "autonomous expenditure" for this economy
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