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a. Determine the "rule-of-thumb" price when the monopolist has a marginal cost of $25 and the price elasticity of demand of -3.0.
b. Galaxy has market power in the market for Iowa State University Big XII Championship 2000 T-shirts. If the price of the firm's product =$20, and the total cost curve is TC= 5-15Q, what is the markup for this firm?
c. What if the price elasticity of demand for this firm becomes -5, what will be the firm's markup?
d. Compare a monopsony to a monopoly.
i. perfect competitiona. fill in the table for the perfectly competitive firm. explain how you arrived at each numberb.
A policymaker is deciding how to finance the construction of a new airport. He can either pay for it by increasing citizens' taxes or by printing out more money. What are some short run and long run consequences of each option
Why is elasticity of demand, useful in policy decisions Consider both price elasticity of demand and income elasticity of demand. Using graphs to illustrate your explanations of elasticity of demand, when elasticity changes and when it does not
Summer is traditionally a time of increased demand for oil because of the many families driving and flying to vacation sites. What would be the combined effect of these two events on the summer market for gasoline
1. suppose there are two consumers a and b.the utility functions of each consumer are given byuaxy xyubxy
explain the major factors that affect the degree of competitiveness in your business. use the data to develop at least
you are reviewing your monthly budget and determine you have 60.00 to spend on either books or movies each month.
suppose that the cost of capturing a cockatoo and transporting him to the united states is about 40 per bird.
Suppose the government regulates the prices of beef and chicken and sets them below their market clearing levels. Explain why shortages of these goods will develop and what factors will determine the sizes of the shortages. What will happen to the pr..
Functions monotonic transformations? You can determine it by drawing a graph or calculating their derivatives. Assume u > 0 throughout.
Describe the opportunities that might be available through better use of information technology (IT) in the U.S. health care system. What might explain the system's failure to better capitalize on these opportunities
Efficiency wage models are sometimes used to explain the existence of involuntary unemployment in the labour market. Provide a short description of the shirking model. Why can it be in a firm's interest to increase the wage above what is paid by o..
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