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1. A monopolist firm faces the following cost curve: C(Q) = 10Q + 300, where Q is the output produced. The demand for its product is given by P = 50 - Q. a) Find the equilibrium price and quantity. b) What is the deadweight loss associated to the monopoly? c) Draw a figure to illustrate your answer. d) Suppose the government wants to regulate the monopoly. What price will maximize aggregate surplus in this market? 2. Inoculations create external benefits by reducing other people's exposure to communicable diseases. Suppose the market demand curve for inoculations is Qd = 100 - 10P. Suppose that the market for inoculations is perfectly competitive and that the market supply curve is Qs = 2P - 8. Finally, suppose that the marginal external benefit of inoculations is MEB = 8 - 0.5Q. a) Find the socially efficient level of inoculations. b) Find the competitive equilibrium. c) Find the deadweight loss created by the externality. d) Find the optimal subsidy. e) Draw a figure to illustrate your answer. a) Find the socially efficient level of inoculations. b) Find the competitive equilibrium. c) Find the deadweight loss created by the externality. d) Find the optimal subsidy. e) Draw a figure to illustrate your answer.
Advanced MUa = z=10-x and MUb = z = 21 - 2y, where z in marginal utility per dollar in the amount spent on product A, and y is the amount spent on product B. Assume that the consumer has $10 to spend on A and B
Determie what geopolitical events helped shape John Maynard Keynes theories and how did they shape the future of economic policy in the United States and other Western nations?
A monopolist faces the price equation: P=1,000-0.5Q and total cost: C=50,000 +100Q + .4Q^2. A. Determine the price and output that maximize total revenue, and the level of profit. B. Determine the price and output that maximize profit and the leve..
Which, if any, of the following changes is likely to cause reported GDP (real and nominal) to increase when, in fact, total economic production is little changed?
Let us assume you and ten of your friends are going to open and invest in a business. You do not want to pay double taxation on the profits. You want a type of ownership where profits must be distributed based on how much each person has invested ..
Assume a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? Explain your reasons.
What is Gross Domestic Product, and why is it important for national economies?
Define a natural monopoly and what has happened to natural monopolies in recent years? Describe. Under which market structure does your type of business fall?
A company used a combination of inputs that was to left of its isocost line, it would indicate that
The budget deficit is of tremendous concern and all law makers agree that some measures should be taken to reduce it. However, The Republicans see the issue as a spending problem, while the Democrats see it as a revenue problem.
Based on their public statements, many policy makers would support government regulation of oil markets in order to compensate for the exhaustibility of oil as a resource. Is this reasonable from an economic stand point.
Suppose that a student who has completed her undergraduate degree and is planniing pursuing an MBA as a full time student. The cost of the second year MBA program she is planning is $45,000 for tuition.
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