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Consider a no differentiated product market with inverse demand function P Q q = 62 - 2. Assume that all firms face the total cost function C=2qi , where denotes the firm's production. Answer the following questions.
a) Suppose that the market is served by a monopolist who can only charge uniform liner prices according to the standard monopoly model. Find the monopoly equilibrium (price, quantity, profit & Lerner Index). N.B. a monopolist may maximise profit at price higher than marginal cost.
The United States makes up approximately 4% of the world population but generates more than 20% of its income. The most recent number is $52, 587 per person versus a world average of $10, 163. React to this as a Utilitarian, a Rawisian, and personall..
Regarding Mexico's Financial/Legal Environment for Business – What are the laws for banking for a foreign corporation to own a business? Are they required to enter in a joint venture with a domestic company? Is it possible for a foreign company to bo..
A local video store estimates its average customer’s demand per year is Q = 7 − 2P, and it knows the marginal cost of each rental is $0.5. How much should the store charge for an annual membership in order to extract the entire consumer surplus via a..
Eli Lilly owns the patent to Xigris, which is the only approved drug for the treatment of sepsis. Sepsis is a severe illness caused by a bacterial infection, wh
Define entrepreneurs and describe the entrepreneurial characteristics/competencies portrayed by the character Carl Casper in the movie. In your opinion, what factors lead the main character, Carl Casper, to start his food truck business? Discuss the ..
Given the following Production function: Qp = 100 K-0.5 L12.3 L20.35 Lfor a company whose output is developed by a firm with one capital (K) and two types of labor inputs. Derived the elasticities for each input and interpret your results.
What is the difference between a linear, quadratic, and cubic regression analysis? Please provide a reference.
Adam Smith’s Theory of the Invisible Hand is often used to justify a hands-off approach to market activity. Can you give an example where government intervention in a market led to an inefficient outcome? How about an example where government interve..
For borrowers with good credit scores, the mean debt for revolving and installment accounts is $15,015. Assume the standard deviation is $3540 and that debt amounts are normally distributed. What is the probability that the debt for a borrower with g..
Assume that in the next year the economy will experience high growth (20% probability), normal growth (40% probability), or a recession (40% probability). According to these numbers, what is the expected return on stocks over the next year? If one-ye..
Consider firms in industries you are familiar with. Are firms in such industries price-takers or price-setters? How much control do they have over the prices they charge?
What is Intellectual Property(IP)? What are the public policy implications of information economics perspectives on IP?
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