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Assume that a monopolist sells a product with a total cost function TC = 1,200 + 0.5Q2. The market demand curve is given by the equation P = 300 - Q.
a) Find the profit-maximizing output and price for this monopolist. Is the monopolist profitable?
b) Calculate the price elasticity of demand at the monopolist's profit-maximizing price.
c) What would price and output be if this firm acted like a perfect competitor? What is the firm's profit?
d) Suppose the government imposes a price ceiling of $175. How does this affect price, quantity, consumer surplus, and the monopolist's profit? What is the resulting deadweight loss? (Presume this part is referring to Monopoly, not Perfect Competition).
If the demand curve for Pfizer's Norvasc, a blood pressure medication, is more elastic in Mexico than it is in the United States, how could Pfizer use this information to maximize their profits?
Omega Travel competes in the highly competitive market for travel. Consumers know that Omega has the best agents in the industry and offers superior service. Nonetheless, Omega earns zero economic profits because numerous competitors have entered the..
Consider the following game: There are 3 players. Each player decides whether to work on a common project or not. The project is successful only if 2 or more players work on it. When the project is successful, each player obtains a payoff of 20. When..
Suppose the domestic supply (Qs) and demand (Qd) for MP3 players in the U.S. are given by the set of equations that follows: In the absence of international trade in MP3 players (autarky), the price of MP3 is $60. How many MP3 players will be produce..
Assess the issue of illegal immigration using a number of different ethical principles, such as the principles of rights, utilitarianism, and justice. What does each principle have to say about the issue of illegal immigration.
Explain how does your graph relate to the other two graphs. What do any of these graphs have to do with price discrimination.
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Consider an economy with a reserve requirement m = 0.25, and assume that banks, on average, keep some excess reserves. The value of the money multiplier will be. For given increase in the supply of reserves to banks by the Fed, the drop in the federa..
Elucidate how much of the tax is borne by consumers also Elucidate how much by producers. Illustrate what is the new CS also PS.
Suppose that in a week the price of Greek yogurt increases from $1.25/lb to $1.75/lb. At the same time, the quantity of Greek yogurt supplied increases from 100,000 lbs to 180,000 lbs. What is the price elasticity of supply for Greek yogurt?
Let's say there is a company that benefits from the protection of state and local governmental agencies. And that company funds its budgets through proper taxes. The product that the company create is one that every person, from 5 to 18 years old, wh..
Take some time to think about the ways in which your learning in this class relates to the real world. Has the knowledge you gained been valuable in helping you understand or evaluate events or policies? Are there any current events in the news th..
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