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4. Assume that a perfectly competitive industry that produces eyelets is taken over by a single firm and transformed into a monopoly. The monopolist faces the following demand function: Q = 100 - 2P. Marginal and average costs are equal and constant at $20 per unit. (There are no fixed costs) Again, it is recommended that you draw a graph . a. Find the profit-maximizing price and output of the new monopoly. b. Find the level of monopoly profits. c. Calculate the efficiency loss or deadweight loss associated with monopolization. d. Now assume that the absence of competition under monopoly over time raises costs of production to $30 per unit. Calculate the increase in production costs due to X-Inefficiency.
Because government-operated firms do not have to make a profit, they can usually produce at a lower cost and charge a lower price than privately owned enterprises." Evaluate this view.
If I told you that GDP was forecast to rise by a bit more than 3% over the next year, what would that mean to you? What should you be asking about the forecast?
All of the firms will submit sealed bids. The procurement officer will look at all of the bids and select the lowest bid but pay to the lowest bidder a price equal to the price bid by the second lowest bidder. Show that bidding c is a weakly domin..
Suppose15 percent increase in the price of airlines causes a 10 percent decline in the quantity demanded then what is the elasticity of demand for airlines.
Which nation has an comparative advantage in the production of tungsten.
Describe how the budget constraint of a household in a two-period model is affected by each of the following changes. In each case, do you think that the household is better off or worse off, or is the answer ambigous? If ambigous, what does the a..
An economy is operating with output $400 billion below its natural rate, and fiscal policymakers want to close this recessionary gap. The central bank agrees to adjust the money supply to hold the interest rate constant, so there is no crowding ou..
Illustrate what is the relationship between the trade situation, the value of the dollar, the national debt and the budget deficit/surplus.
Required help using economic theory and applying to real world situations and current events.
Bond Equivalent Yields Suppose a T-bill has 75 days to maturity and an asked discount of 4 percent. What is the bond equivalent yield?
Are you a Classical or Keynesian economist? Pick a perspective and defend.
Some states are required to balance their budgets. Is this measure stabilizing or destabilizing? Suppose all states were committed to a balanced budget philosophy and the economy moved into a recession. What effects would this philosophy have on t..
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