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A firm has a monopoly on a new type of gaming console. The market demand is given by P=307.4-0.003*Q and thus marginal revenue is MR=307.4-0.006*Q. The monopolist's marginal cost is MC=4.3+0.001*Q. Calculate the profit-maximizing production quantity?
The price paid by buyers increases by $2 and the after-tax price received by sellers falls by $3. The government is able to raise $750 per month in revenue from the tax. Elucidate deadweight loss from the tax.
Ed and his wife Kathie own all of the stock of Crispin, Inc. Kathie is the president and Ed is the vice president. Kathie and Ed are paid salaries of $500,000 and $350,000, respectively, each year. They consider the salaries to be reasonable based on..
Suppose that U.S. prices rise 4% over the next year while prices in Mexico rise 6%. According to the purchasing power parity theory of exchange rates, what should happen to the exchange rate between the dollar and the peso?
If an allocation of economic resources is not efficient, then some of the potential gains from trade among buyers and sellers are not being realized. Explain why an allocation is inefficient if a good is not being produced by the sellers with the low..
The distribution of family income is preferable than the distribution of household income because. The long-run average-total-cost curve does not connect the minimum points of each of the short-run average-total-cost curves. The long-run average-tota..
If their account earns 6 percent per year compounded quarterly, how long will it take them to have a total of $20,000 in their savings account?
At 6% interest, how much money is required in the trust fund to provide for the laboratory and equipment and its perpetual operation and equipment replacement?
If the firm is producing at a quantity of output where marginal revenue exceeds marginal cost, then,
Illustrate what public policies might be used to address one of the problems you identified in your response to the question above.
Utilizing the midpoint formula, what is the price elasticity of demand for Coke at these prices. Assume the demand for Coke is a linear line. Would the elasticity of demand be elastic or inelastic at 75 cents a can.
A firm faces a demand where q=20-P. q is quantity demanded, P is price. Its total cost function is TC = 2q^2 + 2q + 20. How many should it produce to maximize profit? What is the price it charges to its consumers?
Find the Herfindahl index for an industry composed of (a) three firms- one with 70 percent of the market, and the other tow with 20 and 10 percent of the market
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