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Assume that patients have revealed their group demands for hospital emergency room service, as follows:
Q= 20,000 - 50P (Patients demand) where Q is the number of emergency room patients per year at the local hospital and P is the price of emergency roomservice.
The marginal cost of emergency room service is MC= $50.
A. Determine the socially optimal amount of publicly-supported emergency room service
B. Assume the emergency room service has been privatised so that a monopolist service provider starts to serve the community, determine the profit-maximising quantity and price.
C. To prevent the abuse of monopoly power, a regulatory authority intervene the market by regulating the industry.Determine the optimal regulated price and quantity.
Calculating inflation using a simple price index-Which of the following, if true, would illustrate why price indexes such as the CSPI might overstate inflation in the cost of going to college? Check all that apply.
Machine A costs $20,000, lasts 3 years and has a salvage value S of $3,000. Machine B costs $12,000, lasts 2 years and has a salvage value of $2,000. The machines can be purchased at the same price with the same salvage value in the future, and are n..
Which of the following is a justification for taxes ? Households act as suppliers when they provide :
Calculate the percentage change in nominal GDP, real GDP and the GDP deflator in 2009 and 2010 from the preceding year. For each year, identify the variable that does not change. Explain in words why your answer makes sense.
Suppose mountain spring water can be produced at no cost and the inverse demand for mountain spring water is P = 1200 – 0.2Q. Suppose the market of mountain spring water is supplied by a monopoly firm that cannot price discriminate. Find the monopoly..
Use the concept of (a) substitutes in production versus pure complements in production and (b) gross substitutes versus gross compliments to asses the likely impact of the rapid decline in the price of computers and relate office equipment on the lab..
Estimate the macroeconomic implications and microeconomic consequences of a monopolistically competitive firm or an oligopoly firm filing for bankruptcy.
Compute the equilibrium price of guitars and the equilibrium quantity of guitars in State College.
An? individuals demand curve is negatively sloped because...
Considering the following concepts such as GDP, unemployment, monetary and fiscal policy. Pick an recent newspaper article (New York Times, Wall Street Journal, etc.) that focuses on DELL INC. Describe the event and the issue for DELL INC. (summarize..
Consider the Cournot duopolists firm 1 and firm 2. They produce homogeneous products and simultaneously choose quantities q1 and q2, respectively. Each firm is trying to maximize his own profit. From firm 1’s profit maximization, derive firm 1’s best..
Using a supply-demand diagram, show a labor market with a binding minimum wage. Now, use the diagram to show those who are helped by the minimum wage, and those who are hurt by the minimum wage.
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