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Now suppose that the monopolist in problem #3 can separate the two groups and charge separate, profit-maximizing prices to each group.
a. What will these prices be? What is consumer surplus? What are total profits?
b. If total surplus is consumer surplus plus profit, how has price discrimination affected total surplus?
An engineering company just purchased new CAD software for $8000 now and annual payments of $500 per year for 6 years starting 2 years from now for annual upgrades. What is the present worth of the payments if the interest rate is 6% per year?
Determine the current amount of money that must be invested at 12% nominal interest, compounded monthly, to provide an annuity of $10,000 (per year) for 6 years, starting 12 years from now. The interest rate remains constant over this entire period o..
Assume that labor demand for low-skilled workers in the United States is: w = 24 – 0.1E where E is the number of workers (in millions) and w is the hourly wage. Assume there are currently 120 million domestic U.S. low-skilled workers who supply labor..
Illustrate what is an opportunity cost. Elucidate how does the idea relate to the definition of economics.
How do we fight a recession using Monetary Policy (Make sure to include the 4 tools of monetary policy and how we should use them.) and Fiscal Policy (Make sure to include all appropriate graphs and equations):
Use your own life experience to explain the difference between the marginal and the average propensity to consume. In what circumstances could more saving be bad for the economy as a whole (search the Internet for the “paradox of thrift”)?
Let the inverse demand curve for tennis classes is: P = 90 - 1.5Q. If the equilibrium price is $15, calculate the optimal quantity and the consumer surplus. If price increase to $30, calculate the optimal quantity and the new consumer surplus.
Suppose a tax of $.10 per unit on a good creates a deadweight loss of $100. If the tax is increased to $0.30 per unit, the deadweight loss from the new tax would be:
q.consider ?the ?following ?market ?for ?a ?single ?good ?x ?with? two? firms ?that compete ?via? price? bertrand.?you?
In class we built a Production Possibility Frontier (PPF) where each sector exhibits constant returns to scale technology and where sectors use deferent capital-labor ratio. Suppose now that both sectors exhibit increasing returns to scale.
The table below represents the production function for Hawg Wild, a small catering company specializing in barbecued pork. The numbers in the cells represent the number of customers that can be served with various combinations of labor and capital.
Southeastern Oklahoma state university's business program has the facilities and faculty to handle and enrollment of 2100 new students per semester. Although there was ample demand for business courses last semester, conflict in schedules allowed onl..
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