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Question: Public utilities such as electricity are referred to as natural monopolies and are often subject to regulation by a state authority (the "public Regulatory Commission").
[A] Describe why a public utility such as electricity is referred to as a "natural monopoly."[B] Describe how and why an average cost pricing policy is applied to public utility.[C] Explain how the policy affects the utility's profits and costs.[D] Explain the effects of the policy on the efficiency of the utility.
Consider the problem of maximizing the profit function (pi)= pY -wL subject to the production function Y= L to the alpha (as the exponent) where alpha E (epsilon) (0,1).
A company wants to prepare the demand curve for its product that it is selling. How would it get the information to prepare the schedule? How could a company prepare the demand curve for the new product that has not been seen by the public?
The Smith's Company's marketing manager has determine that the price elasticity of demand for its product equals -2.2. According to the studies he has performed, the relationship between the amount spent by firm on advertising and its sales as fol..
Compute the industry prices necessary to induce short-run quantities supplied by the firm of 5,000, 10,000, 15,000 tons of sweet peas. Assume that MC>AVC at every point along the firm's marginal cost curve and that total costs include a normal pro..
Give a definition of Pareto Optimal Allocation in this economy. Find out all Pareto optimal allocations and graph them in the Edge worth Box and also describe what is the theory of Second Best? Prove the theorem by using a diagram.
What are the profit-maximizing price and quantity? What will be the profits at these price and output levels?
Do you think the overall level of R&D would increase or reduce over the next 20 to 30 years if lengths of new patents were extended from 20 years to, say "forever"?
Suppose that the euro zone is the home "country" and the US is the foreign country, which means that exchange rate, which has the dimensions of local currency per unit of foreign currency, is in units of euros per dollar.
A company has a EBIT to be $100,000 every year forever. The company can borrow at 5%, has no debt and cost of equity of 15%. If the tax rate is 25 %, find out the value of the firm?
Is Publix the monopolistic competition, oligopoly, monopoly, or perfect competition? Justify your classification of firm and employ the characteristics and features of the different market structure to determine which market structure to classify ..
Suppose a firm is operating in perfectly competitive product market where the price of its output can be sold at the price p=$10. The firm can hire any number of workers at the wage of W=$50.
The aggregate demand curve slopes decrease, because when the price level is reduce, people can afford to purchase more, and aggregate demand increase.
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