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The discussion on price ceiling supposed that the medical industry faces increasing marginal costs of production. Suppose a for profit, monopolistic hospital is experiencing economies of scale (ie a downward sloping average and marinal cost curve) in the relevant range. discuss in writing the proglems associated with a pric ceiling set where the demand curve intersects the marginal cost curve and a price ceiling set where the demand curve intersects the average cost curve. Think in terms of allocative efficiency and financial solvency.
“If Congress cuts out the NASA space station, we will have wasted all the resources that we have already spent on it. Therefore, we must continue funding it.” Newspaper and soft drink are priced almost the same around $1 per unit by vending machines.
A major defence supplier expects to generate additional revenue from its recently won government contract. The company expects the revenue will be $110 million in the first year and the revenue increasing by $2.5 million each year for the next 4 year..
In economics, the concepts of economies of scale and economies of scope if often used in the context of production. How are these concepts similar and different? Please use your own examples to explain these concepts
When a perfectly competitive firm is producing at its profit maximizing level of output, its MR is equal to price and its MC while it may or may not be making an economic profit. The price a profit maximizing monopoly charges is always greater than i..
Elucidate Average costs are minimized when marginal costs are at their lowest point.
You hire a consultant to estimate the elasticity of demand for widgets, the product that your company produces and sells. When you receive the report it indicates that the elasticity of demand for widgets is -0.6. Briefly explain what that means. Wha..
What is the economic justification for zoning laws, which restrict the private property owner’s right to do what he or she wants with his or her property?
A newspaper recently lowered its price from $0.50 to $0.30. As it did, the number of newspapers it sold increased from 240,000 to 280,000. What was the degree of elasticity for the newspaper? Suppose that at a price of $55, 100 units were sold while ..
Suppose an individual consumer has preferences over consumption c given by u(c) = c^1/2 . The individual faces uncertainty of the following form: With probability π the individual has wealth of ω which she can spend on consumption; with probability 1..
Hex Yahtzee is a game in which each person rolls six dice at once. The dice are ordinary 6-sided cubes, with a different number on each face. If exactly five of the six dice come up the same, the roll is called five-of-a-kind, and scores very well. W..
Economists argue that successful business depends on creating sustainable and effective supply and demand networks. If you own (manage) a business, how do you create effective deamnd and effective supply to maximize profit?
What is the difference between intra-industry and inter-industry trade? Generally, trade in primary goods involves intra- or inter-industry trade?
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