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Suppose that a natural monopolist was required by law to charge average total cost. On a diagram, label the price charged and the deadweight loss to society relative to marginal cost pricing. Briefly explain your diagram and comment on the results.
Examine the models of oligopoly and create at least one recommendation for improvement. Describe your rationale.
What is the CPI (Consumer Price Index) and what significance does it hold in regards to goods and services? Please explain in detail.
Assume your elasticity of demand for your parking lot spaces is -.05, and price is $20/day. If your MC is zero, and your capacity at 9 a.m. is 96% full over the last month, are you optimizing?
In the 1990s, Pfizer, Inc., developed a new antibiotic called Trovan (trovafloxacin mesylate). Tests showed that in animals Trovan had life-threatening side effects, including joint disease, abnormal cartilage growth, liver damage and a degenerati..
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution and price elasticity of demand.
Give an example of a monopoly, an oligopoly, and a cartel. Describe the welfare effects of monopolies and oligopolies.
Governments worldwide are turning to "protectionism" to cope with economic problems, imposing tariffs and subsidies on foreign goods and restrictions/incentives on their own firms to keep jobs at home. What are the strategic implications of this t..
Aware of consumer sentiment, the largest supermarket chains in the country vow they will not purchase food products that use genetically modified crops.Does either of these cases run afoul of WTO policies?
What are the efficient quantities for each of the two periods? What are the correspondingprices and MUCs?
The atmospheric pressure of 100k Pa acts on the other side of the piston. The gas is heated until the volume is doubled and the final pressure is 500 kPa. Calculate the work done by the gas.
Determine the long-run marginal cost function for electricity generation and determine the short-run average variable cost and marginal cost at the output level in Part (d)
After Henry ford invented the assembly line for producing automobiles, other automobile companies copied his invention. The new technology rise the economies of scale in automobile producing.
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