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Monopolies rely on Barriers of Entry to maintain the power to set prices.
1. Carefully define and describe a natural monopoly plus TWO other types of entry barriers.
2. Explain why 1) monopolies are economically inefficient and 2) why regulators tend to be concerned about barriers to entry.
Suppose a chemical factory discharges waste products into a river resulting in significant damages to a local fishery. The marginal damage and the marginal abatement cost (MAC) are given by:
The stock is now selling at $62.50 per share. If the current price holds until the first of the month, and Sam exercises his option, how much will he make this year?
What is inflation? How do interest rates affect inflation? What are the different types of unemployment? Which of these has the most impact on the economy? Explain
In a natural monopoly, the average cost:
In what ways may a corporation’s structure and culture be internal strengths or weaknesses? Look at your organization, and analyze its structural and cultural strengths and weaknesses. How can the weaknesses be improved?
A local market for new wood pallets has daily demand described by P=178-0.2Q and supply described by P=85+0.1Q. Calculate the equilibrium quantity. Suppose a market has a supply described by P=3.0+0.1Q and a demand described by P=6.0-0.2Q. Calculate ..
In year 1, nominal GDP for the US was 2,250 billion and in year 2 was 2,508 billion. The gdp deflator was 72 in year 1 and 79 in year 2, real gdp rose by? The answer has to be in percentage
Explain why industry expansion in response to rising prices will put even more upward pressure on price in the cattle price cycle. What happens to finally cause the turnaround at the peak of the cattle price cycle?
In game theory, a dominant strategy refers to a choice
What is the external cost per unit of output?b. What level of output will be produced?c. What level of output should be produced to achieve economic efficiency?
Illustrate what would be the insurance premium. Or in other words illustrate what is the expected cost of medical expenses to this population.
Suppose that the market demand for medical care is summarized by the following function: P=400-2Q And the market supply is summarized by the following function: P=50+3Q. Calculate the equilibrium price, assuming no health insurance is available. Calc..
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