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Assume a monopolist faces the demand curve of and a total cost curve of
SRTC(Q) = 2Q + 0.025Q2.
A) What do you notice about fixed costs in this case?
B) Determine the monopolist’s profit maximizing level of output and price, as well as the amount of profit earned.
C) Compare the consumer surplus under monopoly production to the consumer surplus achievable if the product was supplied by a perfectly competitive market.
if the product price is 4 per unit and the price of the factor of production is 80 per unit the profit-maximizing
In 1914, Ford Motor Company doubled its wage to $5 per day, a rate that was considerably above the average wage at that time.In terms of efficiency wages, explain why Ford would have had an incentive to do this.
It is 1932 and you are an economic advisor to President Roosevelt. what advice would you give the president in light of the economic problems facing the country?
what effect should each of the following have upon the demand for portable music players in a competitive market?
An economist is interested in studying the incomes of consumers in a particular country. The population standard deviation is known to be $1,000. A random sample of 50 individuals resulted in a mean income of $15,000.
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discuss how the actions of the federal reserve specifically an increase or decrease in money supply affect the other
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Richard is deciding whether to buy a state lottery ticket. Each ticket costs $1, and the probability of the following winning payoffs is given as follows: Probability Return .5 $0.00 2.5 $1.00 .2 $2.00 -05 $7.50
1. employment hardship - it has been implied that unemployment rate should be replaced with an employment hardship
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Elasticity of demand is a measure of the responsiveness of to changes in price. Over time the elasticity of supply for a particular good or service tends to become A tax on a service that has a relatively elastic demand and a relatively inelastic s..
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