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A monopolist faces market demand given by P = 100 – 3Q. For this market, MR = 100 – 6Q and MC = 25. What quantity of output will the monopolist produce in order to maximize profits?
Thoreau has preferences for consumption goods (C) and time spent on leisure (L). The utility function is u(C, L) = CL. The household also has a home production technology summarized by a production function. How much time will Thoreau spend in leisur..
The kinked demand curve model can be used to explain the sticky prices n markets characterized by oligopoly. A typical kinked demand curve consists of two straight lines joined at the kink. ( a piece -wise linear where P is price (in dollars and Q is..
elucidate the social gain from the market for cars. Be sure to show gains and losses to all relevant groups of Americans.
Identify some ways that nursing homes can signal high quality to consumers. Which of these signals are most apt to be reliable? What are some strategies for reducing adverse selection in insurance markets? What sorts of problems do these solutions ca..
Suppose that the economy of an island H is described by the following equations: GDP (Y) = 8000, government expenditures (G) = 600, Taxes (T) = 1000, Consumption (C) = 400 + 3/4 (Y-T), and investment (I) = 800 – 200r. What can you conclude about the ..
There are three retirement plans under development. Each plan has a 6% compounded monthly and you cannot take a withdrawal until year 20. One plan requires a payment of X/year for the next 10 years. The other requires a payment of Y each year from ye..
If the central bank in the preceding question instead holds the money supply constant and allows the interest rate to adjust, the change in aggregate demand resulting from the increase in government purchases will be
Suppose the domestic demand and supply curves are given by: Derive and graph the import demand schedule for the economy. Calculate the welfare impact of the tariff. Show the welfare gains and losses on import demand graph? What are the welfare effect..
If you have a perfectly competitive industry of 100 firms with a monthly demand curve of Q=1000-P and TC=Qi^2+100Q+100, a subsidy of $36/month, a long-run equilibrium (before subsidy) of P=140, Q=860 (each firm produces 5 units) and a long run equili..
Compute the price, output, and profit contribution if the product is not certified.
Explain why the total profit (from all sales) is still likely to lower with this pricing scheme than with perfect price descrimination despite fixed fee equal to the entire consumer surplus of a typical customer.
Using a supply-demand diagram, show a labor market with a binding minimum wage. Now, use the diagram to show those who are helped by the minimum wage, and those who are hurt by the minimum wage.
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