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A market with demand Q = 10 p is supplied by a monopoly with costs C(Q) = 6 + 2Q. Calculate the equilibrium price, output, and monopoly profits. What would be the equilibrium if the market were supplied competitively by firms, and each firm had the same costs? Illustrate on a diagram, showing the monopoly and competitive outcomes (price and quantity), monopoly deadweight loss, and monopoly profit.
Elucidate why is private property also protection of property rights, so critical to the success of the marketplace system.
A "run on gasoline" occurs when consumers' fears of gas shortages in the future lead them to demand more gasoline now. Using supply and demand analysis, which of the following is consistent with this situation.
If an industrial process emits a pollutant, is it more efficient to monitor the amount of pollutant emitted by each firm and establish a tax per unit of pollutant, or to
Which countries (and groups within a country) most likely oppose international labor standards? Explain why. Explain why some countries use voluntary export restraints (VER) instead of import quota? List and explain at least three reasons as to why c..
Two consumers Justin and Cindy of the same product have the following demand curves: Q1 = 500 – 10 P and Q2 = 500 – 20 P. The marginal cost (MC) for the firm is $10. Calculate the prices when the firm discriminates between the two consumers. Is this ..
What is the future worth of a series of equal monthly payments of $5,000 if the series extends over a period of six years at 9% interest compounded?
barbers who have turned farmers will drive down wage rate but will still be earning more than if y had remained barbers. Who benefits from technological progress in farming Farmers or barbers.
Donald is a stamp collector. The only things other than stamps that Donald consumes are Harold's doughnuts. It turns out that Donald's preferences are quasilinear, represented by the utility function U(d, s) = lnd + s, where d is the number of doughn..
China's entry into the World Trade Organization in 2001 created more competition between local and foreign firms, and also provided China greater access to the market for exports. What implications do you think the elimination of the quota on rubber ..
Two Cournot competitiors, Nick Limited(firm 1) and Junior LLC(firm 2), face an inverse demand curve p = 400 - 2q in the market (q = q1 + q2). Both producers have a marginal cost of $10 per unit. What is the reaction function for Nick Limited? How man..
Suppose that both firms decide to collude (form one firm) and maximize profits as one entity. What is going to be the overall production level they choose and the profit they make, respectively
Illustrate what would be the price also output. Illustrate what would be the firm's profit or loss.
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