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Give brief answers to each of the following:
(a) "Since a monopolist is the only supplier of a well- defined product, there is no limit to the price it may charge." Is this statement true or false?
(b) Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic. (c) "The ultimate monopoly product would be one whose cross elasticity of demand, with respect to any and all other products, was zero." Comment. (d) "The reason movie theaters charge youngsters and oldsters less than the rest of us is because theater owners want to help these two low-income groups."
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
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Compute the expected value (revenue) from each project. Compute the coefficient of variation of each project, and find out which project should the company choose. Compute the variance and standard deviation of expected value from each project.
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Evaluate the range of marginal revenues
The rising stock market implies an increase in wealth, at least as measured on paper. If we assume that some of this increased wealth gets consumed, then the rising stock market fuels an increase in aggregate demand, and may contribute to an inflatio..
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Find out the average total cost and average variable cost as a function of the level of output. Assuming the firm has the same cost curves in the long-run for q>0 and C (0) =0, how much will it produce in the long-run?
Which of the following strategies are used by businesses to capture consumer surplus? Nash equilibria are stable because
Determine the profit-maximizing prices both firms will charge. In addition, calculate the price-cost margin for each firm and indicate which has more pricing power and why.
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