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Monopoly producer of this product. Assume that the inverse demand function for this product is: P(Q) = 800 − Q and your cost functions are TC(Q) = 50Q; MC(Q) = 50. What is the MR function? What is the profit-max quantity and price? What is the MR at that level of output? What is the Monopoloy pofit? What is the "efficient" level of production? What is the price at the e?cient level? Graph the marginal revenue, marginal cost, and demand curves, and show the area that represents deadweight loss due to monopoly on the graph. Calculate the amount of deadweight loss.
Another firm has entered the market.
Assume this ?rm faces the same costs of production as you do, and that the market demand is the same except that now, Q = Q 1 + Q 2 . Suppose that you and this other ?rm play “Cournot”. Write the marginal revenue functions of each ?rm as functions of Q 1 and Q 2 What are the “best-response” functions for each ?rm? Cournot equilibrium: . What is the market price? What are the pro?ts for each firm?
Hello, the second part of the question is what I need help with. Not sure I understand how to do the "Cournot" and best response once another firm enters the market and its no longer a monopoly
Policies established by the World Bank and the IMF have been the subject of much criticism, especially from the developing world. Why might developing world nations be critical of these policies? Do you think the policy actions are justified? Explain..
The Southwire Company is North America's leading manufacturer of wire and cable. Southwire maintains and publishes manuscripts detailing the organizations commitment to ethics. The manuscript can be accessed via the company website and through pri..
The top 25 most frequently used DRGs accounted for approximately _______ percent of all discharges under Medicare. When medical fee schedules are negotiated by two monopolists one representing patients and one representing providers the equilibrium m..
In a two paragraph summary, explain WHY countries trade and what the importance of international trade is between countries. A. Your summary should include the following concepts:
A cost minimizing firm's production function is given by q=lk, where MPl=k and mpk=l. the price of labor services is w and the price of capital services is r. suppose you know that when w=$4 and r=$2, the firms total cost is $160. what would the cost..
Show what would in the market for unskilled labor if Congress were to raise the federal minimum wage to $9.00 per hour. The value of the Syrian pound has dropped
In monopolistic competitive industry the products that make up that industry are virtually alike. Only a few minor differences separate one product from the other (take soap for example). In such a case one is lead to believe that consumers could cho..
What is your thought about tracking the U.S. Economy and Unemployment and Inflation.
The current exchange rate between the Japanese yen and the U.S. dollar is 115 yen per dollar. At current prices, a basket of goods that costs $100 to produce in the U.S. would cost ¥10,500 to produce in Japan. What do you predict the real exchange ra..
Gail works in a flower shop, where she produces 10 floral arrangements per hour. She is paid $10 per hour for the first eight hours she works and $15 an hour for each additional hour she works. What is the firm’s cost function? What are its AC, AVC, ..
Business has only one social responsibility-to make profits (as long as it stays within the legal and moral rules of the game establised by society). Few trends could so thoroughly undermine the very foundations of our society as the acceptance by..
Illustrate what is the marketing concept recognizes that individuals pass through stages in the course of their lives in groups that are related to their age, period of mat¬uration, and environmental events.
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