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Monopoly and equilibrium
a. Helen gets smart and realizes that she is the only pie shop approximately. Compute the marginal revenue she gets for each additional sale as the change in total revenue (price times sales). Graph this and show the new quantity of sales and the new price.
b. Draw the area of consumer surplus on your graph. Draw the area of producer surplus.
c. Calculate consumer surplus as the sum of the difference between the price and the marginal utility for each pie. Calculate producer surplus as the sum of the difference between price and marginal cost for each pie.
d. Compare the sum of consumer and producer surplus for the monopoly with the results for perfect competition. Which is better for consumers? Which is better for producers? Which is better for society?
Solve for the equilibrium interest rate. Solve for equilibrium value of consumption and investment.
The government plans to rise state spending by $2bn in the next fiscal year.
Suppose you are the manager of a home-building company and the government is considering eliminating the deduct-ability of mortgage payments interest.
A county is considering using a piece of park land for one of two alternative recreation projects. Project S would require construction costs of $2 million (year 0) and generate net benefits of $1 million per year for 10 years.
Suppose that increased international trade makes product markets more competitivein U.S., would we expect to observe an upward slope on the WS curve or the PS curve
Suppose that a pay equity plan has just been put in place in your organization. The pay equity consulting firm did a job evaluation and assigned points to each of the male-dominated and female-dominated jobs.
What can you determine about consumer demand for your product from this information.
Open a pizza restaurant and is considering either selling the bonds and using the 100,000 to start his restaurant or borrowing the 100,000 from a bank which would charge him an annual interest rate of 7 percent.
Briefly discuss the impact of rational self-interest on each of the following decisions. Whether to attend college full time or enter the workforce full time.
Which of the government policies below is not likely to encourage per capita economic growth.
You learn that the market price of illegal drugs is falling. Which hypothesis is consistent with this information on drug prices.
Assuming that all buyers received the credit, estimate the own cost elasticity of demand as well as well as own cost elasticity of supply.
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