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Consider an economy in which a monopolistic firm serves two identical, but separate markets, called A and B. The aggregate inverse demand in each market is given by 1000−q. The cost function for the monopolist is given by (qA+qB)^2, where qA andqB denotes the amount sold in each market. Suppose that each market is regulated by a separate government, and that the government of market A requires the monopolist to sell exactly 250 units on its market. Suppose also that the monopolist is allowed to charge different prices on each market, but is not allowed to engage in more sophisticated forms of price discrimination. Given these policies, what is the total amount produced by the monopolist in equilibrium?
Suppose you manage an agency that provides Meals on Wheels to infirm elderly residents in the county. The agency operates three kitchens. Each kitchen is producing one-third of the total meals every day.
Use the arc-approximation formula to calculate the price-elasticity of demand coefficient of a firm's product demand between the (quantity,price) points of (50, $10) and (54, $8).
A profit-maximizing monopoly faces an inverse demand function described by the equation p(y) = 50 - y and its total costs are c(y) = 10y, where prices and costs are measured in dollars.
Recognize similarities and differences among common goods, public goods, private goods, and natural monopolies.
Provides a detailed and well-supported explanation of the justification for natural monopolies according to economic theory.
Describe the effect of each of the following events on the market for labor in the computer manufacturing industry. Use graphs.
A special interest group cannot impose its will on the majority because the perceived costs and benefits from government programs are the same for both groups. Cost-benefit analysis can be applied to individual decision-making and public choice th..
Suppose that the rate of depreciation as well as the rate of saving are each .10. Also assume that there is no technological nor population growth.
Some experts have suggested that of the total electricity consumed in the United States, 8 percent is used up by the internet. Thus an increased demand by consumers to surf the internet will the equilibrum price of electricity and the equilibrium ..
You will apply important microeconomics concepts toward the competitive strategies of an organization that operates in an industry of your choice. You will evaluate the differences between market structures and identify a group of competitive stra..
News Analysis. Analyze a news from a global newspaper (Financial Times, Newsweek or a similar one), delivering a report that could be useful for your company to take a managerial decision.
Suppose you heard the following: "The gap between actual output and potential output for this year is estimated to be 6 percent to 7 percent of potential output. Wholesale prices are virtually unchanged from one yea..
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