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Part A: Use the first order conditions for profit maximisation to show that a monopolist will never produce on the inelastic portion of his demand curve.
Part B: "Compared with perfectly competitive markets, monopoly markets lead to inefficiency". Assume a monopoly faces the demand curve Q=120-P and has a cost function C (Q) =10+2Q (The Q is squared). Draw a clear fully labelled diagram showing monopoly profit maximisation. Calculate the quantity produced, the price, and the deadweight loss and clearly indicate them on the diagram.
After Henry ford invented the assembly line for producing automobiles, other automobile companies copied his invention. The new technology rise the economies of scale in automobile producing.
Mr. Smith is president of a firm that is the industry price leader; that is, it sets the price and other firms sell all they want at that price. The other firms act as perfect competitors.
Describe the importance of cost of capital with respect to the actual financial problem of most manufacturing companies.
Find Total Revenue or profit
What are some the kinds of incentives for providers for efficiency in delivery of healthcare services. Describe who bears the financial risk, the provider, the patient, or the managed care organization?
A country should engage in international trade when the country can give up fewer goods for imported item than is implied by the item's domestic opportunity cost of production.
Why do you think it is important for managers to understand the mechanics of supply and demand both in the short run and in the long run?
Assume The Big Enchilada Restaraunt has been offered a 1 year binding lease agreement for $5200/mth on an attractive site. Before the lease is signed, what is the incremental cost per month?
Suppose an economy of two firms and two consumers. The two firms pollute. Firm 1 has a marginal savings function of MS1(e) = 5-e where e is the quantity of emissions from the firm.
What is the Marginal Rate of Transformation between sugar and tea?
Distinguish between explicit and implicit costs, giving examples of each. Differentiate between accounting profit, normal profit and economic profit.
Calculate the elasticity of demand and elasticity of supply at each price change in the market for financial calculators
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