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Consider a product that has a cost function c(y) = 10y.
Demand for this product is represented by p=100 – y.
a. What is a monopolist’s optimal production plan and price?
b. What would the equilibrium price and output be under perfect competition?
c. what is the deadweight loss from the monopoly? (know how to solve using integration)
Consumers of computers value high-quality ones at $1,000 and low-quality ones at $100. The supply of high-quality computers is QH = PH ? 200. The supply of low-quality computers is QL = 2PL ? 100. Only sellers know the true quality of the computers b..
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Assume that the interest rate is 10%. Explain whether you would prefer to receive (a) $ 75 one year from now, (b) $ 85 two years from now, or (c) $ 90 three years from now? Would your answer change if the interest rate is 20%? Show how you arrive at ..
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Calculate the elasticity of supply when an increase in demand causes the equilibrium price and quantity to change from $2.00 and 500 to $2.80 and 1,000, respectively.
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Rotor Turbine Engine Company needs a new automated gear production machine. It has two bids with associated estimated data: Use IRR and incremental analysis to determine which company to recommend, if any, given an MARR of 12% per year compounded ann..
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