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If c is 10 and production is monopolized, what are the price and quantity produced in equilibrium? What is consumer surplus? What is the producer pro?t? What is the deadweight loss?
Suppose firm 1 and firm 2 each produce the same product, and face a market demand curve by Q=5000-200P. Firm 1 and 2 have the same unit cost of production c=10. Write down each firm’s derived demand functions, profit functions and best response funct..
Suppose that the required reserve ratio is 7.5%. If the Fed sells $530 million of bonds to the First National Bank. What happens to reserves and the monetary ba
Demand for microprocessors is given by P=35 - 5Q where Qis quantity of microchips in millions. The typical firm’s total cost of producing a chip is Ci=5qi where qi is the output of firm i. Suppose that one company acquires all the suppliers in the in..
Suppose the price at which a monopolist is selling its output is $8, and the marginal revenue associated with the last unit of output sold is $7. Suppose further that the marginal cost of producing the last unit of output sold is $6. Which of the fol..
If you are a "benelovent " manager of a monopoly firm and are interested in reducing the deadweight loss of monopoly, should you maximize profits
The Fibonacci series is defined to be the following numbers: 0,1,2,3,5.8,... where each number is the sum of the previous two numbers. Construct a program flowchart and corresponding pseudcode that will compute and output the first number greater ..
In looking at GDP we see that not all aspects are counted. Do you find that the items like buying a home or a used car should be counted in GDP?
Henry initially consumes the quantity of pens and pencils shown as B in figure 2. After the prices of both goods change, he buys combination A. From figure 2 and these facts, it must be true that . . .
"Since the statistical discrepancy in the U.S. balance-of-payment accounts is so large, we cannot rely on the U.S. BOP statement to give information on the size of various 'balances' with any precision. Perhaps the U.S. BOP statement is essentially u..
What is meant by the term skill differential? Does it lead to a reversal of compensating wage differentials? What is Statistical Discrimination? Explain how it can benefit some employees.
Recall that economists tend to omit the (expected) negative sign, so just answer using the absolute value of your result and ignore the sign of the answer.
A U-shaped average total cost curve implies what?:
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