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If the equation for the demand curve were P = 10 - Q and MC is constant at 4, what would be the maximum possible rents that can be extracted from this market by a special interest group? Answer by completing the following steps. Hint: think of the monopoly result.
a) What is the competitive market quantity and price?
b) Find the marginal revenue and derive the rent-seeking cartel output and price.
c) What is the maximum amount of rents that can be gained by a special interest group?
A firm is producing optimally (maximizing profits) when the price level = $1. It pays a wage rate of $10 per hour to labor and rents capital for $8 per hour. It sells its product for $20 per unit. At its current production point we can assume that it..
An interest rate of 10% compounded continuously is desired on an investment of $15,000. How many years will be required to recover the capital with the desired interest if $2,030 is received each year? (Please show formula used and work)
You are planning to purchase a house in 5 years and want to save for a down payment. If you deposit $5,000 each year into an account earning 3% interest, how much will have for a mortgage down payment?
Many economists specializing in "growth theory" contend that developing countries may achieve strong economic growth by increasing the amount of capital and labor available for production, but that this type of growth strategy is incapable of support..
The purposes of assessing the consequences of these provisions for strategic decision making.
Suppose there is no inflation and an insurance company offers a contract that would pay $500,000 with certainty 50 years from now.
The Chicago Board of Trade voted to create a private market for right to emit sulfer dioxide. The Clean Air Act of 1990 established a limit, beginning in 1995, on total emmissions of sulfer dixoxide from 110 power plants. Given that firms can exceed ..
Hospitals are facing unprecedented financial challenges from entrepreneurial physician initiatives that are establishing competitive, freestanding diagnostic and treatment centers, and specialty hospitals. In your opinion, what are the advantages and..
Suppose that Colorado is considering two alternative methods of funding local road construction, matching grants and block grants. In the case of the matching grant, Colorado will spend $1 for every $1 spent by localities. What is the price of an add..
In what ways has the U.S. system been affected (positively and negatively) by these regulations?
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt. What type of preferences is mike exhibiting? Are Carl's preferences monotonic? How do you k..
Suppose now that the government reduces (t) and increases (t') so that the government budget constraint continues to hold. What will be the effects on an individual con-sumer's consumptionin present
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