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Suppose a monopolist can purchase Labor at a price w = 1 and can purchase Capital at a price r = 9. The monopolist’s production function is given by Q = L^1/2(K^1/2). The demand facing the monopolist is given by P = 78 – 6Q. a) What is the Monopolist’s total cost function? b). What is the Monopolist's Marginal Cost?
Suppose the legislature enacts minimum wage legislation in order to provide workers with a "living wage.
Assume a consumer who buys cola and ice cream for snacks. Assume that the price of ice cream increases. Which of the following is an example of the substitution effect.
Explain what the GDP cost index is and what is its role in differentiating nominal GDP and real GDP.
Elucidate how does the real wage rate at point c compare with the real salary rate at point a. How do nominal wage rates compare at those two points.
Suppose that a tax of $28 is levied on each item sold by a monopolist, and as a result, it decides to raise its price by exactly $28. Why might this decision be against its own best interest?
Calculate the deadweight loss from the tax. Elucidate the tax be defensible in spite of the deadweight loss.
Over the last decade, several firms have entered this industry and, as a consequence, Forey is earning a return on investment that roughly equals the interest rate. Furthermore, the four-firm concentration ratio and the Herfindahl-Hirschman index ..
Explain why the following are examples of monopolistic competition. There are number of fast food restaurant in town and they compete fiercely. some restauratheir hamburgeropen flames others fry their hamburgin addition some serve boiled fish sandwic..
Suppose apples also oranges are substitute. Presume apple growers launch a very successful advertising campaign that convinces consumers apples are a better product.
Analyze marketing strategies in reaching markets with their products or services. Continue with a detailed description of marketing management strategies used in the implementation of the marketing plan. Conclude with the integrative strategies used ..
For a competitive firm facing a market price above average total cost, the existence of economic profits means that the firm should increase output in the short run even if price is below marginal cost.
Illustrate what are the explicit, implicit, and total economic costs of the firm. How much economic profit does the firm earn.
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