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Consider the following information about the Stark Industries, a monopolist in the market ofiron men. Suppose the demand curve is QD = 30 − P/4. Suppose further that the cost function isTC(Q) = Q2 + 3Q.(a) Determine the pro?t maximizing output, price and corresponding pro?t. Plot the problem ona graph, label all points.(b) Calculate the consumer surplus. Is the monopoly e?cient? Explain. If it is ine?cient, calculatethe dead-weight loss and show it on the graph from part (a).(c) What is the output corresponding to the perfectly competitive outcome (i.e., if the iron menindustry was not monopolized)? Explain. Label this point on the graph from part (a). What is the output at which total revenue is maximized? Label it on the graph and explain.
How much does the airport need to set aside now to pay for these costs, if the company can earn 10% per year, compounded every 4 months?
Suppose the parameters of the Romer model (the no-capital version) take the following values: A¯ 0 = 100, ¯` = 0.10. ¯z = 1/500, and L¯ = 100. What is the growth rate of output per person in this economy? What is the initial level of output per perso..
What would happen to unit sales and total revenue for this textbook if the bookstore reduced it's price? Is the demand for iPhones price inelastic or elastic? Why? Is income elasticity high or low?
Introduction: It is February andyou have recently been hired as the manager of Mt. Claire Café. You have been asked to improve profitability. Note: Please use Excel for all calculations.
Consider the following distribution of income in a 12 person economy, with the modern urban wage=3, the traditional rural income=1 and the informal urban wage = 2: (1,2,3,1,2,3,1,2,31,2,1). the poverty line is at 1.3. What is the level of absolute po..
Which of the following is least likely to be part of the opportunity cost of a college degree? An increase in the interest rate is expected to cause the optimal level of human capital investment for an individual to:
Which of the following are competing national identities that the Crittenden Compromise attempted to reconcile? sectional and regional federal and congressional American and southern northern and western.
The inverse market demand in a homogeneous-product Cournot duopoly is P = 171 – 2(Q1 +Q2) and costs are Company 1, C1(Q1) = 25Q1 and Company 2 C2(Q2) = 26Q2. Calculate the equilibrium output for Company 2
Spending by the consumer sector is the driving force in the US economic system. Although the business and government sectors make a considerable contribution to the success of the economy, it is the spending by the consumer or household sector of the..
As part of his plan to reduce the budget deficit, President Clinton proposed raising the excise tax on gasoline by 50 cents per gallon. While passage of this proposal was blocked by Congress, what would have happened to the sales of gasoline if the p..
In general. People who are more productive earn higher incomes and thus pay higher taxes. How would a change in the immigration laws that favored more highly educated and skilled individuals affect the future tax burden of today’s American college st..
Indicate whether each of the following is counted in this year’s GDP: You bought a new Wii at GameStop last year and resold it on eBay this year. You purchase an “Investing for Dummies” book at Barnes and Noble. You purchase a historic home using the..
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