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The firm A&B produces high-quality widgets with a cost equal to C(qi) = 2qi. The demand for widgets
Is QD =100−P.
(a) Suppose the firm A&B is a monopolist. What is the profit-maximizing price and quantity? How much profit does the firm collect?
(b) How much consumer surplus does the firm generate? What is the deadweight loss?
(c) Suppose consumers cannot see the differences between high- and low-quality widgets before purchasing them. What is the quantity sold by firm A&B if the price of low-quality widgets is $1?
(d) Suppose consumers cannot get any utility of low-quality widgets. Therefore, if they were aware and could distinguish between high- and low-quality widgets, they would purchase the high-quality widgets, regardless of the price of the low-quality widgets. How much is the firm A&B willing to pay to inform consumers about the differences between high- and low-quality widgets? How can the firm A&B achieve that?
Historical data suggests that in the athletic shoe industry, the price elasticity for shoes is approximately -0.67. Explain what price elasticity is, and how to interpret the stated elasticity for athletic shoes of -0.67. What effect would you expect..
In 2008 the Federal Reserve took pretty extraordinary measures in an attempt to stabilize the economy. You need both equations and clearly labeled graphs (separate graphs for each question) to answer the following questions. Assume that b=1 and that ..
Speculate about the behavior that could result from these transactions and propose at least two (2) strategies for dealing with them.
What do you think businesses and other organizations in economic markets should do in order to make capitalism more sustainable and why?
Draw and show with boxes and appropriate labeling who bears which portion of taxes. When does a price ceiling become binding and what does it create? Show in the diagram.
q1. do protectionist policies benefit producers consumers workers or the government? explain. explain how the buy
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A market in which there is an additional transaction that would benefit a buyer, a seller, and any third parties affected by the transaction is called. In the case of spillover benefits or costs,
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..
Two identical countries, Nation A and Nation B, can each be described by a Keynesian-cross model. MPC is .9 in each nation. How much is government purchases multiplier for each nation.
Describe one or more specific examples of how businesses you know are using one-to-one communication to build a stronger relationship with you. (Note: Often these are little things done to build rapport and loyalty
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