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The total cost of production for your firm is 5000 + 200Q, where Q is your level of output.
(a) For what levels of output does your firm have economies of scale? Is this a case for natural monopoly? Why
(b) Now assume you are a monopolist, and the demand for your product is P=2000-5Q. What price will you charge? How much deadweight loss will your firm created?
(c) Now assume your firm is subject to regulation, where price is set equal to average cost. Now what will your price be? How much deadweight loss will your firm created?
(d) After the election, you decide your firm is not making enough money. So you hire the lobbying firm C&E. C&E are able to convince regulators that you should set your price equal to 110 percent of your (average) costs. Now what is the price and deadweight loss?
A company in a purely competitive industry is currently producing 1000 units a day at a total cost of $450. If the firm produced 800 units per day, its total cost would be $300.
The Big Black Bird Company (BBBC) has a great order for special plastic lined military uniforms to be used in an urgent military operation.
explain whether the following scenarios shift the aggregate supply or aggregate demand curves. Illustrate what happens by using a graph. Finally, state in what direction the price level and the quantity move. a.) Households decide to save a l..
What would like to know and how to get the equation. Your help is greatly appreciated.
Explain the principles of microeconomics apply to other country. Describe any differences or special situations.
Assume that a price support system for cotton requires the federal government to pay farmers $3,000 for each acre to not plant cotton. How would you shift either the supply or demand curve for cotton to describe the effect of this action? In your a..
Illustrate what are some advantages of a unionized organization. What are some disadvantages.
The kinked-demand schedule that an oligopolist believes confronts the firm is given in the table below. Compute the oligopolist's total revenue at each of the nine prices
Suppose the Indiana Power Company wishes to maximize profits. The cost, demand and revenue functions have been determined and given below. Determine Indiana Power's profit maximizing price, output and level of profits. Q = output level, P = Pri..
Asssume that a monopolist must choose between two points in its demand curve: it can sell 100 units for $3 or it can sell 140 for $2. Which of the following is true.
Explain how to describe price elasticity of demand. What are the factors that affect price elasticity of demand.
During the 1990s, age cohort that grew the most rapidly was the 45-54 cohort, which has highest saving rate. Yet during that same period,
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