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Assume a competitive industry with two hospitals. The hospitals compete in price (such that P=MC), face the inverse demand curve =10 - Q , and have a constant marginal cost of $5.
a) What is the competitive equilibrium quantity? What is the consumer surplus?
b) Now assume that the two hospitals merge, and their marginal cost falls to $4. What is the new quantity provided? What is the price to consumers? What is the consumer surplus?
c) What is the amount of the transfer from consumers to producers when the hospitals merged?
d) What are the efficiency gains from the merger?
e) The government challenges the merger. Should the courts allow the merger to proceed if only consumer surplus matters? Why or why not?
f) Should the courts allow the merger to proceed if considering total welfare (i.e. consumer surplus + producer surplus)? Why or why not?
Compute the following probabilities a) If Y is distributed N(1,4) find Pr(y ? 3) b) If Y is distributed N(3,9) find pr(y>0) c) If Y is distributed N (50,25) find pr(40?Y?5
Neo-classical thinking on growth: Neo-classical thinking on growth is owed to the Robert Solow whose exogenous growth models in the of the mid-20th century remained
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