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Determine Optimal Price, Quantity and Economic Profit
A firm has a demand function P = 200 – 5Q and cost function: AC=MC=10 and a potential entrant has a cost function: AC=MC=20.a. Determine the optimal price, quantity and economic profit for the firm in the short run.b. If the firm wants to preclude all entry into the market what price, quantity and profit will it choose?c. What price, quantity, and corresponding profit occur if this a purely Competitive market?d. Assuming the demand function is identical for all buyers, determine the two-part tariff that maximizes profit for the firm.e. Determine the optimal price, quantity and economic profit for the firm if it is a pure monopolist.
using the marginal utility approach discuss how economic theory explains the optimum pattern of consumption for an individual consumer
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International Monetary Fund: The International Monetary Fund (IMF), the World Bank and the International Trade Organisation were conceived at the Brettonwoods Conference in Ju
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Comparison with Other Countries: The basic purpose of this type of comparison is that: (i) it helps us to know the potentials of growth that can be built up in an economy,
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The price elasticity ( ε ) of demand for Q has been estimated at -0.5. Current consumption Q* is 70 units and market price (P*) is 0.70. a. Fit a linear demand curve to the obs
List two advantages of markets identified by the authors of the text. Markets can be a significant way of allocating resources. Markets include voluntary exchanges. Another b
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