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The entire market is capture by a single firm which can produce at a constant average and marginal cost of AC = MC = 10. The firm faces a market demand curve given by Q = 60 ? P.
(a) Calculate the profit-maximizing price and quantity combination for the firm. What is the firm's profit?
(b) Suppose that the market demand curve shifts outward and be- comes steeper. Market demand is now described as Q = 45?0.5P .
(c) What is the firm's profit-maximizing price and quantity combination now? What is the firm's profit?
(d) Instead of the demand function assumed in part b, assume instead that the market demand shift outward and becomes flatter. It is described by Q = 100 ? 2P . Now what is the firm's profit- maximizing price and quantity combination? What is the firm's profit?
(e) Graph the three different situations in parts (a.), (b.), and (c.). Based on what you observe, explain why there is no supply curve for a firm with monopoly power.
) Consider an economy where individuals live for 2 periods and have prefer- ences represented by ln(c) + ß ln(c') where c and c' represent consumption in the first and second perio
reason why the change in equilibrium of output is greater than the change in initial invest ..
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Question 1: Consider a two-period, two-person pure exchange economy. Utility functions and endowments are given as follows. u1(x0; x1) = (x0x1)2 and e1 = (18; 4) u2(x0; x1) = ln x0
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calculate, a.the total revenue b.the average revenue c.the marginal revenue price 5 4 3 2 1 0 quantity 0 1 2 3 4 5.
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Suppose arm's demand curve is given by P = 120? Find the (value of) price elasticity of demand (point elasticity) for the demand curve when the price is $100. Is demand elastic or
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