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A one-price monopolist faces a demand of P = 107 – 0.015Q and has a total cost function C(Q) = 5000ln(Q) + 30Q.
a) Calculate the profit of the monopolist
b) Prove that regulating the monopoly to produce with no deadweight loss will drive them out of business. Use elements from the calculations here to find the deadweight loss with a monopoly
c) Draw a picture as part of an explanation why the regulator may choose a price ≈ 39.33. Find the new DWL at this level of production.
The dominant employer in Davis is UCD. Some argue that UCD uses its market power to lower the wages of some of its staff, especially those in lower-skill jobs. Show how this might work, using an inverse supply of labor of w = 3 + .2L, where L is the ..
Arista always spends 30% of her income on whozits. Assume that her income increases by some percentage while the price of whozits remains constant (and that all whozits cost the same). What is her income elasticity of demand for whozits?
Suppose that the way that the workers’ compensation system currently works is that an employee permanently injured on the job receives a payment of $X a year each year, regardless of whether he works or not. Suppose that the way that the workers’ com..
q.ceo of the cola king bottling company is hero nakamura it is a small regional producer operating in the pacific
q1. alexs furniture mart produces and sells tables in a perfectly competitive market. when alexs furniture mart
A profit maximization perfectly competitive firm face the following function total cost function. TC=10Q^2+50 and marginal revenue (MR)=10 based on the above information a) Calculate total revenue function
Two identical firms compete in competition (Cournot competition) in the same market where the inverse demand is P(Q) = 100 − Q. The constant marginal cost of both firms is 10. Find the best response function for each firm. What is the Cournot (simult..
Assume the value of equilibrium real GDP is $800 billion dollars. Assume the government increased spending by $20 billion dollars to increase real GDP.
Given the following equations, Quantity Demanded = 90-2P Quantity Supplied = P. What is the equilibrium price and quantity? Illustrate in a graph.
Involuntary unemployment at this wage. If so, how much. Illustrate with a diagram. What if minimum wage is set at 40,000.
Explain in detail the concept of excess burden (or welfare cost) and explain the factors significant in the calculation of the excess burden. What is the marginal excess burden and why is it important concept for policy evaluation?
Cameron buys cheese (C) and chocolate pudding(P). His utility function is U=5C^1/4*P3/4.The price of cheese is $1, and the price of chocolate pudding is $2. Cameron's weekly snack budget is $60. Find Cameron's utility-maximizing point. Find Cameron's..
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