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Consumer surplus & output price
Under patent protection, a firm has a monopoly in the production of a high-tech component. Market demand is estimated to be: P = 100 - 0.2Q. The firm's economic costs are given by: AC = MC = $60 per component.a) Determine the firm's output and price.b) After the firm's patent expires, predict the new market output and price. (Assume that competing suppliers have the same economic costs as the original producer.) Compute the resulting change in consumer surplus.
Explain how do these barriers to entry affect the price of tickest to professional sporting events also the number of tickets sold
In the country A, all wage contracts are indexed to inflation. That is, each month wages are adjusted to reflect increases in cost of living as reflected in changes in price level. Explain answer with aggregate supply and aggregate demand curves.
Illustrate the steps comprised in pricing the television units in order to maximize total revenue.
Discuss the evolution and responsibilities of the Federal Reserve System. What circumstances promulgated both the development and composition of the system?
There has been some speculation that tax deductions like as the one allowed for interest on home mortgages will be eliminated or altered.
P stands for price Pr stands for price of related good also N stands for per capita disposable income.
Assume that, in a perfectly competitive market at the profit maximizing quantity, the market price is greater than average total cost.
Compute utility function that corresponds to a constant Arrow-Pratt measure of absolute risk-aversion.
Describe by what percentage would a 10% rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve.
Elucidate when producers reduce price for good and services, it increase consumers surplus and everyone standard of living.
Relate to the previous task also define for both examples the current market situation - Surplus or Shortage.
Assume that software purchases by businesses are treated as expenses, as they were before November 1999. Calculate GDP using three different approaches: expenditure approach, income approach, and product approach.
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