Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Suppose the market demand function (expressed in dollars) for a normal product is P=80-q, and the marginal cost (in dollars) of producing it is MC=1q, where P is the price of the product and q is the quantity demanded and/or supplied.
(a) Compute the consumer surplus and the producer surplus assuming this same product was supplied by a monopoly. (Hint: The marginal revenue curve has twice the slope of the demand curve)
(b) Show that when this market is controlled by a monopoly, producer surplus is larger, consumer surplus is smaller, and the sum of the two surpluses is smaller than when the market is controlled by competitive industry.
A number of stores offer film expanding as a service to their consumers. Assume that each store that offers this service has a cost function C(q)=50+0.5q+0.08q2 .
For every penny that the price of gasoline goes up, the U.S Postal (USPS) service experiences a monthly fuel cost increase of $8 million. State what assumptions you need to make to answer this question
Estimate whether each of the following would cause a shift of the aggregate demand curve, the aggregate supply curve, neither, or both.
How was Malthus's view different from Keynes? How was the period during which he was writing affect this comparison? Does his feeling that the landed aristocracy should be promoted also affect this comparison?"
A country has had a steady value for its floating exchange rate (stated inversely as the domestic currency price of foreign currency) for a number of years. The country now tightens up on (reduces) its money supply dramatically.
According to the National Bureau of Economic Research, a poor family is the one whose income falls below one-half of the median family income. Using this definition of poverty, answer the following questions. a) How, if at all, would the proportio..
At higher prices, a larger quantity will generally be supplied than at lowerprices, all other things held constant. At lower prices, a smaller quantity willgenerally be supplied than at higher prices, all other things held constant.
What subsidy is necessary to induce the monopolist to produce the socially optimal level of output?
Discuss the difference between a movement along and shift of the demand curve? Demonstrate the impact on the equilibrium price and quantity that results from;
Early this year, thousands of Americans flocked to Apple's outlets to purchase iPad 2 sold by iconic brand. Long queues snaked outside many of Apple's outlets dotted over the states.
A manager hires labor and rents capital equipment in a competitive market. The current wage is $6.00 per hour and capital is rented at $12.00 per hour.
Does a monopolistic competitor produce more or less output as compared to an efficient level of production Explain. What are the benefits and drawbacks of this Should the government intervene to alter this
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd