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Suppose a monopolist produces alkaline batteries that may have various useful lifetimes (X). Suppose also that consumers’ (inverse) demand depends on batteries’ lifetimes and quantity (Q )purchased according to the function
P(Q ,X) = g(X ⋅Q ),
whereg0 <0. That is, consumers care only about the product of quantity times lifetime: They are willing to pay equally for many short-lived batteries or few long-lived ones. Assume also that battery costs are given by
C(Q ,X) = C(X)Q ,
whereC’(X) >0. Show that, in this case, the monopoly will opt for the same level of X as does a competitive industry even though levels of output and prices may differ. Explain your result. Hint: Treat XQ as a composite commodity.
During the energy crisis of the 1970s, and again in the last 5 years, Congress bemoaned the "price gouging" and "windfall" profits of the major oil companies. In the 1970s Congress imposed an "excess profits tax" on these co..
In a market economy, the price system facilitates allocation of resources. Discuss how a manager may contribute to the profit maximization goal of a firm by studying managerial economics.
In each case, do you think the household is better of f or worse off, or is the answer ambiguous? If ambiguous, what does the answer depend on?
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
Scottsdale Print Shop expects to have an annual taxable income of $300,000 from its regular business over the next two years. The company is also considering the proposed acquisition of a new printing machine to expand current business to offer in..
Describe some of the microeconomic and macroeconomic factors a firm must consider in its own sales and profit forecasting.
In many developing nations, young women have lower enrollment rates in secondary school than do young men. Describe several ways in which greater eductional oppotunities for young women could lead to faster economic growth in these countries
When you were born, your grandfather established a trust fund for you in the cayman islands. The account has been earning interest at the rate of 10% per year. If this account will be worth $100,0000 on your 25th birthday, how much did your grandfath..
A monopolist knows that in order to expand the quantity of output it produces from 8 to 9 units that it must lower the price of its output from $2 to $1. Calculate the quantity effect and the price effect
Which of these economic variables is procyclical and coincident?what did the U.S. business cycles in the early 1890s and early 1930s have in common?
Show how the consumer’s opportunity set changes if income increases by $300. How does the $300 increase in income alter the market rate of substitution between goods X and Y?
The cost of 150 H.P. compressors bought five years ago is as follows. For the first 50 compressors the cost was $2,000 per unit, and for the second 50 the cost was $2,400 per unit. Find the cost of 100 compressors of 200 H.P. rating today.
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