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a. Determine the "rule-of-thumb" price when the monopolist has a marginal cost of $25 and the price elasticity of demand of -3.0.
b. Galaxy has market power in the market for Iowa State University Big XII Championship 2000 T-shirts. If the price of the firm's product =$20, and the total cost curve is TC= 5-15Q, what is the markup for this firm?
c. What if the price elasticity of demand for this firm becomes -5, what will be the firm's markup?
d. Compare a monopsony to a monopoly.
Which is the best type of worker for the firm to hire?
What is the characteristic of a monopoly market that allows a natural monopoly to potentially charge consumers a price premium above long-run LRAC?Need an answer for which the work limit should be 150 words
Barry, a recent engineering graduate, never took engineering economics. When he graduated, he was hired by a prominent architectural firm. The earnings from this job allowed him to deposit $750 each quarter into a savings account.
Explain the two causes of market failures. Given their definitions, could a market be affected by both types of market failures simultaneously What divergences arise between equilibrium output and efficient output when (a) negative externalities a..
Fiona requires a minimum level of consumption, a threshold, to derive additional utility: U(X,Z) is 0 if X+Z is less than or equal to 5 and is X+Z otherwise. Draw fionas indifference curves. Which of our usual assumption does this example violate.
Suppose that the probability that a used bike is a lemon (low quality) is 'p' and the probability that a used bike is a plum (high quality) is '1-p'. If a buyer is willing to pay $H for a plum used bike and $L for a lemon used bike,
barron chemical uses a thermoplastic polymer to enhance the appearance of certain rv panels. the initial cost of one
A manufacturing company leases a machine for $31,812 per year. Each unit produced costs $36 in labor and $72 in materials. To break even, 21,000 units must be sold. What is the selling price for the product
Determine to the extent possible the relative market shares of these firms. Discuss the degree of concentration in the industry using CR4, other n-firm concentration ratios, H-H indices, etc.
a monopolist faces a demand curve given byp 105 - 3q where p is the price of the good and q is the quantity demanded.
Demand for a managerial economics text is given by Q=20,000-300P. The book is initially priced at $30.00. Write the demand equation for which the price elasticity of demand is zero for all prices.
The inverse market demand in a homogeneous-product Cournot duopoly is P = 100 – 2(Q1 + Q2) and costs are C1(Q1) = 12Q1 and C2(Q2) = 20Q2.
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