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Suppose that a consumer’s demand for a product is given by P = 80-2Q. A monopolist produces the product at constant marginal cost, where MC = $6. The firm has no fixed costs. Suppose the monopolist sets a two-part tariff for the good where the consumer must pay an amount T for the right to purchase the good, and then the consumer pays a price P for each unit of the good purchased.
a) What value of T and P should the firm choose if it wants to maximize its profit?
b) How much profit will the firm make?
Abby and Jason are building a new house. They obtained a construction loan of $100,000, which will be rolled over into a conventional 20-year mortgage when the house is complete in 14 months. Simple interest of 0.5% per month will be charged on the c..
In 1992, thirst Bush administration was worried about a lingering recession. The administration announced that households would receive a reduction in their taxes for the year 1992. However, this was not accompanied by a reduction in tax rates, and t..
Please explain the significance of whether a contract must be in writing. This would include an explanation of the type of contracts that would fall inside and outside the Statute of Frauds.
What is the monthly interest rate? How much will Susan pay each month for 45 months? What effective interest rate is being charged?
Write a 700- to 1,050-word paper explaining factors that affect supply and demand. Include the following Explain factors that could cause possible changes in supply and demand.
Demand in a perfectly competitive market is Q = 100 - P . Supply in that market is Q = P - 10.
Suppose the club did NOT charge a membership fee: explain how much money would the family spend on food? How much food would the family buy?
Write down an expression π(q ) for profits as a function of q. Find profit-maximizing choice of q for Smith and corresponding price and profit.
Trace the evolution of work on the laissez-faire doctrine through two arcs. First those theorists who are trying to prove that the system is stable.
If you know that the marginal utility per dollar spent on product Alpha is less than the marginal utility per dollar spent on product Beta, consumers who spend all their income on these two products can:
Twin deficits occurred in the 1980s reveal that huge government budget deficit may result in trade deficit. However, by the late 1990s, the federal budget deficit had moved into surplus, but the current account deficit widened. Can you explain the ca..
Assume the annual demand for liquor in Mississippi. The supply of liquor is given by the equation Qs= 30,000P. Solve for the equilibrium annual quantity and price of liquor.
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