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A manager of a local monopoly estimates elasticity of demand for its product is constant and equal to -2 Marginal cost is constant at 15 per unit. A. express marginal revenue as a function of price B. Determine the profit maximizing price. Show the details of solving the problem
We have discussed why market based policy instruments are often superior to conventional command–and control instruments to solve environmental problems. But command -and-control regulations, such as a uniform standard for all polluters, sometimes wo..
Rapel Valley is reowned for its ability to produce high qualit wine at a fraction of the cost of many other vineyards around the world. Rapel produces over 20 million bottles of wine annually, of which 5 million are exported to the United States. Eac..
A key difference between accountants and economists is their different treatment of the cost of capital. Does this cause an accountants estimate of total costs to be higher or lower than an economists estimate? Explain. Kelly is a clerk and she earns..
Toward the end of the recent recession, the economy was characterized by a "jobless recovery" - output and hours worked were rising, but employment was not. Explain what may have been happening.
Relative to managers in more monopolistic industries, are managers in more competitive industries more likely to spend their time on reducing costs or on pricing strategies?
calculate the price elasticity of demand for each product and compare with your teammates' elasticities.
Provide an example of a specific industry that you believe fits the model also elucidate your rationale.
Explain two examples of a public and private goods that you have consumed? Why do you think the government has to supply public goods?
A firm's production function is qi = .2*Ki.2Li.4. The wage rate in this area is w = $15, and the cost of capital is r = .05. a. Find the firm's short run cost function, if Ki is fixed at $100,000. b. If the good is exported around the world at a pric..
A monopolist faces an inverse market demand P(Q) = 200 − (1/2)Q and a marginal cost of MC(Q) = 20 + Q. What is the unregulated monopolist’s optimal quantity? What would an appropriate regulatory instrument to bring this market back to efficiency? Wha..
Joe can make apple pie at a lower opportunity cost than Sandy but Sandy can make more apple pies per day than Joe. This means that
In a competitive market, consider supply and demand elasticities at the point at which supply equals demand. (You may think of these curves as linear and measure slopes and elasticities in absolute values.)
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