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Assume the graph below represents the market demand for a patented prescription drug together with the marginal cost and average cost functions for producing the drug. (note: to simplify the problem, I have assumed that MC is constant @ $20 for all Q over 4 million, and that AFC is reduced essentially to 0 when Q reaches 5 million, Thus, the diagram assumes ATC = AVC= MC = $20 for all Q over 5 million)
A) Draw the marginal revenue function for this firm.
B) What is the profit-maximizing price for this firm?
C) On the graph show the area, which area represents the net loss to society resulting from the monopoly power conferred by the patent?
D) What do you predict will happen to the structure of competition and to the price in this market when the patent expires? (Hint: use the concept of "Minimum efficient scale" of production in your answer.)
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Problem on standard deviation
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The airline has an average of 40 passengers paying an average of $200 for this flight. Do you think the airline should be flying between the two cities? Evaluate from a short-run and long-run perspective.
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Suppose that a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed the following levels of production corresponding to different numbers of workers:
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Assume that the exchange rate between the Canadian dollar and the Euro is 2 Euros per Canadian dollar.
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