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Consider a market in which the market demand is given by P = $900 - Q. Suppose a single-price monopolist with MC = $100 controls the market.
a. Calculate the monopolist's profit-maximizing output and price.
b. If the monopolist chose to sell at the perfectly competitive price and quantity, calculate what they would be.
c. Calculate the Total Consumer Surplus for both parts a) and b). I highly recommend drawing the graph to help you identify these surplus measures.
Characteristics of a good tax system. links between growth of public debt and economic growth. Richard Musgrave"s justification for goverment intervention in the economy. Characteristic of good fiscal system.
Suppose a government has no debt and a balanced budget. Suddenly it decides to spend $10 billion while raising only $8 billion worth of taxes. What will be the government's deficit? If the government finances the deficit by issuing bonds, what amount..
Americans already enjoy living standards that far exceed world averages. How is the US able to produce so much with only 5% of the worlds arable land and 12% of the population? Describe at least three factors that impact US productivity. Economics
Write a program that asks the user to input a set of floating-point values. When the user enters a value that is not a number, give the user a second chance to enter the value. After two chances, quit reading input. Add all correctly specified val..
Calculate the arc price elasticity of demand for wheat in the two situations below: Can you explain/account for the difference, if any, in the two elasticities?
Of the following the MOST useful guideine in designing strategy-facilitating policies and operating procedures is: (1) to prescribe enough policies to give organizational members clear direction in implementing strategy and to place reasonable bounda..
Complete the following table by indicating whether or not each scenario is an example of price discrimination. Last-minute "rush" tickets can be purchased for most Broadway theater shows at a discounted price.
Identify the four major tools of monetary policy. Describe how a change in the Fed’s major policy tools leads to [1] expansionary and [2] restrictive or contraction monetary policies.
Consumer surplus ….. when international trade is open as compared with a closed economy: Free international export and imports have a net benefit for: Which is steeper when it rises and steeper when it falls
For the scenario that follows, solve by hand and then solve using the Excel functions POISSON and EXPONDIST. The time between arrival of patients to an urgent care center follows an exponential distribution with a mean of 30 minutes. What is the prob..
Medfin Accounting Company (MAC) specializes in providing accounting and tax services for medical establishment and professionals. Presently, the company's production method is highly labor-intensive because many of the book keeping tasks are done man..
Construct a diagram of the model of the CIRCULAR FLOW OF INCOME for today in the U.S.. Make sure that you include Households, Businesses, Government and the Banking System. Show where Costs of Living, Consumer's Income, Business Receipts and Costs of..
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