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A monopolist faces the inverse demand for its output: p = 30-Q. The monopolist also has a constant marginal and average cost of $4/unit.
(a) What is the monopolist's pro?t-maximizing level of output? What is the monopolist's pro?t at this level of output?
(b) What is the consumer surplus? Show it in a graph along with the monopolist's equilibrium; label the monopolist's equilibrium eM.
(c) What would the competitive equilibrium be if the demand curve were the same as the one faced by the monopolist and the market supply curve were equal to the monopolist's marginal cost, i.e. P = MC? Show this equilibrium in the same graph as above and label it eC.
(d) What is the gain in consumer surplus if this market were perfectly competitive instead of a monopoly?
Using the perfectly competitive labor demand and labor supply model, what would happen, all else equal, to the real wage and the number of workers in each of the cases below: A. There is an increase in the amount of physical capital as a result of po..
Price quoted by the Asian company = $50 per unit plus a shipping cost of $1000 per shipment. As Ross Manufacturing is very religiously practicing lean manufacturing, it expects the supplier to make frequent shipments. Determine the number of shipment..
Briefly outline the current state of U.S. policy toward sugar imports and perform an economic cost benefit analysis to evaluate the welfare effects of eliminating import quotas and tariffs.
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The guidance system of a ship is controlled by a computer that has three major modules. In order for the computer to function properly, all three modules must function. Two of the modules have reliabilities of .92, and the other has a reliability ..
This text is desinged both for those studying on their own and for seminar use. The materiel has been thoroughly tested by the writers. Undertake the following amendments using automatic functions:
Elucidate what were some changes of the demand and supply fconditions that lead to the housing market bubble and collapse.
The Joe firm is experiencing financial problems. Its dividends and earnings are falling at a constant rate of 7 percent per year. It's stock just paid a yearly common stock dividend of $1.50 per share;
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Elucidate unequivocally why the foundation of trade has nothing to do with absolute advantage and only the law of comparative advantage is relevant.
Proponents of trade off liberalization argue which freer trade might actually improve the quality of the environment.
How do you think this would affect the ratio of international asset trade to GNP for Home and Foreign?
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