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Monopoly producer of this product. Assume that the inverse demand function for this product is: P(Q) = 800 − Q and your cost functions are TC(Q) = 50Q; MC(Q) = 50. What is the MR function? What is the profit-max quantity and price? What is the MR at that level of output? What is the Monopoloy pofit? What is the "efficient" level of production? What is the price at the e?cient level? Graph the marginal revenue, marginal cost, and demand curves, and show the area that represents deadweight loss due to monopoly on the graph. Calculate the amount of deadweight loss.
Another firm has entered the market.
Assume this ?rm faces the same costs of production as you do, and that the market demand is the same except that now, Q = Q 1 + Q 2 . Suppose that you and this other ?rm play “Cournot”. Write the marginal revenue functions of each ?rm as functions of Q 1 and Q 2 What are the “best-response” functions for each ?rm? Cournot equilibrium: . What is the market price? What are the pro?ts for each firm?
Hello, the second part of the question is what I need help with. Not sure I understand how to do the "Cournot" and best response once another firm enters the market and its no longer a monopoly
Where is the United States in the business cycle? The U.S. is in between trough and expansion, but closer to trough. What is the real GDP today? What is the largest component of GDP? Consumption. What is the smallest component of GDP? Net exports. Wh..
In 1990, the Supreme Court of the United States found which Texaco had indeed violated antitrust law. Which law do you think Texaco was found guilty of violating.
How does a government budget surplus affect the U.S. economy? Identify two periods in recent history in which the United States has run budget surpluses. What were the reasons for the surpluses during those time periods?
All of the following are characteristics of "property rights" EXCEPT that:
If the price of apples rises and the quantity of apples exchanged decreases, then we know that there cannot have been a: decrease in supply with no change in demand.
What amount must be deposited into a savings account that pays 8% market interest if the inflation rate is 10% and you want to set aside enough money to purchase a red tape cutting machine ten years after the deposit? The current cost of a red tape c..
Briefly discuss the impact of rational self-interest on each of the following decisions. Whether to attend college full time or enter the workforce full time.
In the neoclassical growth theory
The marginal cost to X Co. of supplying an additional tractor to a customer is $300. X Co. sues Mr. Y for breach of contract. How much damages should be awarded to X Co
In Plato’s virtuous state composed of virtuous citizens, he argues that it must allow for _____ & thus is neither elitist nor totalitarian (i.e., dictatorial). Virtue ethical theories are teleological because they are based on natural ___________.
Two firms, A and B, each with a marginal cost of $50, form an oligopoly whose market demand is P = 650 ? 10Q. If the market is defined by Cournot competition, what quantity will they produce and what price will they charge?
The price elasticity of demand for imported mineral water is estimated to be ?0.20 over a wide interval of prices. The federal government decides to raise the import tariff on foreign mineral water, causing its price to rise by 20 percent. What is th..
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