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In the morning newspaper, you read an article stating that as a result of the instant monopolization of the local cell phone market, consumers’ surplus fell by $2,000 due to lower equilibrium output, and by $3,000 due to higher prices charged in the market. As a result of the new and higher prices, producer surplus increased by $3,000, but it fell by $2,000 due to the lower equilibrium output under the monopoly. What is the value of deadweight loss, assuming that the cell phone market was originally perfectly competitive and in equilibrium?
A. $3,000.
B. $4,000.
C. $5,000.
D. $6,000.
E. $7,000.
The demand for the product of a business is given by q = 50 - 2p. If the price of the product is p = 10 dollars, the revenue is
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Find the equivalent equal payment series (A) using an A/G factor such that the two cash flows are equivalent at 10% compounded annually. First cash flow: Start at -$50 at year zero and goes up every year in increments of $50 so at year five its at $2..
What is the total quantity supplied to the market? As this market makes the transition to its long-run equilibrium, will the price rise or fall?
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