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Suppose that a monopolist firm's demand curve is given by P = 100-2y and its marginal cost is given by MC(y) = y/2 Answer the following questions:
a) What is the profit-maximizing level of output and price for the monopolist?
b) Now suppose that this rm is in a perfectly competitive industry, still facing the same marginal cost curve. (Assume that the average cost curve of this rm always lies below its marginal cost curve.) Calculate the price and quantity that we would observe in this industry.
c) Calculate the consumer surplus under both the monopoly and the perfectly competitive industry structure. Compare your results.
you are a data analyst with john and sons company. the company has a large number of manufacturing plants in the united
Depict the equilibrium situation in the labor market using the Wage-Setting and Price-Setting relations and carefully label the graph. Use this model to illustrate and explain what happens to the natural rate of unemployment and real wages
Explain how a rise in incomes will affect the demand for computers, describe any assumptions that you have to make to give your answer.
Highest average fixed cost at which the firm can produce any given level of outputd. lowest marginal cost at which the firm can produce any given level of output
The profit maximization rule for a perfectly competitive firm states that the perfectly competitive firm will maximize its profits when it produces that quantity where marginal revenue
suppose that the u.s and japan are two ricardian economies. both countries can produce only two goods automobiles and
Returning to the duopoly of part (b),suppose Firm 1 abides by the agreement but Firm 2 cheats by increasing production. How many widgets will Firm 2 produce? What will be each firm"s profits?
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The book explains a rational consumer as one who will attempt to obtain the most utility for the money. If a consumer derives 12 units of utility from a $2 hamburger, 5 units of utility from a $.50 candy bar, and 22 units of utility from $7.50 movie ..
suppose there are 4 people in an economy a b c and d. a is in love with b likes c and hates d. b is in love with c
The short-run aggregate supply curve is upward sloping for all of the following reasons except:
Relate the law of conservation of matter and energy to the air pollution problem; and
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