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Use the following data for a pure monopoly to calculate the firm's:
its profit-maximizing output level and produce price;
Q
(P = AR)
TR
MR
TC
MC
ATC
0
$ 0
$ 60
1
58
100
2
57
136
3
56
168
4
55
200
5
54
235
6
53
276
7
52
322
8
51
376
What happens to the equilibrium price and quantity in each market? Which product experiences a larger change in quantity? Which product experiences a larger change in price?
A monopolist faces the following demand curve: P=120-0.02Q-What is the level of production, price and total profits per week?
Which of the following is the result of competing through advertising for a monopolistically competitive firm? Which of the following is true about advertising?
All firms in a Cournot monopolistically competitive industry have the same cost function C(q) = 25 +10q. Calculate the equilibrium price, firm output, total output and number of firms in the industry.
Problem on standard deviation
When a recession is over, do people begin to immediately feel the effects of an efficient economy? Use the experience of the most recent recession to justify your answer.
What are the advantages of Fed increasing interest rates if the GDP gap is positive?
Suppose planned investment falls by 100. Graphically illustrate using the AE-Y graph the effects of this reduction in planned investment on the economy. Also calculate the new equilibrium level of income.
Give at least three explanations of why economic reasoning would argue that this is to be expected.
You are a manager of a large but privately held online retailer that currently uses 17 unskilled workers and 6 semiskilled workers at its warehouse to box and ship the products it sells online.
Assume x and y are the only two goods a person consumes. If after a rise in p x , the quantity demanded of y decreases, one could say
You are planning a short-run production function for your firm, and you have collected the following data on labour usage and output: Calculate estimates of total. Average, and marginal products when the firm employs 23 workers
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