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Suppose that individual demand for a product is given by QD=1000-5P. Marginal revenue is MR=200-0.4Q, and marginal cost is constant at $20.
There are no fixed costs.
a. The firm is considering a quantity discount. The first 400 units can be purchased at a price of $120, and further units can be purchased at a price of $80. How many units will the consumer buy in total?
b. Show that this second-degree price-discrimination scheme is more profitable than a single monopoly price.
Explain the effect of the fall in the wheat price on the market equilibrium for cereals. For those unfamiliar with U.S. geography, it is safe to assume that it is typically dry and hot in the U.S. southern states.
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Elucidate the cutthroat competitor's reasons for not raising or lowering his price, thereby accounting for the kink in his demand curve.
Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output. Can businesses be an important cause of inflation or is it a pure monetary eff..
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Consider the general equilibrium model with two sectors of production using different CRTS technologies as reviewed in class. Instead of assuming that both sectors are perfectly com- petitive, assume that sector X is a monopoly while sector Y is a pe..
Write each production function given below in terms of output per person y ≡ Y/L and capital per person k ≡ K/L. Plot these per person versions in a graph with y on the vertical axis and k on the horizontal axis. (You can assume A is a constant posit..
Which lawyer would you sooner choose if you were on trial for a serious crime in a urban vs. a rural society. Is there a difference between the two communities? If there is tell us why there might be a difference.
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