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Assume your city government has been contracting with a single garbage collection firm that has been granted an exclusive franchise, the sole right, to pick up trash within the entire city limits. However, it has been proposed that companies be allowed to compete for business with residents on an individual basis. The city government has estimated the price residents are willing to pay for various numbers of garbage collections per month and the total costs facing the garbage collector per resident as shown in the following table.
a. What are the fixed costs per month of garbage collection per resident?
b. Considering that the current garbage collection firm the city has contracted with has a monopoly in garbage collection services, what is the current number of collections residents receive per month and the price charged residents for each collection? What is the economic profit received from each resident by the monopoly firm?
c. If competitive bidding were allowed and therefore a competitive market for garbage collection services developed, what would be the number of collections per month and the price charged residents per collection? What is the economic profit received from each resident by the competitive firms?
d. Based on the above analysis, should the city government allow competitive bidding? Why? Would you expect there to be any quality differences between the monopolistic and competitive trash collection firms?
Country Y produces 400 units of bananas and 400 units of steel under the same conditions. identify which goods both countries should specialise in producing and the relevant terms of trade, assuming constant cost production.
Night Timers is a small company manufacturing glow-in-the-dark products. One of the hottest items the engineering department has developed is adhesive tape that can be applied to walls and floors. Night Timers chief engineer anticipates that the p..
What term describes what these critics are claiming is occurring with regard to U.S.-Mexican trade as a result of NAFTA? Explain your reasoning. (See page719 of the textbook.)
what allows companies to distribute the same prescirption drug for two different prices Why dont competitiors under cut their price in the Western countries (i.e. United States)
You are the manager of a firm that receives revenues of $ 30,000 per year from product X and $ 70,000 per year from product Y. The own price elasticity of demand for product X is -2.5, and the cross- price elasticity of demand between product Y an..
If the firm can not produce in total more than 14 units, then what would be the maximum profit and the optimal values of Q1 and Q2? Find an answer using the Lagrange multiplier. Find a value of the Lagrange multiplier. What economic interpretation..
(a) just to provide the 2.7 billion "severly" poor population with $1 more output per day (b) to raise the incomes of the worlds "severely poor' population ( income less than $2 per day) to the official threshold of us poverty
i a competitive firms short run total cost function is given bytc q2 40 q 81a determine the range of prices for
Assume that before receiving the discount loan, FNB has no excess reserves. What is the maximum amount of this $10 million that FNB can lend out c. What is the maximum total increase in the money supply that can result from the Fed's discount loan
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Table 22.4 shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the "basket" of fruit with the quantities shown in column 2?
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