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The demand curve for product X is given by QXd = 300 - 2PX. a. Find the inverse demand curve. PX = - QXd Instructions: Round your answer to the nearest penny (2 decimal places). b. How much consumer surplus do consumers receive when Px = $45? $ c. How much consumer surplus do consumers receive when Px = $30? $ d. In general, what happens to the level of consumer surplus as the price of a good falls?
You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1s elasticity of demand is -4, while group 2s is -3. Your marginal cost of producing the product is $20. Determine your optimal..
Describe when you have experienced diminishing marginal utility. Also discuss opportunity costs you have had to pay in order to attend school
Consider the second stage of competition between Samsung, HTC and Sony. Once Apply has chosen some output level q1, Samsung, HTC and Sony will compete simultaneoulsy over their product quantities. Write down the best response functions for Samsung, H..
Suppose South Korea imports $4 billion in goods and services, and exports $2.5 billion in goods and services. South Korea’s trade balance is ____________. This trade balance is called a ____________.
Consider a closed economy in which GDP equals $15 billion, consumption equals $9 billion, government purchases equal $2 billion, and tax revenue equals $1 billion. What is investment equal to in this economy? What is national saving equal to in this..
If public opinion surveys show that the majority of Americans regard inflation as a more serious threat than unemployment: Does this imply that the majority of Americans would rather be unemployed in a period of stable prices than employed in a time ..
The muffler on your car suddenly needs repair, also there are only two automobile repair shops in town.
Illustrate what is the condition that determines whether or not the developer should assemble the parcels.
A monopolist faces a market demand curve given by: Q = 70 – P. This monopolist perfectly price discriminate among its customers. If the monopolist can produce at constant average and marginal costs of AC = MC = 6, what are the monopolist’s profits ar..
Consider a strategic setting in which two geographically distinct firms (players 1 and 2) compete by setting prices. Suppose that consumers are uniformly distributed across the interval [0,1], and each will buy either one unit or nothing. Firm 1 is l..
Using the results from previous question (the equilibrium price and quantity), which of the following is true or false? Explain (10 pts., 2.5 pts. each). Equilibrium quantity decreased by 4 units.(explain)
A large electronics company is organized into mainly profit-center divisions. The components division and the consumer electronics division are profit-center divisions of the company. The components division produces individual chips and other electr..
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