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Suppose that the inverse demand for clothes hangers is given by: P = 3 − Q/16,000. Suppose further that the marginal cost of producing hangers is constant at $1. a. What is the equilibrium price and quantity of hangers if the market is competitive? b. What is the equilibrium price and quantity of hangers if the market is monopolized? c. What is the deadweight or welfare loss of monopoly in this market? (You can just use a graph to explain.)
Suppose that you own a 25 year old movie theater in Micropolis. It has 6 screens and a concession stand. Across town there is a 7 year old movie theater with 4 IMAX screens and 20 more regular screens. Now that you have looked at these characteristi..
Unemployment and how to use Fiscal Policy to address Recession. Background for this question: The US economy is currently experiencing recession according to the Federal Government. You can use only Fiscal Policy and the AD – AS model. 1. Using Fisca..
Historical data suggests that in the athletic shoe industry, the price elasticity for shoes is approximately -0.67. Explain what price elasticity is, and how to interpret the stated elasticity for athletic shoes of -0.67. What effect would you expect..
Locate an academic article published within the last 3 years that addresses some aspect of contracts. Why is the author writing about the subject? What is the thesis of the article? What are the key points/facts presented in the article? What are the..
Suppose, unfortunately, your mathematics and economics professors have decided to give tests two days from now and you can spend a total of only 12 hours studying for both exams. Construct a table for the production possibilities and corresponding nu..
Assume the market for oil is perfectly competitive, with the following market demand and supply curves: Find the equilibrium price and quantity for this market. Calculate consumer and producer surplus in the competitive equilibrium.
Homer's boat manufacturing has a monopoly on boat sales in the region. Homer's marginal cost of the 8th boat produced is $1,200. He produces only eight boats and can sell all eight boats for $1,500. The elasticity of demand at this price is -2. Is..
A local cell phone monopoly faces the following monthly inverse-demand for lines from a typical family: P = 100 – 20Q. The total cost to the monopoly is C(Q) = 20Q. This implies that the marginal monthly cost to the monopoly is $20 per line. How many..
This unit describes key characteristics governing how firms operate in the short run and the long run. Perhaps the most important concepts in the unit are the shapes and the logic of the short-run and long-run cost curves. Can you explain why average..
Locate two recent articles regarding the current global economic crisis.
An engineer deposits $1,350 each month in an account with an interest rate of 6.18% per year compounded semi annually. How much money can he expect after 12 years?
Illustrate what is the graph among utility and income,when marginal utility of income increases or deminishes.
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