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Market Structure: Monopoly and Monopolistic Competition in Microeconomic Analysis from book Economics for Managers
1). Suppose the demand curve for a monopolist is Qd = 500 – P, and the marginal revenue function is MR = 500 – 2Q. The monopolist has a constant marginal and average total cost of $50 per unit.
a). Find the monopolist’s profit-maximizing output and price.
b). Calculate the monopolist’s profit.
c). What is the Lerner index for this industry?
2). The top four firms in Industry A have market shares of 30, 25, 10, and 5 percent, respectively. The top four firms in Industry B have market share of 15, 12, 8, and 4 percent, respectively. Calculate the four-firm concentration ratios for the two industries. Which industry is more concentrated?
In the Reflection Before Action: The Statistical Consultant Confronts Ethical Issues article, the authors cite the American Statistical Association's Ethical Guidelines for Statistical Practice (see the section "Ethics Provides A Defensible Respon..
What happens to the demand curve and the supply curve when any of these determinants change. Give examples of scenarios that would cause a change in demand versus a movement along the same demand curve and supply curve for this product.
The irony is that those who are aware of the Pareto principle, do not use it as often as they should in making decisions. Name at least a dozen ways to apply the Pareto principle (the 80/20 rule) that have not been thought of regarding decision-ma..
Your firm sells a very popular children's game. As the manager, you have received information that another firm is thinking about introducing a similar game. You have the following facts:
The discussionin Section3 .7 suggestst hat Give up is optimal for Rich as long as (i) Kelly is very likely to win the immunity challenge once Rich gives up and
What is likely to happen to the proportion of schoolchildren classified as "disabled" and why? B. Since the diagnoses of many disabilities are to some extent subjective, how might schools respond to the new education funding system?
An orange goes through four major steps on its way from grove to grocery store at the Sunkist Citrus Processing Plant in the southern San Joaquin Valley: washing, waxing, grading (inspection), and packaging. The facility's production technology can b..
The demand for the firms services has been increasing as more consumers use the service for convenience and due to higher parking rates and gasoline prices, wage rates for drivers increase cost for the firm. Describe the supply and demand shifts t..
A sports nutrition company is examining whether a new high-performance sports drink should be added to its product line. A preliminary feasibility analysis indicated that the company would need to invest $17.5 million
At what output is AVC at minimum? If the market price of firm's output is $7 per unit, should the firm produce or shut down?
What is the short run shut down price for each firm and how does this short run shut down price differ from the long run shut down price?
You are told that 75 cents out of every extra dollar pumped into the economy goes toward consumption (as opposed to saving). Estimate the GDP impact of a positive change in government spending that equals $25 billion.
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