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Suppose that a monopolist sells a product to consumers with an aggregate demand that is downward sloping in quantity, D(Q) = 200 - 2Q. The total cost of producing Q units is C(Q) = 20Q + 2Q2.
a) Instead of a specific tax, an ad valorem tax, of 1/6 is imposed
i. What price-quantity pair would we expect?
ii. What are CS, PS, T, and W?
iii. What is deadweight loss?
Identify a market which you feel is perfectly competitive. The firms in this structure are considered price takers, are the firms in the market you chose all selling their product at the same price? Why or why not?
Per capita income in County A is $45,000. Per capita income in County B is $38,000. Physician visits average 3.4 per year in County A and 3.2 per year in County B. What is the percent change in the demand for visits?
You observe a positive relationship between price that your store charges for CDs and total revenue from CDs. Is demand for your CDs elastic or inelastic.
Elucidate each of the following statements using supply- and- demand diagrams. a. " When a cold snap hits Florida, the price of orange juice rises in supermarkets through-out the country."
Suppose that the cost of eradicating polio from a society of 1,000 persons is $5 per person. Also suppose that only two persons in the society will benefit from that policy, and the benefit to each of those persons is $2,000. Then what is the social ..
Demand for a good is Qd = 20,000, 100 P. Supply is Qs = -1000 + 200 P. a. Find Q*, P*, consumer surplus, producer surplus, and total variable costs. Make a graph and label it. b. What is the elasticity of supply at the solution point? What is the ela..
Andrew has decided to open an online store that sells home and garden products. After searching around, he chooses the software company Initech to provide the software for his website since their product required the least amount of specialized inves..
Explain market efficiency and identify and distinguish between the different types of market structures; compare and contrast the similarities and differences between their characteristics.
Then click on Reports and then Beige Book to retrieve the summary report for current economic conditions by Federal Reserve District. Select the most current report.
What steps can Congress and state legislatures take to alleviate a serious national shortage of skilled providers. Research suggests medical errors have been linked to inadequate staffing.
Assume that the positions of the supply and demand curves have not changed over the past three months (this means there have been no shifts). Over the past three months, the price for motorcycles has steadily risen from $5000 to $8500. Also, assume t..
What is the impact on the market for abdominal surgery usin this new technology?
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