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1. Why is the demand curve facing a monopolist the market demand curve?
2. The marginal revenue for a perfectly competitive firm is equal to the market price. Why is the marginal revenue for a monopolist less than the market price for positive quantities of output?
The government finances its purchases through lump-sum taxes on consumers, where T denotes total taxes, and the government budget is balanced each period, so that G = T.
suppose two types of consumers exist, a more affluent group (1) with an estimated price elasticity for biscuits of -2 and a less affluent (2) with an estimated price elasticity for biscuits of -2.5. Pillsbury puts a posted price of a particular amoun..
Now Massey Corp. invents a new technology that allows her firm to produce gilders at a constant marginal cost of $9. There are large fixed costs amounting to $20,000 to adopt and maintain (each year) this new technology, but she is able to monopol..
Timmy currently has $100 to last him a whole weekend. Let T represent his consumption on Saturday, and N represent his consumption on Sunday. His utility function is given by U(T,N)=min(T,3*N). How much of his $100 will Timmy choose to spend on Su..
What is the maximum amount the firm could afford to spend on lobbying with the objective of maintaining the monopoly position?
At the profit-maximizing quantity, what is the price elasticity of demand? If the spring were owned by a government that applied the marginal principle, what price would it charge?
What does behavioral economics have to say about each of the following statements?
The United States differs from virtually all developed countries in that it does not have a VAT. What important aspect of the U.S. political system might account for this difference with other countries? (Related to Application 3 on page 360.)
What keyboard shortcut can you use when you want to save a document?
find the covariance between hourly wage X and education Y (measured in years of schooling) using the following summary statistics for a sample of 10 workers in a plant. xbar = 11.775 ybar=13.8 sum of (x-xbar)(y-ybar) = 103.55 sum of xy =1728.5
Your dealings on the secondhand market lead you to believe that there is a 0.4 chance a random buyer will pay $300,000, a 0.25 chance the buyer will pay $350,000, a 0.1 chance the buyer will pay 400,000, and a 0.25 chance it will not sell. If you ..
Use the following information to calculate total revenue, marginal revenue, and marginal cost. Indicate the profit-maximizing level of output. If the price was $3 and fixed costs were $5, what would variable cost be? At what level of output would ..
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