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Consider that the government tells a large monopolistic firm that maximizes profits that it has to pay a fee to the Reelect the President Committee same to one third of its total profits if it wishes to stay in business. What is more likely to happen to the corporation's price and output in the short run as a result of having to pay this "expense of doing business"?
ANSWER: Nothing could happen to price or to output. A fixed cost does not affect marginal cost.
NETWORK EXTERNALITIES Till this point we have assumed that people's demands for good are independent of each other. Actually, a person's demand can be affected by the number
TC = 1q^3 - 40q^2 + 840q + 1800 Price= $750
Axioms: Revealed preference theory is based on the axioms listed below. • Consumer will spend all her income on goods. The consumer equilibrium always remains on the budg
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