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A monopolist sells its product in two separate markets, A&B. The demand functions for the two markets are: P(A) = 30,000 - 0.4Q(A) P(B) = 20,000 - 0.2Q(B) The total cost function for the firm is: TC = 10,000,000 + 12,000 [Q(A) + Q(B)] a) Should the firm charge a different price in each market in order to maximize its profits? If yes, what are these prices? b) How much output is sold at these prices and what is the profit in each market? c) Based on your answer in part a, justify why would the firm charge same or different prices.
What characteristics of the market make it more likely that a dealer will quote prices at random rather than stick with a single one, or will choose prices that vary with the perceived characteristics of individual customers.
Describe the cutthroat competitors reasons for not increasing or decreasing his price, thereby accounting for the kink in his demand curve.
Apply the substitution and income effects to the purchase of meat given the lower price. How is this related to the law of demand? Hint: use chicken as a substitute good in your discussion.
Frank Gunter owns an apple orchard. He employs 40 apple pickers and pays them $7 per hour to pick apples, which he sells for $3.50 per box. If Frank is maximizing profits
Explain how financial institutions fit into the circular flow diagram (and more specifically why they are important for economic stability and growth). In your own words, explain why financial institutions (and, by extension, financial markets)
Sweetgrass Radiology Labs has a fixed amount of radiology equipment. The laboratory can hire any number of radiology technicians per hour to produce radiographs, which are displayed on a screen.
Explain why governments sometimes impose a price ceiling in a competitive market and explain three types of long run supply curves using the real industries.
According to the statistics the distribution of money income:
What are the main differences between microeconomics and macroeconomics? Provide an example of a microeconomic and macroeconomic phenomenon.
For a given price P =$5, AVC = 3 and FC =20000, what is the DOL if the manufacturer id producing 15000 units. Using the DOL value calculated above what is the profits for a 10% increase and a 10% decrease.
A monopolist firm faces the following cost curve: C(Q) = 10Q + 300, where Q is the output produced. The demand for its product is given by P = 50 - .
Estimate the linear model described in part (a) using Ordinary Least Squares regression and display your regression results.
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