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Consider a market with inverse demand P(Q) = a -bQ. Assume there is a monopoly firm with cost function C(q) = cq2 .
(a) Find the optimal monopoly output and price.
(b) Compute the optimal profit for the firm.
(c) Calculate the optimal social welfare.
Explain why governments’ attempts to do better than free competitive markets in equilibrium at either deciding on what quantities should be produced or for what prices things should sell are likely to be a bad idea?
1. Sales of cars declined by 15 per cent in a recent recession. During this period the price of cars rose by 6 per cent, average income fell by 4 per cent and the price of petrol rose by 20 per cent. It has been estimated that the PED for cars is - 0..
Select a company in your country of origin that is involved in importing and/or exporting, run a thorough research on the company’s business operation. Your goal is to understand how government involvement in international trade has helped or harmed ..
q.assume that the economy can be described by the following 3 equationsut-ut-1-0.4gyt-5 okuns lawpit-pit-1-ut-4
Suppose that you are a borrower with a project that has a rate of return of 6.8%. You submit a bid to borrow $1,000 at an interest rate of 5%, and a lender accepts your offer. After you fund your project and pay back your loan, what is your gain or l..
you borrow 10,000 pesos, you earn income in dollars, the dollar depreciates against the peso, you must pay back the loan in pesos. you borrow $10,000, you earn income in pesos, the dollar depreciates against the peso, you must pay back the loan in do..
Sage has $80 to spend this month on CDs and/or DVDs. A CD costs $10 and a DVD costs $20. Draw Sage’s budget constraint (or budget line), with the number of CDs purchased on the vertical axis. What is the opportunity cost of the second DVD?
Why would the government bypass the free market in times of war? Is government rationing a better idea than rationing by price? Give reasons. How does government rationing affect the allocation of resources? Explain.
You decide to open a retirement account at your local bank that pays 7%/year/month (7% per year compounded monthly). For the next 20 years, you will deposit $500 per month into the account, with all deposits and withdrawals occurring at month’s end.
A "green" (environmentally friendly) office building costs as average of $3.50 per square foot each year to heat and cool. What is the total annual heating and cooling cost of an office building that has 10,000 square meters of space?
Suppose China wishes to peg the Chinese Yuan to the US dollar at $0.20/Yuan. But, because of foreign funds flowing into China, the Yuan appreciates. How can the People’s Bank of China (China’s central bank) maintain the pegged exchange rate? Is the B..
Assume a firm in a perfectly competitive market has the short-run total cost function TC = 100 + 160Q + 3Q2. If the market price is $196, what should it do?
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