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Assume that a monopolist sells a product with a total cost function TC = 1,200 + 0.5Q2 and a corresponding marginal cost function MC = Q. The market demand curve is given by the equation P = 300 Q.
a) Find the profit-maximizing output and price for this monopolist. Is the monopolist profitable?
b) Calculate the price elasticity of demand at the monopolist's profit-maximizing price. Also calculate the marginal cost at the monopolist's profit-maximizing output. Verify that the IEPR holds.
The monthly price of internet access services decreases from $20 to $10, and the total quantity of monthly account across all internet providers increases from 100,000 to 200,000. What is the price elasticity of demand? Is demand elastic, unit-ela..
GOOD Price yr 1 Quantity of Goods year1 Price yr2 Quantity of goods yr2 Quarts of icecream $6 4 $6 6 Bottles of shampoo $4 2 $4 3 Jars of PeanutButter $3 4 $3 3
Those who apply complexity theories suggest that organizations and even entire industries develop in much the same way as individuals or entire organizations pursue individual goals, react to the actions of others, and form relationships.
Is demand elastic or inelastic in this price range?
Can leisure involve economic optimization? Should you choose an assortment of lei: activities within your budget of money and time that maximizes your well-being?
In the United States, 10% of adolescent girls have iron deficiency.23 Suppose two adolescent girls are chosen at random.
consider the following short-run production function ( where L= variable input, Q = output): Q = 10L - 0.5L(squared) suppose that output can be sold for $10 per unit. also assume that the firm can obtain as much of the variable input (L) as it nee..
For hotdogs, the average fan's MU for units 1, 2, and 3 is 150, 125, and 80 utils. For soda, MU for units 1, 2, and 3 is 130, 100 and 60. For nachos, it's 140, 120 and 100. The average fan spends $25 per night on concessions. Hotdogs cost $5, nach..
A golf course operator must decide the green fees (prices) to set on rounds of golf. Daily demand during the week is Pd=36-Qd/10, where Qd is the number of 18-hole rounds and Pd is the price per round.
How is this possible, when the wages of skilled labor are rising in the United States as a whole? What argument would trade economists make against seeing these wage cuts as a reason to block outsourcing of computer programming?
the number of unemployed workers declined by only 1.1 million. How are these numbers consistent with each other Why might one expect a reduction in the number of people counted as unemployed to be smaller than the increase in the number of people ..
Assuming you continue to earn $30,000 starting in period t 1, graph the value of your permanent income in each period, using equation (P1).
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