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Under patent protection, a firm has a monopoly in the production of a high-tech component. Market demand is estimated to be: P = 100 - 0.2Q. The firm's economic costs are given by: AC = MC = $60 per component.
a) Determine the firm's output and price
b) After the firm's patent expires, predict the new market output and price. (Assume that competing suppliers have the same economic costs as the original producer.) Compute the resulting change in consumer surplus.
Bolivia's real GDP per capita is growing at a rate of 1.3%, which would we expect in the long run Assume real GDP per capita in the United States begins at a level above that of real GDP per capita in Bolivia.
On graph paper, plot the Cookie Monster's total utility and marginal utility. Due to the difference in the order of magnitude, make them two separate graphs. In each case, put cookies on the horizontal axis and utility on the vertical.
A machine operation produces bearings whose diameters are normally distributed, with a mean of .498and a standard deviation of .002. If specifications require that the bearing diameter be .500 inch +- .004 inch, what fraction of the production wil..
What is the amount of 10 equal annual deposits that can provide five annual withdrawals, when a first withdrawal of $3,000 is made at the end of year 11 and subsequent withdrawals increase at the rate of 6% per year over the previous years rate if..
(a) indicate the best strategy for each firm. The strategies for firm A are low price and high price and the strategies for firm B are enter and don't enter. What is the best (optimal) strategy for each firm
A consumer has 400 to spend on goods X and Y. The market prices of these two goods are Px = $10 and Py = $40. a. What is the market rate of substitution between goods X and Y b. Illustrate the consumer's opportunity set in a carefully labeled diag..
The Crockett Land Winery must replace its present grape-pressing equipment. The two alternatives are the Quik-Skwish and the Stomp-Master. The annual operating costs increase by 12% each year as the machines age. If the interest rate is 9%, which ..
When she charges $4 per pie, she sells 30 pies per week. When she charges $5 per pie, she sells 24 pies per week. If she charges $4.50, she sells 27 apple pies per week.a. Is the apple pie market perfectly competitive
Suppose the inflation rate is expected to be 6.6% next year, 4.6% the following year, and 3.05% thereafter. Assume that the real risk-free rate, r*, will remain at 2.45% and that maturity risk premiums on Treasury securities rise from zero on very..
The following equations show market demand and supply, respectively: Qd = 10,000 - 1,000P Qs = -2,000 + 1,000P What is the equilibrium price and quantity in this market?
Gomez runs a small pottery firm. He hires one helper at $12,000 per year, pays annual rent of $5000 for his shop, and spends $20,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth)..
Rewrite the model to show that this is in fact a two-variable model rather than a three-variable model. Define the parameters
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