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A monopoly faces an inverse demand curve, p(y) = 100 - 2y, and has constant marginal costs of 20.
(a) What is its profit-maximizing level of output? __________
(b) What is its profit-maximizing price? __________
(c) What is the socially optimal price of this firm? __________
(d) What is the socially optimal output of this firm? __________
(e) What is the deadweight loss due to the monopolistic behavior of this firm? __________
(f) Suppose this monopolist could operate as a perfectly discriminating monopolist and sell each unit of output at the highest price it would fetch. The deadweight loss in this case would be __________
If we had efficiency in the duopoly, what would the market quantity and price be? How does this compare to your answer?
Elucidate using the example of multiple equilibria in the labour market. Illustrate diagrammatically
Suppose the economy has a natural rate of unemployment of 6%. Suppose short-run output over the next 4 years is +1%, 0%, -1%, and -2%. According to Okun’s law, what unemployment rates would expect to see in this economy?
At this level of pollution, what is the marginal cost of pollution control.
q.1. real wages and productivity-are workers paychecks keeping up? over the long run traditionally real wages grow at
q1. when the federal government decreases the individual and corporate income tax rates?q2. between sweezy oligopoly
Discuss the relationship between the level of GDP and economic well-being. What factors of well-being are missing from the GDP? Is there a point where the GDP could increase to such a high level
Economists forecast future economic conditions by studying variables that tend to fluctuate in advance of the overall economy. The most significant of these variables are known as leading indicators, and they compose the index of leading economic ind..
What would happen to autonomous consumption if household debt fell and the interest rate rose over the same time period?
It is observed that in an area with a lot of illegal immigration, the average wage of native born workers actually increased. Explain how this could have happened, using economic logic. Also, judge whether this is good or bad for the local economy.
It is a common belief that social security benefits will run out in the near future. How can we save social security?
Consider a first-price sealed-bid auction with three players: Betsy (B), Daniel (D) and Michael (M). Their valuations are vB = 100, vD = 90, and vM = 30, respectively. If their bids are bB = 90, bD = 30, and bM = 0, respectively, show that this NOT a..
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