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A monopolist's demand function is given by
P = 80 - 3Q
(with MR = 80 - 6Q).
Its total cost function is
TC = 20Q + 200
(with MC = 20).
Using algebra determine the profit maximizing output, price and optimal profit for the firm.
(ii) Suppose that instead of maximizing profit, the firm wants to maximize total revenue. Using algebra determine the optimal output, price, profit and revenue for the firm.
Assume that you get a summer intern job and a recession start while you are there. Prepare a memo to your boss, who is a member of Congress,
Explain the difference between a monopoly and an oligopoly, and a cartel and provide an example of a monopoly, an oligopoly, and a cartel.
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution.
Suppose you are the Chief Economist of Antitrust Division of the Department of Justice. There is a single manufacturer of streaming video services that has a patent on technology so that no one else can give the service.
Explain the rationale for government regulation of companies with market power. Is regulation in the customers interest or in producer's interest and how might this control special interest groups?
Calculate the elasticity of demand and elasticity of supply at each price change in the market for financial calculators
If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
Although Ken Brown (discussed in problem 3-16) is the principal owner of Brown Oil, his brother Bob is credited with making the company a financial success. Bob is vice president of finance.
A firm is making production plans for upcoming quarter, but the manager doesn't know what the price of the product will be next month. She thinks there is a 30 percent chance price will be $500 and a 70 percent chance price will be $750.
Your manager comes in with three sets of proposals for a new production process. Each process employs three inputs: land, labor, and capital.
During 2005, Orlando, Florida, was increasing rapidly, with new jobs luring young people into the area. Despite rise in population and income growth that expanded demand for housing,
In the competitive market at a price of $50 and cost function of C=50+5Q2 find out the maximum profit? Show how the solution was reached.
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