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A gas utility serves a small town with natural gas. The total cost function for the utility as a function of the amount Q of gas sold is:
TC(Q) = 50,000 + 300Q + 0.4Q2
The demand function for the customers is Q = 374 - 0.22P
Suppose that the gas utility operates as a pure monopoly, setting price and output so as to maximize profit. What P and Q will be chosen? What will be the total revenue, total cost, profit, and consumers surplus at this price? What is the total social welfare (consumer + producer surplus)?
The main difference between perfect competition and monopolistic competition is, rices under an ideal cartel situation will be equal to
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Long-run supply curve in a constant-cost industry is linear and shut down because it will no longer be earning a normal pro?t.
College Financial Sources, which makes small loans to college students, offers to lend $500. The borrower is required to pay $40 at the end of each week for 16 weeks. Find the interest rate per week. What is the nominal interest rate per year
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Which input bundle represents efficient production of 100 units of output if the rental paid to capital is $25 and the wage paid to labor is $50? Round any decimals to the nearest hundredth. Derive the firm's cost function using the rental and wa..
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