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My professor requests the following: "When answering the questions, you must emphasize the line of reasoning that generated your results. It is not enough to list the results of your analysis, include correctly labeled diagrams while explaining your answers. It must have all axes and curves clearly labeled and must show directional change/shifts. 1)Due to a new technology, Bana computers enjoys monopoly power. It doesn't engage in price discrimination. A) Explain why the demand curve lies above the marginal revenue curve for Bana computers. Note type of elasticity. B) Assume Bana is earning a short-run economic profit using a correctly labeled graph, show the following I) Profit-maximizing level of output, label as Q* II) Profit-maximizing price, labeled as P* III) Economic profits, as a shaded area C) If Bana wants to maximize its total revenues instead of profits, using your graph from part B and show the following: i) Revenue-maximizing level of output, label as Q^R ii) Revenue maximizing price, labeled as P^R D) Given your answer (B), indicate whether Bana is,producing the allocatively efficient level of output. Explain. E) Explain what will happen to Bana's demand curve as other firms adopt the same technology. What will happen to the market demand curve? 2- Assume that a profit maximizing firm is in a monopolistically competitive industry, within a long run equilibrium. A) Draw a correctly labeled graph that shows the profit maximizing firm's Price and Output.
Public Choice theorists have emphasized that there is a bias toward growth in government due to the "concentration of benefits" and the "diffusion of burdens" (or costs) from government spending. Some people, like Wilhelm Ropke.
Compute the price, output, and profit contribution if the product is not certified. Compute the price, output, and profit contribution if the product is certified. Should the firm undergo the certification process?
In our analysis of international trade, a country becomes an exporter when the price without trade is below the world price and an importer when the price without trade is above the world price. Does that conclusion hold in your answers to parts (..
Use Human Capital theory and describe the relationship between skill and unemployment. Naturally, economists and the public at big usually think of skill level having having an inverse relationship with unemployment.
Two firms are competing in an oligopolistic industry. Firm 1, the larger of the two, is contemplating its capacity strategy, which we can broadly characterize as "aggressive" or "passive." The "aggressive" strategy involves a large increase in cap..
What about lowering interest rates and increasing money supply (i.e., monetary policy) If you were the chair economic advisor to the President of the United States, what would be your advice to him? What does the Scripture have to say about money
The inverse demand function for natural gas in Altoona is P(q) = 11 - Q. The Altoona market has a single natural monopoly producer with a total cost function of C(Q) = 5Q - 0.005Q2.The public utilities commission is thi..
Compare the two graphs for GNP for Techistan and Growthistan. What is the difference in the final value of GNP for each country and Plot the growth rate for Techistan and Growthistan on one plot.
a. What is your expected income next year b. Suppose that you could insure yourself against the risk of reduced consumption next year. What would the actuarially fair insurance premium be
Select a product or service you use on a regular basis and discuss how the price you pay for that product or service is the result of a market economy. Discuss how the determination of the price for that same product or service would be set in a c..
In short run, assume that all the costs [except film rental and concessions] at a theater are fixed, and that each theater can seat five hundred people per day, no more.
Assume there are two services offered in economy: dance clubs and college education. Both require the use of limited resources, but not all of the resources used in each one can be readily transferred to the other.
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