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Problem
The type of market structure in which a firm operates will determine how it behaves in order to profit maximize. You will be reading about two of these market structures, competition and monopoly. Monopoly firms will face a different environment when profit maximizing than does a firm in competition. Given what you learned about elasticity last week and monopolies this week, read this article, "Martin Shkreli on raising price of AIDS drug."
1. Explain how this topic pertains to both concepts (elasticity and monopoly) and the firm's rationale behind raising the price of this life-saving drug by 5000%.
2. Give your own opinion about whether the government should place price controls on pharmaceutical firms to avoid price hikes such as this and what impact this might price controls have on research and development for new drugs. Please note: Your opinion should be supported using the economic concepts from class. If you use any other sources, be sure to cite them within the text as well as provide a bibliographical citation at the end.
Using the FOC's derived in 'B', calculate the optimal combination of K and L that should be employed. Specify the Lagrangian function that will be maximized
What is the most important issue or problem confronting your generation - will your generation respond to that issue and/or solve that problem?
Compute the percentage change n nominal GDP, real GDP, and the GDP deflator n 2009 and 2010 from the percentage year. For each year, identify the variable that does not change?
The principal economic argument for abolishing the long-term capital gains tax is that it would boost productivity, and hence pay for itself.
Suppose the demand for a product is given by P = 40 4Q. Also, the supply is given by P = 10 + Q.? assume that there is a $10 per unit excise tax levied on the consumers of the product?
To maximize profits, a perfectly competitive firm should produce until: price is greater than average total cost.marginal cost is equal to price. average total cost is minimized. per unit profits are maximized.
After years of smoldering unrest in southern Mexico, the rebels finally mount a full-scale attack on urban areas. Order is eventually restored.
Total unemployment is 5%. Frictional unemployment is 2.3% and the economy is at full employment. What is cyclical unemployment? Round to 1 decimal place and no percent sign needed.
discuss the overall importance of motivation as it relates to management. provide a substantive 150 to 250 word initial
Draw a well-labeled graph of your investment per worker equation - Is the slope of the investment per worker function constant? Explain your answer.
Particle B moves past particle Cat f3BC = -0.40. Particle C moves past observer D at f3CD = +0.60. What is the velocity of particle A relative to observer D
Discuss are a good thing since they transfer resources from lower rated to higher rated activities thereby helping to maximize society's happiness?
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