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suppose that a natural monopolist was required by law to charge average total cost. on a diagram label the price charged and the deadweight loss to society relative to marginal cost pricing. briefly explain diagram and comment on your results. Hint: ensure you consider the characteristics of natural monopolies.
Describe the cutthroat competitors reasons for not raising or lowering his price, thereby accounting for the kink in his demand curve.
the effects of the following government policies on the market equilibrium. Increases in the Minimum Wage Restrictions on International Trade Pollution Controls Natural Monopolies and Antitrust Regulation. What is the purpose of the policy.
Describe the effects of a price ceiling also a price floor on a market. As for what happens with pricing is different than equilibrium, a price Floor is Minimum wage.
Consider the following infinitely repeated model between two firms. Each period, the firms earn profits of 10 if they successfully collude. If a firm deviates from the agreement, it earns 15 in the period in which it cheats. In each period that th..
Illustrate what are monthly fixed costs, quasi-fixed costs, and variable cost for Exquisite Portraits Inc.
Derive the golden rule savings rate for this economy. (Hint it will be 35 percent) What would be the new level of steady state y, c, s, k if the economy moved to the golden rule savings rate?
Draw the daily budget constraint without any program participation for the single parent described above. On the same graph, draw the daily budget constraint under The Texas Family Assistance Program for the single parent described above.
Barry earns $20 an hour for up to 40 hours of work per week. He is paid $30 an hour for every hour of work in excess of 40. There are 110 hours a week available for work. Draw Barry's budget line for these facts. Label completely.
Elucidate marginal utility explains a lot about human behaviour.
What is the difference among a positive and a normative statement. Why do economists sometimes offer conflicting advice to policymakers.
Evaluate the result in (2) from perspectives of efficiency and equity drawing upon price/cost margins for your explanation. You may want to also consider issues involving the stability of collusive cartels.Then tell us what that means for rational ..
Is the subsiquent events cause the dollar to appreciate or depreciate against the Euro.
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