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A monopolist faces a demand curve given by:
P = 105 - 3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $15. There are no fixed costs of production.
A) What quantity should the monopolist produce in order to maximize profit?
B) What price should the monopolist charge in order to maximize profit?
C) How much profit will the monopolist make?
D) What is the deadweight loss created by this monopoly (hint: compare the monopoly outcome with the perfectly competitive outcome).
E) If the market were perfectly competitive, what quantity would be produced?
Which of the following utility functions are consistent with convex indifference curves and which are not?
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The long-run Phillips curve suggests policymakers choose between alternative and which of the following will shift the aggregate demand schedule to the right?
100 identical customers, each with relevant demand function Q = 20- P (where Q is the hours per week and P is the per-hour fee). Assuming you priced membership consistent with consumer surplus, if fixed costs = $1,000 and variable costs = $0, how muc..
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The government decides to tax cookbooks because they feel that they encourage overeating and can lead to health issues, like obesity and heart disease. Answer the following: in 600-800 words
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