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Consider a monopolist facing a demand curve given by P = 20 - q, where P is the market price and q is the quantity sold. The monopolist's marginal costs are MC = 2 per unit; there are no other costs. What is the deadweight loss generated?
In addition suppose that coffee costs $1 per cup, doughnuts cost $1 each and omar has a budget that he can spend only on doughnuts, coffee or both. How big would that budget have to be before he would spend a dollar buying a first cup of coffee.
A perfectly competitive firm faces a market price of $10 for its output X. It owns two plants, A and B, whose total costs are TCA = 10+2X+.25X2,TCB = 15+.4X+.1X2. How many units should each plant produce to maximize profit at that price
A professor is retiring and wants to endow a faculty position in his honor. It is expected that the endowment will need to cover an annual cost of $100,000. What lump sum must he donate to the university if the endowment will earn 10% interest
The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP, and indicate in each calculation whether you are inflating or deflating the nominal GDP data.
compute the standard error of estimate and the standard error of the coefficient for the following data set: X = 95, 85, 80, 70, 60 and Y = 85, 95, 70, 65, 70. Lastly, set up and perform the hypothesis test to determine if a student's aptitude sco..
Since Fall of 2011, the price of oil has shown a sharp increase again as continuation steady rise in oil price attributed to the Arab Spring (the political uprising in the Middle Eastern and North African countries) started in the beginning of 201..
Suppose that the Ofce can hire skilled labor h that can ll the forms without using computers. The output of the Ofce that hires h skilled labor, l unskilled labor and k computers is equal to y = l + 10 min (h; k) Solve the long-run cost minimizat..
Ithaca is considering a new $50,000 snowplow that will save the city $600 per day of use compared to the existing one. It should last 10 years and have a resale value of $2000. To obtain a 12% rate of return, what is the minimum number of days per..
Q = 500X - 2X2 where X is the only variable input used by ZCorp to product its product, Q. Because ZCorp sells its product in a perfectly competitive market, it can sell all the Q it produces for $25. The current market price for input X is $100. ..
A table saw costs $175 at a local store. You may either pay cash for it or pay $35 now and $12.64 a month for 12 months beginning 30 days hence. If you choose the time payment plan, what nominal annual interest rate will you be charged
After keeping the truck for four years, he is hoping to get $10,000. He estimates that the insurance, property tax, and maintenance costs will be $2,000 in year 1 and gradually increase every year by $1,000. The equivalent uniform annual cost of th..
The average cost is AVC = 3500 - 6Q + 0.005Q square If the industry is competitive, estimate the shut-down price. If the market price is below shut-down, regardless of fixed costs, explain why the firm should shut down.
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