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Suppose a monopolist producing Q units of output faces the demand curve P = 20 - Q. Its total cost when producing Q units of output is TC = F + Q2, where F is a fixed cost. The marginal cost is MC = 2Q.
a) For what values of F can a profit-maximizing firm charging a uniform price earn at least zero economic profit?
b) For what values of F can a profit-maximizing firm engaging in perfect first-degree price discrimination earn at least zero economic profit?
If the two are generally not competing on price, are there any forms of non-price competition that might emerge? If so, describe them. Or would such other forms of competition also exhibit "kinked type behavior"?
Keeping in mind that one must take off work to complete the task who has the lowest oppurtunity cost of completing the task.' Sam, Both have the same identical cost, Teresa.
A country is described by the Solow Model with a production function y = k1/2 where y is output per worker and k is capital per worker. Now suppose that the fraction of output invested (or saved) is 50%.
If a 3-percent increase in the price of corn flakes causes a 6-percent decline in the quantity demanded, what is the elasticity of demand?
Explain how Ricardian Equivalence works and explain how to get the quantity theory from the equation of exchange
Event 1: The wages for all dental assistants increase, increasing the costs of inputs. Event 2: The government provides national dental insurance benefits for all U.S. citizens that cover 100% of the cost of all dental services. There are two effe..
In the 1970s, the United States experienced periods of severe gasoline shortages due to OPEC policy and unrest in the Middle East. The price of gasoline increased as a result of these shortages.
The nation of Ectenia has 20 competitive apple orchards, which sell apples at the world price of $2. The following equations describe the production function and the marginal product of labor in each orchard:
Suppose that there are three firms, who produce homogeneous products, and whom have the same marginal cost which is constant over output. These firms play an infinitely repeated Bertrand pricing game. Each period they simultaneously set prices.
What total output must the cartel produce in order to maintain this price and to what output will an individual firm be restricted if this price is to be maintained?
What is the total dollar value of the change in welfare in the United States caused by the tariff? State whether the U.S. gets a welfare gain or suffers a welfare loss from the tariff.
The major changes that have forced differences are changes in the place of women in society as more equal in terms of jobs and working, more out of wedlock births creating more single families, less stigma by society on men who do not participate ..
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