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A consumer has quasilinear preferences over a single good and money, with demand function x(p) = max{15 - p/2, 0} for the good.
1) How much money would the consumer be willing to pay to gain access to a market for the good with uniform price $10 per unit?
2) How much does consumer surplus change if the price of the good rises from $10 to $14?
3) A monopolist controls the (uniform) price p of the good in the market, and can also charge a tariff T to enter the market. Suppose all consumers in the market have the same preferences as the consumer considered above. What combination of p and T maximizes the monopolist's profits?
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Suppose the demand for Digital Video Recorders (DVRs) is given by Q = 250 - .25p + 4pc, where Q is the quantity of DVRs demanded (in 1000s), p is the price of a DVR, and pc is the price of cable television. How much does the quantity demanded for DVR..
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Suppose there are 100 identical firms in the perfectly competitive cement industry. Suppose the cement industry is a Constant-Cost industry. Find the short-run supply (QS) of the industry. Compute the consumer surplus (CS) and producer surplus (PS). ..
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