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(a) How much profit does an unregulated monopolist earn?
(b) How much profit would be earned if MC pricing were imposed?
The FOC and local SOC for the firm's optimization problem can be used to prove the law of supply, meaning exactly: if the firm supplies a positive quantity at the current market price, then at a higher price it will supply a larger quantity.
q1. find the equilibrium price and quantity after the shift of the supply curve.q2. a machine used to cereal boxes
Assume that there are two categories of goods: protein shakes and all other products. A. Show using diagrams how a consumer's demand curve for protein shakes can be derived from an indifference map and a budget constraint diagram. Make sure you expla..
Explain how many units of labor and how many machines would the firm use to produce 40 units in the cheapest possible way.
The company wants to replace office equipment like machines and computer at assorted times over the five year planning period.
Considering political disposition as an axis of product differentiation does vertical or horizontal differentiation best categorize it.
Suppose that a firm maximizes its total profits and has a marginal cost (MC) of production of $8 and the price elasticity of demand for the product it sells is (-)3. Find the price at which the firm sells the product.
In your opinion, does the Houston Medical Center, in which many hospitals gather, represent an example of perfect competition, monopolistic competition, collusive oligopoly.
Use a labor/leisure model (with leisure hours on the horizontal axis and income on the vertical axis) and words to explain in detail why an income tax creates a welfare cost (or excess burden). Assume that the tax is a constant marginal tax on earned..
Suppose the price of good 1 is $2, and the price of good 2 is $1. Derive Pete’s demand function for good 1 (as a function of income). Is good 1 normal for Pete? How about good 2? Plot the Engel curve for goods 1 and 2 (with income on the horizontal a..
Calculate the elasticity for each variable. On this basis, discuss the relative impact that each variable has on the demand. Illustrate what implications do these results have for the firm's marketing and pricing policies.
Laura (of Luke and Laura’s Itty-Bitty Drink Umbrella Inc.) is trying to decide how many workers to hire. The Itty-Bitty Drink Umbrella production function is given by: Q = 6L^(1/3)K^(1/2). The price of output is p, the wage rate is w, and the rental ..
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