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Monopoly producer of this product. Assume that the inverse demand function for this product is: P(Q) = 800 − Q and your cost functions are TC(Q) = 50Q; MC(Q) = 50. What is the MR function? What is the profit-max quantity and price? What is the MR at that level of output? What is the Monopoloy pofit? What is the "efficient" level of production? What is the price at the e?cient level? Graph the marginal revenue, marginal cost, and demand curves, and show the area that represents deadweight loss due to monopoly on the graph. Calculate the amount of deadweight loss.
Another firm has entered the market.
Assume this ?rm faces the same costs of production as you do, and that the market demand is the same except that now, Q = Q 1 + Q 2 . Suppose that you and this other ?rm play “Cournot”. Write the marginal revenue functions of each ?rm as functions of Q 1 and Q 2 What are the “best-response” functions for each ?rm? Cournot equilibrium: . What is the market price? What are the pro?ts for each firm?
Hello, the second part of the question is what I need help with. Not sure I understand how to do the "Cournot" and best response once another firm enters the market and its no longer a monopoly
Competitive firms will always try to earn more than a normal profit by doing the following, except
A company is producing 15,000 units. At this output level, marginal revenue is $22, and the marginal cost is $18. The firm sells each unit for $48 and average total cost is $40. What can we conclude from this information?
Explain why a perfectly competitive firm may continue to operate in the short-run even with a loss of profits.
Continue assuming that Supply is given by the equation P = 2Q and Demand is given by P = 6-Q.how much total tax revenue is raised.
Frances sells earrings in the perfectly competitive earring market. Her output per day and costs are as follows: OUTPUT PER DAY TOTAL COST 0 1 1 2.5 2 3.5 3 4.2 4 4.5 5 5.2 6 6.8 7 8.7 8 10.7 9 13 a) If the current equilibrium price in the earring ma..
Why might investment not respond positively to low interest rates during a recession? Why might investment not respond negatively to high interest rates during a boom?
Assume that wages and prices are sticky and that we start at a long-run equilibrium. Assume that at this initial point, the growth rate of the money supply is 4%, the growth rate of the velocity of money is 9% and that the real economic growth rate i..
Compute the numerical elasticity of long-run demand. Is it unitary, elastic, inelastic, etc. Explain why would consumers demand 0 minutes in the long run if the price was $.30 per minute.
What is meant by externalities? What are different types of externalities? What are different types of externalities? What is the Coase theorem? How is it related to externalities?
56.a californian college student consumes internet services i and books b. her preferences are represented by a
Which of the following government actions promotes monopolistic behavior?
q.gdp taxes di c i g cig1250 200 800 300 200 1500 200 1000 300 200 1750 200 1200 300 200 2000 200 1400 300 200 2250 200
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