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Part A: Use the first order conditions for profit maximisation to show that a monopolist will never produce on the inelastic portion of his demand curve.
Part B: "Compared with perfectly competitive markets, monopoly markets lead to inefficiency". Assume a monopoly faces the demand curve Q=120-P and has a cost function C (Q) =10+2Q (The Q is squared). Draw a clear fully labelled diagram showing monopoly profit maximisation. Calculate the quantity produced, the price, and the deadweight loss and clearly indicate them on the diagram.
Explain whether each of the following is an example of a macroeconomic concern or a microeconomic concern.
Analyze the roles of physical capital, human capital, technology, and natural resources in influencing long-run economic growth of aggregate output per capita, and how governments can contribute, or discourage long run growth through their policie..
What is her AFC per poster if she prints 1,000 posters - Karen runs a print shop that makes posters for large companies.
Suppose the cross-price elasticity of demand between goods X and Y is -5. How much would the price of good Y have to change in order to increase the consumption of good X by 50 percent?
A fundamental characteristic of oligopolies is the tendency for them to follow price leadership and to act in harmony in the setting of prices, while monopolistic competitors will find it possible to earn only normal profits in the long run
Assume that a monopolist sells a product with a total cost function TC=1200 + 0.5Q2 and a corresponding marginal cost function MC = Q. The market demand curve is given by the equation P = 300-Q. a. Find the profit- maximizing output and price for thi..
Discuss the roles and responsibilities of three other professions in the health sciences. Discuss three ways in which you may interact with colleagues in other professions. List and describe several things you could do to prepare yourself to interact..
It has now become common for firms situating assembly plants to make states compete for their industry; states and local governments often race to offer most generous tax profits.
Economic costs and benefits for project
There is an inherent tendency in industry to substitute labor with fixed capital and employers can compel workers to produce more than the value of their labor.
Explain the difference between fixed-production technology and variable-production technology. Should the government set a goal of reducing the marginal social cost of pollution to zero in industries with fixed-production technology Should they d..
This innovation could save farmers $1 billion a year in crops now lost to frost damage. If this technology becomes widely used, what will happen to the equilibrium price and quantity in, for example, the potato market?
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