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We have learnt that in a perfectly competitive market, all cost savings from a technological advance are passed along to consumers in the form of lower prices (Recall the genetically modified example in lecture notes "Profit Maximization and competitive Supply in the Long Run"). Is the same true monopoly? Let's see.
Now a more advanced technology is available and changes the total cost function of the monopolist to be: TC = 0.5Q2+10Q
Demand does not change.
Solve for the price and quantity that the monopolist would choose to maximize its profit under the more advanced technology. And also calculate the resulting profit.
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Is the economy of a big city more competitive than that in a small town or given neighborhood? How? Do you think your local grocer has monopoly power?
Assume that a price support system for cotton requires the federal government to pay farmers $3,000 for each acre to not plant cotton. How would you shift either the supply or demand curve for cotton to describe the effect of this action? In your a..
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Compute the AE function and plot it in diagram. What is total autonomous expenditure? What is slope of the AE function?
Explain why Brownstown's management was reluctant to release this information to its lenders.
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Answer whether the following statements are true or false, explaining your answer in each case.
Define and describe the difference between the absolute advantage and the comparative advantage.
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