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You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1's elasticity of demand is -2, while group 2's is -6. Your marginal cost of producing the product is $10.
a. Determine your optimal markups and prices under third-degree price discrimination. b. Identify the conditions under which third-degree price discrimination enhance profits.
Assume W = 10 000. Draw the aggregate expenditure function on a scale diagram along with 45°line. What is the equilibrium level of national income?
Cartels are a form of anti-cooperative activity. Critically examine the factors that may facilitate the establishment, operation and detection of cartels.
Describe (with appropriate figure) short run and the long run impact of immigration on native labour market when the immigrants and natives are complements.
Explain why you would be more or less willing to buy a share of Apple Computers stock in the following situations:
For each of the following pairs of goods, would you expect the cross-elasticity of demand to be positive or negative? Large (in absolute value) or small? Defend your answers:
Compute the producer surplus from parts a and b. Are producers better or worse off as a result of international trade? Discuss why.
The demand for polished bronze is given by P = 100 - Q/2. Production of polished bronze is controlled by Bronze Indentify BIs profit maximizing output and price. What is the cost to the town of removing the mercury pollution?
How would each of the following affect the firm's marginal, average, and average variable cost curves?
Draw a set of indifference curves for Jones, and second set for Smith, with alcoholic drinks on vertical axis and non-alcoholic on the horizontal axis.
Calculate the equilibrium real wage rate and the equilibrium quantity of labor. Suppose that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1.0. Compute the real wage rate.
Describe (in a sentence or two) the short run profit maximization condition when labour is the only variable input?
Let's say there's a world-wide influenza pandemic. Assume that the marginal cost (supply) of influenza vaccinations is constant at $40. Assume that everyone in society has health insurance that pays 80% of all medical services
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