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Monopoly and equilibrium
a. Helen gets smart and realizes that she is the only pie shop approximately. Compute the marginal revenue she gets for each additional sale as the change in total revenue (price times sales). Graph this and show the new quantity of sales and the new price.
b. Draw the area of consumer surplus on your graph. Draw the area of producer surplus.
c. Calculate consumer surplus as the sum of the difference between the price and the marginal utility for each pie. Calculate producer surplus as the sum of the difference between price and marginal cost for each pie.
d. Compare the sum of consumer and producer surplus for the monopoly with the results for perfect competition. Which is better for consumers? Which is better for producers? Which is better for society?
The market demand and supply function for VCR movie rentals are: QD= 10 - 0.04p and QS 3.8P = 4. Calculate the equilibrium quantity and price.
Elucidate the value of a trucker's life disguised by compensating discrepancy among the two firms.
A competitive firm that is profit maximizing pays a wage. The firm has started marketing its new product.
During the month, there are 26 workdays. The company has 15 workers.
Microsoft emerges to have a monopoly with over 90% of the personal Calculator operating market. Why then would it not be charging a monopoly cost.
Why anyone would pay a positive price for a CBOT or NYSE seat and what this price represents. Second, explain why the seat values have changed so much in recent months.
In your opinion should our government impose price floors and/or price ceilings in our economy.
Illustrate now have to lend out how much does this bank if it decides to hold only required reserves.
Compare the effects of the two policies, based on the models developed. Why might the United States have preferred one policy over another.
The benefit of cutting down a forest is $1 million now. the environmental cost of that harvest is $10/year forever.
The People's Bank of China, the country's central bank, raised the reserve requirements of its top commercial banks to put a squeeze on the credit market
Illustrate that there are any extra costs or benefits due to this shift.
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