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The market demand for another product you are considering selling is Q(p) = 100 ? (1)p and as the 2
only producer of this product your production costs would be C(Q) = 40Q.
(a) Given these market characteristics, what is the Lerner Index equal to (as a function of quantity)?
b) Solve for the profit maximizing quantity and profits. Show your work.
c) Given the optimal quantity in part (b) and the general form of the Lerner Index in part (a), what is the actual Lerner Index?
d) What is the market price elasticity of demand at the optimal quantity?
e) You learn of a second firm wishing to enter this market. If you were to perfectly collude with this new firm, what would be your profits?
monopoly and equilibriuma. helen gets smart and realizes that she is the only pie shop approximately. compute the
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Explain how shortages/surpluses are eliminated in a free market system. You can use graphs and specific examples in your analysis. Graphs don’t count towards the word limit. Explain the difference between scarcity and shortage.
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From the supply and demand schedules, from Belgium what are the equilibrium price also quantity of cocoa beans.
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Compute another firm in a competitive industry that faces a market determined price of $25. the firm is producing 10,000 units of output, and average total cost, which at its minimum value, is $25. Answer part a for this firm
The total utility for water is higher than the total utility for diamonds. You can explain the diamond-water paradox (that diamonds are expensive but not necessary for survival / not as useful, while water is inexpensive yet necessary for survival / ..
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