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Suppose the European Union (EU) is investigating a proposed merger between two of the largest distillers of premium Scotch liquor. Based on some economists’ definition of the relevant market, the two firms proposing to merge enjoyed a combined market share of about two-thirds, while another firm essentially controlled the remaining share of the market. Additionally, suppose that the (wholesale) market elasticity of demand for Scotch liquor is -1.5 and that it costs $15.20 to produce and distribute each liter of Scotch. Based only on these data, provide quantitative estimates of the likely pre- and postmerger prices in the wholesale market for premium Scotch liquor.
Pre-merger price: $
Post-merger price: $
A firm has a fixed cost of $500 in its first year of operation. When the firm produces 100 units of output, its total costs are $4,500. The marginal cost of producing the 101st unit of output is $300. Illustrate the total cost of producing 101 uni..
Sam has three investment opportunities. The first one will require an initial cost of $100,000 and will return $150,000 one year from now. The second investment requires an outlay of $200,000 and will return $300,000 after one year. Which investment ..
Suppose Jake would like to invest $3,000 of his savings. Suppose RoboTroid, a robotics firm, is selling stocks to raise money for a new lab—a practice known as 1) __________ (DEBT or EQUITY) finance. RoboTroid earns revenue when Jake purchases 100 sh..
Explain how much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 1 percent.
Suppose that the State of Connecticut decides to subsidize the cost of purchasing a treadmill for cardiac patients, as prescribed by their doctors. Prior to the program, the equilibrium price of treadmills was $800, and the equilibrium quantity purch..
Three arguments used to promote trade barriers are the national security argument, the infant-industry argument, and the dumping argument. Explain each of these arguments and evaluate whether each one has any flaws
Firm A is the incumbent in a market and currently enjoys a monopoly. Firm B is a potential entrant. The demand in this market is p = 6 - (qA + qB), where p is the industry price of output. Both firms produce output costlessly.
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 -4. Your marginal cost of producing the product is $40. Determine your optim..
Using the expenditure approach, gross domestic product equals:
positive levels of output and are zero if the monopolist shuts down. If current output level is 5, illustrate what should the monopolist do to increase profits.
Given the arguments relating to the new trade theory and strategic trade policy, what kind of trade policy should business be pressuring government to adopt?
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