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Assume that a monopolist has a demand curve given by P = 1500 ? 4Q, and T C = 100 + 5Q2 with MC = 10Q.
(a) Graph the Demand, Marginal Revenue, Marginal Cost, and Average Total Cost curves
(b) What are the equilibrium price and quantity for this monopolist if it charges a single price to everyone?
(c) How much profit does the firm make?
(d) Show on the graph whether this market is operating efficiently.
(e) Calculate the dead weight loss.
(f) Calculate the consumer surplus.
(g) Calculate the producer surplus.
If the original supply curve of cocaine on the streets was horizontal, what is the net effect of police activities on the market for crack in this city. Compute the value for p that prevails before police intervention in the market.
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The New Zealand dollar pushed toward U.S.55c yesterday as the greenback was dumped on a surprise U.S Federal Reserve initiative to pump more money into a still-choked financial system. Prior to this move was the NZ dollar trading at U.S.56c or U.S.54..
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A more serious problem with input-based pay systems (e.g., a wage her hour), relative to an output--based system, is:
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