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Suppose you are a monopolist operating two plants at different locations. Both plants produce the same product; Q1 is the quantity produced at plant 1, and Q2 is the quantity produced at plant 2. You face the following inverse demand function: P = 500-2Q, where Q=Q1+Q2. The cost functions for the two plants are C1=25+2(Q1^2); C1=20+(Q2^2).
a. What are your marginal revenue and marginal cost functions?
b. To maximize profits, how much should you produce at plant 1? At plant 2?
c. What is the price that maximizes profits?
d. What are the maximum profits?
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What effect, if any, does each of the following events have on the price elasticity of demand for corporate-owned jets?
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Behavioral economics clearly makes an important contribution to our understanding of economies. Which, after all, are driven by human behavior?
q1. illustrate what are the effects on the price level p also the nominal interest rate i whenever a credible
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Assume you just finished your third plateful of Thanks giving dinner also it yielded zero units of additional satisfaction.
A multiplex movie theater estimates the week-end demand for afternoon shows to be D(p) = 1000-80p and the demand for evening shows to be D(p) = 1000-50p. The maximum seating capacity of the theater is 550 and the marginal cost is zero (e.g., variable..
Explain your policy combination in details (This is an open ended question) - Which of the policies is/are a monetary? - Which of the policies is/are fiscal? - What are the differences between monetary policies and fiscal policies?
Identify the area that represents producer surplus. (b) Describe briefly in words how a price floor can cause a “deadweight loss”.
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