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Question: (Requires calculus) A monopolist with constant marginal costs of $20 serves two separate markets, where demands are
QA = 100 - PA, and
QB = 140 - 2PB
Add the demands and find the optimal output and uniform price if the markets cannot be separated. What is elasticity of demand at this price and quantity? Graph the total demand, marginal costs, and marginal revenue, and explain the shape of marginal revenue. (Note that demand has an angle in it at a price of $100.) Now allow the seller to set different prices in A and B. Find those prices, along with the quantities sold and elasticities of demand. Is total output greater than in the case of a single price? Using the previous demand curve from Market A, find an example in which the demand curve in Market B is low enough and elastic enough that it does not pay a single-price monopolist to sell any output at all in Market B, but it does pay a price discriminator to do so. Now is the discriminating monopolist's output greater than if it had charged a uniform price?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
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Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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