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A monopolistic firm faces the following demand curve. Q = 8000 -10 P This monopoly's cost function has been estimated as follows: TC = 480,000 + 40 Q a. What price should this monopoly charge to maximize its profit? b. What would be its equilibrium profit? c. What price should it charge if it were to maximize its revenue? d. What would be its profit if it maximized its revenue? e. If this monopoly were to behave like a competitive firm, what price should it charge and what quantity should it produce? f. Would this monopolist still make an economic profit if it were to behave like a competitive firm? g. What is the break-even quantity of this monopoly?
Along a linear demand curve, elasticity _____ as the quantity of labor rises. Labor unions will be more successful in receiving wage increases with smaller reductions in employment when: The price elasticity of demand for the final product affects th..
q1. a consumer must pay 10 per visit to an amusement park for the first five visits but only 5 per visit beyond five
Player 1 ("hider") and Player 2 ("seeker") play the following game. There are four boxes with lids, arranged in a straight line. For convenience, the boxes are labeled A, B, C, D. The admin of the game gives player 1 a $100 bill, and player 1 must hi..
Let’s say that there are 25 firms in a (perfectly competitive) market each with an inverse short-run supply curve of P = 1.25q + 12.5. If the market demand curve equals Q= 750 - 30P, what is equilibrium price and quantity, and how much does each indi..
Through critical thinking in philosophy, we learn that traditions, beliefs, opinions, and assumptions can hinder us from arriving at logical decisions. Many of you are used to basing your decisions on any or all of the above (recall Plato’s Cave). Wh..
Suppose the long run price elasticity of demand for gasoline is -.60. Assume that the price of gasoline is currently $4.00 per gallon, the quantity of gasoline is 140 billion per year, and the federal government decides to increase the excise tax on ..
A sports store puts designs 12 different designs on sweat shirts. Setup between each design takes an hour and costs $18,000. Once setup, at a cost of $8,000 they can produce 1,000 units. Does this production exhibit scale economies or scope economies..
Develop a researchable topic and prepare a research proposal using the layout outlined given.
One feature of a financial crisis is that there is a high demand for safe assets and a low demand for risky assets.
Assume there are two players in an oligopoly, playing repeated Cournot competition (that is, they compete on quantity). The demand in each year is p= A-by. Each player has discount rate r. Find strategies that lead to a sub-game perfect equilibrium w..
After school one day, the teacher discovers this student beating up another student and has to break up the fight. The teacher has turned to you as the vice principal in charge of discipline. Using the theories you have learned this week what do y..
When the government imposes a price floor above the market price, the result will be that:
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