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Assume that firms each face a total cost function of TC = 10 + 5Q to produce artificial Christmas trees. Note that this total cost function indicates that there is a constant marginal cost (MC) of $5 per tree produced (i.e., MC = $5). Suppose that American Tree, one domestic producer, convinces Congress that because its production methods are the safest in the industry, it should be allowed to be the only supplier of artificial trees to American consumers. Congress agrees and awards American Tree the only license in the country to produce and sell artificial trees. Suppose the market demand and marginal revenue (MR) for artificial trees is given by:
P = 100 - Q (Inverse demand curve)MR = 100 - 2Q (Marginal revenue curve)
a. Graph your results found in part a). Be sure to completely label your graph.b. Calculate the loss of consumer surplus from the monopolization of fireworks production.c. What is the monopolist's profit (graphically and numerically)?d. What is the DWL to society of having this market monopolized versus competitive?
Bright Flashlight Corporation requires $300,000 to take a cash discount of 2/10, net 70. A bank will loan the money for 60 days at a total interest cost of $5,500.
using a demand and supply model to explain the impact of occupational segregation or "crowding" on the relative wage rates and earnings of men and women.
What would you expect to be the value P(having the trait and blue eyes) if eye color and trait status were independent? C. Which of the following expressions describes the relation- ship between the events A = a person has brown eyes and B = ..
Explain how does that rate compare with the rate in the previous month. What were the unemployment rates for adult men, adult women, teenagers, blacks, Hispanics, and whites.
Trade off liberalization conflict with morally-conscious environmental policies. While it is true that economic growth is necessary for general welfare
The effect of rising energy prices for the economic wellbeing of households and the likely effect of increases in the cost of traditional sources of energy for the energy consumption patterns of Australian households
Assume which is more difficult to monitor workers at larger firms than at smaller firms. According to the delayed payment compensation model,
The Haas Corporation's executive vice president circulates a memo to the firm's top management in which he argues for a reduction in the price of the firm's product. He says such a price cut will increase the firm's sales and profits. a. The firm'..
In the US the long-run inflation rate can be expressed simply as the growth rate.
research information on companies that have engaged in monopoly behavior, such as Microsoft, Google, or Wal-Mart, and explain how society has been affected by the monopoly behavior using that information.
Describe how the budget constraint of a household in a two-period model is affected by each of the following changes. In Each Case, do you think the household is better off, or worse off, or is it ambiguous If ambiguous.
Make sure to include some final recommendations and strategic initiatives.
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