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1. A small business which produces plastic vacuum-suction covers for round household dishes has a monopoly that is protected by a utility patent. The market demand curve for this product is estimated to be: Q = 6009 %u2013 25P where Q is the number of plate covers per year and P is in dollars. Cost estimation processes have determined that the firm%u2019s cost function is represented by TC = 120 + 2500Q -0.25*Q2.
(i) What is the profit-maximizing price and output level? Solve this algebraically for equilibrium P and Q and also plot the MC, D and MR curves and illustrate the equilibrium point.
(ii) What profit do you expect that the firm will make in the first year?
(iii) Do you expect this profit level to continue in subsequent years? Why or why not?
Assume new suppliers enter the market due to the increase in demand so the new supply curve is Q= -500 + 10P. Illustrate what are the new equilibrium price and equilibrium quantity.
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the standard product of labor is 6 flutes per day also the marginal product of labor is 8 flutes per day.
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If a portion of the loans extended by commercial banks is taken as cash rather than as checkable deposits, the maximum money-creating potential of the commercial banking system will.
He finds which he is overworked also which several of his research scientists seems to be spending work hours playing tennis.
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