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1. A monopolist:
earns a profit in the short run and the long run.earns a profit in the short run but not the long run.can earn profits or incur losses in the short run.can never incur losses.
2. Why are patents important to those who hold them? Without patents, there will no longer be economies of scale in production.Patents act as a barrier to entry, allowing monopoly profits.Without patents, there would be considerably more price discrimination in the market.Patents actually do not matter because they do not guarantee that a firm will make a profit.
3. To maximize profits, a perfectly competitive firm should produce until: price is greater than average total cost.marginal cost is equal to price.average total cost is minimized.per unit profits are maximized.
4. The profit-maximizing condition for a perfectly competitive firm is: MR = ATC.MR = AVC.P = MC.P = AVC.
Sam currently earns $30,000 per year. the governments is considering a policy that would increase sam's income by 12%, but raise all prices by 8%. what is sam's compensating variation for the proposed policy? can you compute it without knowing his..
What is total variable cost when 100 units of output are produced and what is average fixed cost when 150 units of output are produced?
If you (and everyone else) were certain that the exchange rate between dollars and pounds would not change over the next 180 days, what would you do? What would you have at the end of 180 days?
The equation QA= 1/2(12-Q)b) is the so called reation function of duopolist A in a COurnot model becasue given the value of Qb, Qa gives the best or profit-maximizing level of sales of oligopolist A. Show that this is the case with reference. Wha..
What are the monopolist's profit-maximizing output and price and what is the resulting deadweight loss relative to the competitive outcome?
What is the magnitude of J.R.'s consumer surplus at the equilibrium price and how high must the price of ribs be for Judy to supply 20 ribs to the market?
What is the maximum dollar amount your firm would be willing to pay in royalty fees to the Village Council every year for the monopoly right to sell gasoline in Fanjeaux?
You were recently hired to replace the manager of the Roller Division at a major conveyor manufacturing firm, despite the manager's strong external sales record.
What share will be paid by the consumer in the long run? How about the short run? Provide some intuition for why these are different.
An rise in the marginal propensity to will reduce the size of expenditure multiplier and therefore the IS-curve will shift to the
How many minutes will the average consumer spends travelling to another ATM machine and what is the resulting non-pecuniary price of an ATM transaction?
HoneyBee Farms, a medium size manufacturer of honey, operates in market that fits competitive market definition relatively well.
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