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a.) A pure monopolist determines that at the current level of output the marginal cost of production is $2, average variable costs are $2.75, and average total costs are $2.95. The marginal revenue is $2.75. What would you recommend that the monopolist do to maximize profits?
b.) Why might a business owner keep their business open but let it deteriorate, rather than shut it down? Will this profitability last?
certification roughly equivalent to a high school diploma. The demand schedule for new hires with le bac and the supply schedule for similarly credentialed new job seekers are given in the accompanying table. The price here- given in euros, the cu..
The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, & the price of the firm's output id $25. The cost of other variable inputs is $400,000 per day. Assume that total fixed cost equal..
assume that the FFS price was $100 per visit and the average patient made eight visits per year. A competing managed care organization came in and charged $80 per visit, providing seven visits per year. Calculate the change in total expenditures.
Coal prices moved in sympathy with oil prices, with the result that coal companies earned pure economic profits. Since coal is a homogeneous good and the market is competitive, what happend in this market.
total output increases from 100 units to 110 units per week. Suppose the market price of output is $25 per unit. What is the maximum weekly wage at which the firm would hire that additional worker
what would a 1,500,000-pound-per-year plant cost now Suppose that the construction cost index has increased an average rate of 12 percent per year for the past eight years and that the cost-capacity factor (x) to reflect the economy of scale is 0...
At a student café, there are equal numbers of two types of customers with the following values. The café owner cannot distinguish between the two types of students because many students without early classes arrive early anyway (i.e., she cannot p..
What is the equilibrium interest rate? d. What happens to the interest rate if the money supply increases from 20 to 30? Illustrate your answer graphically. What happens to the interest rate if nominal income increases by 10%?
If the firm can not produce in total more than 14 units, then what would be the maximum profit and the optimal values of Q1 and Q2? Find an answer using the Lagrange multiplier. Find a value of the Lagrange multiplier. What economic interpretation..
The 2003 Zagat Restaurant Survey provides food, décor, and service ratings for some of the top restaurants across the United States. For 15 top-ranked restaurants located in New York, the average price of a dinner including, one drink and tip, wa..
What is the relationship between potential output and the natural rate of unemployment If the economy currently has a frictional unemployment rate of 2 percent, structural unemployment of 2 percent, seasonal unemployment of 0.5 percent
Suppose a monopolist faces the following demand curve: P = 140 - 6Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs. a) What is the monopolist's profit maximizing level of output
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