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this graph represents demand at an amusement park. park management
is trying to decide between acting...
1. (20 points) Assume you are an altruistic monopolist, meaning that you want to both maximize...
1. (20 points) Assume you are an altruistic monopolist, meaning that you want to both maximize profits AND social welfare. You have many customers, and your inverse market demand curve is P = 100 - Q. Marginal cost is 20. HINT: To start this problem, draw a graph similar to Fig. 6.2 (noting that it is missing its marginal revenue curve), and keep in mind that you can draw both the demand and MR curves without any calculations. If you...
A monopolist has two specific demanders with demand equations: A = 10-p and B = 10...
A monopolist has two specific demanders with demand equations: A = 10-p and B = 10 -2p. This monopolist implements an optimal two-part tariff pricing scheme, under which demanders pay a fixed fee a for the right to consume the good and a uniform price p for each unit consumed. The monopolist chooses a and p to maximize profits. This monopolist produces at constant average and marginal costs of AC = MC = 2. The monopolist's profits are and the...
1. Suppose there are two potential customers in the market. One has demand function D1(p)=10-p ....
1. Suppose there are two potential customers in the market. One has demand function D1(p)=10-p . The other has demand function D2(p)=20-2p. The only firm in this market has constant marginal cost of 2. (1) Draw the two demand curves in a graph, with price on the vertical axis and demand on the horizontal axis. (2) (3rd-degree price discrimination) If the monopoly can identify the two consumers and charge different prices to them, what is the optimal price charged to...
1. Suppose there are two potential customers in the market. One has demand function D1(p)=10-p ....
1. Suppose there are two potential customers in the market. One has demand function D1(p)=10-p . The other has demand function D2(p)=20-2p. The only firm in this market has constant marginal cost of 2. (1) Draw the two demand curves in a graph, with price on the vertical axis and demand on the horizontal axis. (2) (3rd-degree price discrimination) If the monopoly can identify the two consumers and charge different prices to them, what is the optimal price charged to...
Kirpa is trying to decide how many hours to work each week. Her utility is given by the following function: U(C,H) = C2 H3 , where C represents weekly consumption and H represents weekly leisure hours...
Kirpa is trying to decide how many hours to work each week. Her utility is given by the following function: U(C,H) = C2 H3 , where C represents weekly consumption and H represents weekly leisure hours. Her marginal utility with respect to consumption is MUc = 2CH3 , and her marginal utility with respect to leisure is MUH = 3C2 H2 . A) Find Kirpa's optimal H, L and C when w=$7.50 and a = $185. B) Suppose w increases...
Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between...
Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between international trade and domestic trade More complex context More difficult and risky Higher management skills required 3. Basic concept s relating to international trade Visible trade & invisible trade Favorable trade & unfavorable trade General trade system & special trade system Volume of international trade & quantum of international trade Commodity composition of international trade Geographical composition of international trade Degree / ratio of...
1. (20 points) Assume you are an altruistic monopolist, meaning that you want to both maximize profits AND social welfare. You have many customers, and your inverse market demand curve is P = 100 - Q. Marginal cost is 20. HINT: To start this problem, draw a graph similar to Fig. 6.2 (noting that it is missing its marginal revenue curve), and keep in mind that you can draw both the demand and MR curves without any calculations. If you...
A monopolist has two specific demanders with demand equations: A = 10-p and B = 10 -2p. This monopolist implements an optimal two-part tariff pricing scheme, under which demanders pay a fixed fee a for the right to consume the good and a uniform price p for each unit consumed. The monopolist chooses a and p to maximize profits. This monopolist produces at constant average and marginal costs of AC = MC = 2. The monopolist's profits are and the...
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