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- E3 A monopolist faces market demand Q = 500 - 10 P, and has a marginal cost curve equal to MC = Q/10 - 10. I have computed the marginal revenue curve fro you which is given by MR = 50 - Q/5. If the firm is a single price monopolist, find the profit maximizing price and quantity and the resulting profit to the monopoly.What is the socially optimal price and quantity? What is the firm's profit at this price and quantity?Show (1) and (2) on a graph.Calculate consumer surplus (CS) and producer surplus (PS) and total surplus for parts (1) and (2). Show CS, PS, and DWL on the graph. Calculate the DWL due to monopoly.If the firm engages in first degree price discrimination, find the profit maximizing quantity and the resulting profit to the monopoly.Between (1) and (5), which pricing scheme is preferred by the monopolist and which by the consumers? why?1. A U.S. patent for the drug that most effectively treats HIV prevents other drug companies from producing a comparable substitute for patients. a. What is the effect of patent protection on the demand for a drug? How does the shape of the demand curve differ before and after a patent has expired? Support your explanation with a graph. b.Demand curves respond to preferences, income, and costs of substitute and complements. Discuss how these factors determine a country’s demand for HIV treatments. How might the effects of the patent protection differ across countries?Imagine that the Australian national rugby union has exclusive rights to organize the games played by the national team. Rugby AU decides that the next match, between the Wallabies and the All Blacks, will be hosted at the Marvel Stadium in Melbourne. Rugby AU has no fixed costs for organizing the game, but it must pay a marginalcost MC of $20 per seat to the owners of the Marvel Stadium. Two types of tickets will be sold or the game: concession and full fare. Based on any official document that attests to their age, children and pensioners qualify to purchase concession tickets that offer a discounted price; everyone else pays the full fare. The demand for full-fare tickets is QF(P) = 120 – 2P. The demand for concession tickets is QC(P) = 80 – 2P. Q)Suppose that Rugby AU becomes unable to verify the age of its customers; thus, the formerly distinct full fare and concessional ticket markets must be combined/merged in one single market. First, write the equation of the merged demand and…
- Dave and Ellen enter into a contract via e-mail. When a dispute arises over the performance of the deal, Dave files a suit against Ellen. The type of law that governs transactions conducted via the Internet is referred to by the term: Select one: O a. cyberlaw. b. civil law. C. equitable maxims. O d. IRAC.$6.00 $4.50 МС АТC $3.50 $3.00 $2.50 $2.00 $1.00 MR 10 20 30 40 50 60 70 80 90 Quantity If the government regulates the monopolist to produce the allocatively efficient quantity and provides a subsidy sufficient to maintain zero econornic profits for the firm, what price would the government set and what level of output would the firm produce? $1.00 and 50 в $2.00 and 80 $3.00 and 50 D $3.50 and 50 E $4.50 and 30 P Type here to search 21/04 8 Price, CostMost of the world’s governments have struggledto handle the issue of allowing consumption of forbiddengoods, such as alcohol, cigarette, tobacco etc. to its population. Various methods of control have been exercised world over, such as, complete ban on these goods, a restricted consumption regime with quota on consumption or quota on selling, price floorskeeping the price of these goods high up in order to reduce demand and imposing high taxes to generate same effect. None of thee seem to have worked to control the availability and consumption of such goods by the society. These are called social bads, asthey not only are harmful for the personconsuming them, there are external effects on others, such as family and friends and the larger society.In Rampur, Alcoholare forbidden, so people trade Alcohol bottlesin a black market. The Alcoholdemand is QD = 12 − P , and the supply is Qs = 2P(a)Find the equilibrium price and quantity in the black market. (b) The government becomes aware of…
- QUESTION 6 Which of the following is an example of a barrier to entry? O a. All other options are the examples of barriers to entry. O b. A pharmaceutical company invented a new drug to cure lung cancer and got patent. OC. An author just got a copy right for her newly published book. O d. A cable company owns the exclusive rights to provide cable services in a county. QUESTION 7 There is only one cable TV provider in a small town. The cable TV provider in that area will face O a perfect competition. O a monopoly. O a government-regulated price. O a price decided by the industry. QUESTION 8 For a monopolist a profit-maximizing quantity will be where their O marginal revenue is less than marginal cost. O marginal revenue is greater than marginal cost. O marginal revenue is equal to marginal cost. O average revenue is greater than the average cost.If Congress reduced the period of patent protection from 20 years to 10 years, what would likely happen to the amount of private research and development?Why are urban areas willing to subsidize urban transit systems? Does the argument for subsidies make sense to you?
- Classify the following as a government-enforced barrier to entry, a banker to entry that is not government-enforced, or a situation that does not involve a barrier to entry. A patented invention A popular but easily copied restaurant recipe An industry where economies of scale are very small compared to the size of demand in the market A well-established reputation for slashing prices in response to new entry A well-respected brand name that has been carefully built up over many yearsClassify the following as a government-enforced barrier to entry, a barrier to entry that is not governmentenforced, or a situation that does not involve a barrier to entry. a. A city passes a law on how many licenses it will issue for taxicabs b. A city passes a law that all taxicab drivers must pass a driving safety test and have insurance c. A well-known trademark d. Owning a spring that offers very pure water e. An industry where economies of scale are very large compared to the size of demand in the marketexplain natural monopoly in case of public production of private goods. with the help of graph