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- What problems does underforecasting demand create?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 banker to entry that is not government enforced, or a situation that does not involve a barrier to entry. A City passes a law on how many licenses it will issue for taxicabs A city passes a law that all taxicab drivers must pass a driving safety test and have insurance A well-known trademark Owning a spring that offers very pure water An industry where economies of scale are very large compared to the size of demand in the market
- Give examples of tactics practiced by a buyer or seller that might be consideredunethical.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?The power of consumers is not growing in a transparent market OTrue False
- There is a chance of creating defamation by deliberately discussing false information that may harm the beliefs or opinions that are generally held about someone or some organization. O Slander O Libel O Damaging O DisruptiveB MH Connect - Chapter 12 Hom X O Connect y! Suppose a monopolist's profit X + ducation.com/ext/map/index.html?_con=con&external_brows&=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddlewa Help Chapter 12 Homework i Saved Suppose a monopolist's profit-maximizing output is 500 units per week and that the firm sells its output at a price of $80 per unit. The firm has total costs of $6,000 per week. Assume the monopolist is maximizing its profit and earns $35 per unit from the sale of the last unit produced each week. Instructions: Enter your answers as a whole number. a. What are the firm's weekly economic profits? $ b. What is the firm's marginal cost? %24 c. What is the firm's average total cost? 2$A college has two types fo students: students from middle-income families who have an estimated price elasticity of demand equal to -1 1/2 and students from lower-income families who have an estimated price elasticity of demand equal to -2 1/2. The colleges marginal cost for providing one-year's academic credit is $4,500 regardless of which student is receiving the education. a. What annual tuition (price) should the college establish for students from middle-income families? b. What annual tuition(price) should the college establish for students from lower-income families?