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Р МС $4.00 ATC $3.00 D $2.50 $2.00 MR 3,000 3,500 4,000  The maximum profit under imperfect competition is: -$1,500 а. b. $1,500 $4,500 с. d. $12,000

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CENGAGE MINDTAP
Assignment 8 (Ch 14)
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QUANTITY (Millions of small boxes)...

suppose that the election of a popular candidate suddenly increases people’s confi- dence in the fut...

When a firm maximizes profit in the short run, it should consider:


 




 
all costs, including su...

Which of the following would both make the interest rate on a bond higher than otherwise?



 

a.

...

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ch...

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Given the following equations:
(1)
(2)
(3)
(4)
|(...

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Economics is the study of how a society manages its resources to

Chapter 9
Problem 6:
The figure below illustrates the market for cycles in a country.
IPrice
38
36
3...

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Two individuals, Sam and Barb, derive utility from the hours of leisure (L) they consume
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Built-in Stability

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Increases Ag...

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Question 19 Consider the following graph of a production function when capital is constant. (The fol...

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AVC
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MC
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QUANTITY (Thousands of pans)
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Suppose that in a closed economy GDP is equal to 11,000, taxes are equal to 1,500, consumption equal...

4.7) Consider a national income tax that is structured as follows:
Income
Marginal tax
rate
$0-$10,0...

РМС$4.00ATC$3.00D$2.50$2.00MR3,000 3,500 4,000

The imperfect competition is a market condition in which there will be many sellers selling differentiated goods and services. There are markets with a large number of sellers selling similar goods known as the monopolistic competition, a single seller market known as monopoly, a few sellers sharing the whole market known as the oligopoly which are some of the important imperfect competitive market forms. There will be barriers to entry into the market and exit from the market under the imperfect market forms and the firms will have the market power and control over price.

The profit maximization under imperfect market states that the firm should produce at the profit maximizing level which is obtained at the intersection of the MR and MC. The MR and MC intersect at the price of $2 whereas the imperfect firms would not charge this price. They would extend the quantity to the demand and the price at that intersection will be the price charged by the seller. This is obtained at the price of $4.

The profit maximizing output is thus 3,000 and the price is $4. The profit will be obtained by subtracting the average total cost of producing an output from the pri...

Р МС $4.00 ATC $3.00 D $2.50 $2.00 MR 3,000 3,500 4,000 The maximum profit under imperfect competition is: -$1,500 а. b. $1,500 $4,500 с. d. $12,000

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Р МС $4.00 ATC $3.00 D $2.50 $2.00 MR 3,000 3,500 4,000 The maximum profit under imperfect competition is: -$1,500 а. b. $1,500 $4,500 с. d. $12,000

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