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Q: Refer to the figure below. How much would the monopolist be willing to pay to avoid regulation?…
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- What is cost-plus regulation?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 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 marketRefer to the figure above. When there is only a single company, the monopolist will gain $____ of profits. A) (6.8-4)*18 B) (4-2)*18 C) (6.8-3.5)*23 D) (6.8-3.5)*20
- A monopolist has a demand for its product that is P = A + BQ . It has no fixed costs. Marginal cost is constant at MC = C. Find the profit-maximizing quantity Q to produce and find the profit maximizing price P.P = A + BQP= 315 + -8QMC=CMC= 7546. If a monopolist sells 100 units at $9 per unit and realizes an average total cost of $8 per unit, what is the monopolist's profit? Group of answer choices $200 $50 $900 $100(1A) Say the government places regulation on a natural monopolist so that for its product it can only set its price so high, e.g. a price ceiling. What is this type of regulation called? Price-cap regulation Cost-plus regulation Breakeven regulation (1B) Which of the following describes the typical shape of the monopolist's total cost curve? (a) Total costs decrease and become flatter as output rises.(b) Total costs are typically constant and are shown by a straight horizontal line.(c) Total costs rise and grow steeper as output rises. (1C) Which of the following statements is true about price discrimination In the United States. (a)Price discrimination is permitted.(b)Price discrimination is illegal.(c)Price discrimination is supported. (1D) In the economy, allocative efficiency takes place (a)when goods and services production is at their lowest costs.(b)when the mix of goods and services is at its ideal or optimal.(c) when deadweight loss of goods and services in an economy…
- Consider a market with the following characteristics. There is a single monopolist whose technology exhibits constant marginal costs; i.e., The market demand curve exhibits constant elasticity, e. There is an ad valorem tax on the price of the good sold so that when the consumer pays a pricePD, the monopolist receives a price of Ps = (1 - T)PD. (HerePDis the demand price facing the consumer andPsis the supply price facing the producer.) . The taxing authority is considering changing the ad valorem tax to a tax on output, t, so that we will havePDPs+ t. You have been hired to calculate the output tax t that is equivalent to the ad valorem tax T in the sense that the final price facing the consumer is the same under either scheme.Quantity of Output Total Cost Product Price 0 $250 $400 1 260 350 2 290 300 3 350 250 4 480 200 5 700 150 If the profit-maximizing pure monopolist whose information is in the accompanying table is able to price discriminate, charging each customer the price associated with each given level of output, how much profit will the firm earn? 300 250 200 150 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.A. Calculate the Price and Quantity if the Monopolist Maximized their profit and sells in both markets? B. Calculate the Profit if he Monopolist Maximized their profit and sells in both markets? C. In the absence of 3rd Degree Price Discrimination and the firm must sell at the same price in both markets, what is the price, quantity and total profit
- The EPA’s requirement that cars include pollutioncontrol devices is an example of government deregulation.True_____ False_____Q11 Price Number of Ounces of Marijuana Sold $20 3 18 5 16 7 14 10 12 15 10 30 The table shows the demand schedule facing Cresco Labs, which we will assume is a monopolist selling marijuana. If Cresco Labs had no production costs, what price would it charge to maximize profits? Multiple Choice $12 $20 $16 $10 $15.Suppose an industry experience decreasing average costs of production over the relevant range of market demand. Discuss the merits of a regulation requiring the natural monopolist to set a price where demand equals marginal cost and to service all willing customers. What about where demand equals average cost? Are any practical difficulties likely to be encountered with either regulatory program?- Chapter 9 - Monopoly - Microeconomics
