Suppose a profit-maximizing monopolist is producing 1100 units of output and is charging a price of $60.00 per unit. If the elasticity of demand for the product is -3.00, find the marginal cost of the last unit produced. The marginal cost of the last unit produce is $. (Enter your response rounded to two decimal places.) What is the firm's Lerner Index? The firm's Lerner Index is . (Enter your response rounded to two decimal places.) Suppose that the average cost of the last unit produced is $12.00 and the firm's fixed cost is $1000. Find the firm's profit. The firm's profit is $ (Enter your response rounded to two decimal places.)

Q: Given that the revenue function, R (x) = 26x - 2x and the cost function, C(x) = 6x + 20. Find %3D (i...

A: R(x)= 26x-2x2 C(x)= 6x+20

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Q: 3. Explain where a perfectly competitive firm's marginal revenue curve is located relative to price ...

A: Perfect competition this is a type of a market structure. 

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Q: Pollution is a negative externality. Why is it that the social optimum in a market that generates po...

A: Externality: - it is a cost or benefit generated for the third party by the actions of other people.

Q: Question 3 3(a) Use your knowledge of the Classical model to write down an equation that explains th...

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Q: The central bank increased monetary base from 1,000 to 2,000. Calculate the increasc in money supply...

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Q: Consider an economy with 2 goods and 30 agents. There are 10 agents y3 each with the indirect utilit...

A: U×PX,Yy,M= maxUx,yPxx+Pyy≤M=Ux*,y*=UDxPx,Py,M,DyPx,Py,M  

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Q: Abhishek's utility function is: U = min {2x- y, 2y–x} %3D Which letter resembles Abhishek’s indiffer...

A: Utility: - Utility is the satisfaction derived by any consumer from consuming a good or service.

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Q: When we know that the firms are earning just normal profits.

A: To find : When do firm earn normal profit. 

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Q: Why do you think technology is important in your studies?

A: Answer to the question is as follows:

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Q: Global communications in the information age O 0. Connect populations living at distance from home c...

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Q: the capital-abundant country after it trades with the other nation

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Q: B. The law of variable proportions come into being when

A: To find : When do law of variable proportion come. 

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Q: Basing from the profit equation, what among the variables is most dependent to a change in price? Wh...

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Q: Alice has preferences described by utility function u(x1, x2)3(x1+2*x2)^0.5. Suppose that p1=4, p2=5...

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Q: Given that the revenue function, R (x) = 26x - 2x and the cost function, C(x) = 6x + 20. Find %3D (i...

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Q: Use the following information to complete the calculations. C = 15235 + 0.67Y I = 8777 %3D G = 3425 ...

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Q: Based on the graph below, how much is the marginal product of labour of the sixth worker, if Q5=67 u...

A: Here, the given graph shows the number of workers and their productivity in terms of output. 

Q: The UK recently voted to leave the EU, often referred to as Brexit. Suppose the domestic market for ...

A: A country becomes an importer if the world price is less than domestic equilibrium price because at ...