A local electricity-generating company has a monopoly that is protected by an entry barrier that takes the form of OA economies of scale. OB. perfectly inelastic demand curve. OC control of a key raw material. OD. network externalities.
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- A natural monopoly is most likely to occur in which of the following industries? Group of answer choices a. the pharmaceutical industry because the development and approval of new drugs through the Food and Drug Administration can take more than 10 years b. the diamond mining and marketing industry because one firm can control a key resource c. the software industry because of the importance of network externalities d. an industry where fixed costs are very large relative to variable costsPlease label your graphs axes correctly. Label all curves and shade properly Supply and Demand, show an elastic, inelastic, perfectly elastic, and perfectly inelastic Demand Price ceiling in effect and what it causes in terms of quantity and surplus or shortage, dead weight loss Perfectly Competitive firm showing profit, MC, ATC, Demand Perfectly Competitive firm in shutdown Side by side graphs, market and PC, showing the transition from losses to long-run Monopoly graph, show the following: Where demand is elastic where they maximize total revenue, Socially optimal price, productively efficient profit, Consumer surplus deadweight loss producer surplus 7. Factor Market- side by side graphs with a labor market 8. Monopolistic competition in the long-run 9. Economies of scale, diseconomies of scale 10.Trade graph, showing free trade and showing the tariff. Label and shade DWL Consumer/Producer surplus on both deadweight loss tax revenue 14. Negative externality in…Joe’s Garage (JG) under monopoly faces inverse demand curve P = 200 – 15Q and marginal cost curve MC = 20Q + 50, where quantity is measured in rotations per day and price in dollars. Calculate the deadweight loss from market power at the firm’s profit-maximizing level of output.
- Define the income elasticity of demand What is a normal and an inferior good? Define the cross-price elasticity of demand Compare and contrast monopoly and perfect competition market structure in long-run.South-Western is a monopolist in the production of your textbook because Group of answer choices O. South-Western owns a key resource in the production of textbooks O. South-Western is a natural monopoly O. the government has granted South-Western exclusive rights to produce this textbook. O. South-Western is a very large companyThe presence of a monopoly always reduces total surplus in the economy. Question 10Select one: True False
- TC= 2Q + .2Q^2 Market 1: Q1= 28-2P Market 2: Q2= 32-4P Find P,Q, TR, TC, Profit and elasticity for each market that maxes profit in that market. Now for each problem find the same information at is #1 but as if the firm was acting as a single market, single plant firm. Compare the price segmentation results with the pure monopoly results. What did you learn?Microsoft Windows 8 to Go on Sale in October. Microsoft announced that its Windows 8 operating system will be released in October 2012, three years after Windows 7 went public. Windows 8 will be available in 109 languages across 231 markets worldwide a. Is Microsoft a natural monopoly or a legal monopoly? b. Does Microsoft price discriminate or do the different prices of Windows reflect cost differences? c. Sketch a demand curve for Windows, Microsoft’s marginal cost curve, and the distribution of the total surplus between consumers and Microsoft.A monopoly is producing 1000 units of outputs at price of $20. At that level of output, marginal cost is $5 and average cost is $8.The monoply firm is earning profit equal to ?
- a monopoly faces the marginal cost schedule MC=1.1+0.01q and can price discriminate between two markets where p1=10-0.1q1 , p2=6-0.04q2 how much should it sell in each market to maximize profit, and at what prices?Network Externalities A. Explain why switching costs fall as the size of a network increases B. Are the service industry equivalent of natural monopolies in good producing industries C are more important in the short run than in the long run D help explain why monopolies often do not last very long E can explain the dominance of existing firms in some industriesSuppose Fantastic Films charges a single price for all tickets. Identify the monopoly outcome (PM, QM). Sketch a graph of the theater's demand functions, marginal revenue, and marginal cost to find the following: 1. The firm's profit-maximizing price = $____? 2. Ticket output = ____? 3. Economic profit = $ ____? 4. Compute consumer surplus, producer surplus, and deadweight loss