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(Barriers to Entry) Explain how economies of scale can be a barrier to entry.
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- (Choose the correct answer and briefly explain)(J) Suppose the production process of a particular good creates a negative externality such as pollution. Other things being equal, would society be better off if this good were produced by a perfectly competitive market or by a monopoly? a. Society would be better off if this good were produced by a perfectly competitive market, because a perfectly competitive market responds to consumers' desires in the long run b. Society would be better off if this good were produced by a perfectly competitive market, because a perfectly competitive market will produce the quantity where Marginal Revenue equals Marginal Cost c. Society would be better off if this good were produced by a monopoly,(1.) Johnny Rockabilly has just finished recording his latest CD. His record company marketing department determines that the demand for the CD is as follows: Number of CDs Price $24 10,000 22 20,000 20 30,000 18 40,000 6 50,000 3 60,000 The company can produce the CD with no fixed cost and a variable cost of $12 per CD. a. Find total revenues and marginal revenues for each of the quantities. b. What quantity of CDs would maximize profit? What would the price be?
- (dollars) 10 8 6 0 MR MC Quantity 1. A monopoly and is currently charging a price of $10, what would you advise them to do? 2. A monopoly and is currently charging a price of $8, what would you advise them to do? 3. If the monopoly is currently charging a price of $6, what would you advise them to do?(Give clear handwritten answer please) What are the purpose of the ISO/ IEC 17025 document?(Monopoly) Suppose that a certain manufacturer has amonopoly on the sorority and fraternity ring business(a constant-cost industry) because it has persuaded the“Greeks” to give it exclusive rights to their insignia.a. Using demand and cost curves, draw a diagram depictingthe firm’s profit-maximizing price and output level.b. Why is marginal revenue less than the price for this firm?c. on your diagram, show the deadweight loss that occursbecause the output level is determined by a monopolyrather than by a competitive market.d. What would happen to price and output if the Greeksdecided to charge the manufacturer a royalty fee of$3 per ring?
- Note : Please (Only do part 3) Part 1: Some Once-lers live in a wonderful land filled with beautiful truffula trees. They each independently chop down the truffula trees to make and sell thneeds. The total value of thneeds sold is f(x) = 150x − 5x2, where x is the number of truffula trees chopped down. If it costs 20 dollars to chop down a truffula tree, how many trees will the members of the Once-ler family collectively chop down? a. 13 b. 28 c. 24 d. 15 e. 14 Part 2: (continued from previous question) The Lorax appears from a truffula stump and demands that the Once-lers act more responsibly. He demands that they chop down the socially optimal number of truffula trees. How many trees would be chopped down in the social optimum? a. 13 b. 16 c. 15 d. 14 e. 12 Part 3: (Continued from above) Because the Once-lers are motivated by individual profit and won’t simply do what the Lorax says, he instead imposes a fine for every tree that the Once-lers chop down. How big must this fine be…5) (10) Suppose that a monopolist faces a linear demand curve. Explain why the monopolist will never produce in the inelastic region of the demand curve. Does that mean that the monopolist should produce at the unit elastic point on the demand curve? When will the monopolist produce at the unit elastic point on the demand curve? Rich Text Area. Press ALT-0 for help.1. XYZ corporation produced 350 units output and sold for a price of $80. The average cost of production for each unit of output produced was $650. What is XYZ corporation's the total profit? (10 points)
- (NON-RENEWABLE RESOURCES) The demand and supply functions for oil for the current generation (in million barrels) is: Demand: Qd = 250 – 5P Supply: Qs = 5P a. Other things being equal, assume that the available oil supply is 200 million barrels. Calculate and graph the efficient allocation of resources been the two generations. b. Given the limited supply of oil as a non-renewable resource, should the resource be managed by a monopoly? Explain your answer. Thank you for the help Bartleby! I really need it!27-Muscat Electricity Distribution Company disconnected the electricity supply to a flat owned by a very poor family that was not able to pay electricity bills for the last 6 months . This action is: O aEthical and illegal O b Unethical and illegal Oc Unethical and legal O d Ethical and legal(Figure: Pineapples) Refer to the figure. What is their total profit or loss? $360,000 $840,000 –$400,000 –$200,000