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Why do economists tend to reject the concept of need as the sole determinant of use in favor of the concept of the demand for medical care?
Based on the OLS estimations, and assuming the OLS assumptions hold, what is the marginal effect of the market share of the largest carrier on prices evaluated at the average of that market share?
Monopilist that is able to perfectly price discriminative d) Sweezy oligopolist. How would a small increase in factor prices affect an output and price in each case?
How much would be the explicit costs of the lawyer for running his own law office for the year? How much would be the accounting costs ? The implicit costs? The economic costs?
Determine the firm's profit-maximizing level of output. Compute its profit.Comparing the short-run and long-run results, explain the changes in the price and in the number of firms.
In a competitive market, the industry demand and supply curves are P = 200 - .2Qd and P = 100 + .3Qs, respectively. a.Find the market's equilibrium price and output.
Suppose that one company acquires all the suppliers in the industry and thereby creates a monopoly. What are the monopolist's profit-maximizing price and total output?
OB/GYN physicians always face the highest malpractice insurance premium. Why? Does it just come from the higher risk of OB/GYN medical treatments or any additional factor? Please explain your answe
We are also interested to know how precisely this effect is measured. If you had the data, how would you go about finding the standard error of this estimate?
If population is growing by 5% per year and was not taken into account in the marginal net benefit, how should we alter the solution and allocation?
That is $45,000 will be received at the end of year 5 in addition to the $100,000. At an MARR of 12% and using a present worth criterion, would the purchase of the server be justified?
Any firm that stays out earns a payoff of zero. Draw the normal form of the game, then find the pure strategy and mixed strategy Nash Equilibrium.
Suppose that, in the long run, the price of feature films rises as the movie production industry expands. We can conclude that movie production is a/an?
Describe the main differences between a two-period model which assumes Constant marginal extraction cost (MEC) and a two-period model which assumes increasing marginal extraction cost.
Show that the firm's long run total cost function is LTC = 3.93Q2/3. What are the short run average and marginal cost functions when K=36? Will their graphs be U-shaped? Why?
Imagine a saver that can deposit at a bank but the return is risky. In the good state they receive (1+r)d and in the bad state they only get e. Find the deposit function.
Taking this intoaccount, your marginal cost of a midsized automobile is $12,000. What price should you charge for a midsized automobile if you expect to maintain yourrecord profits?
Determine your optimal pricing strategy if you and your rival believe that the new Highlander is a"special edition" that will be sold only for one year.
the quantity supplied by fringe firms is 450. Given this, which of the following quantity-price combinations is represented by a point on the dominant firm's demand curve?
Setup costs for cutting are $240, and the cost of carrying one item for a year is $.50. Since cutting and sewing are done in the same plant, delivery of cut items to sewing is essentially instantane
In order to track our economy the us government reports each month on how much business spending and how much consumer spending takes place.
Construct a budget neutral subsidy in a market where demand is D: P = 16 - Q and supply is S: P = Q. Find welfare effects (changes in CS, PS, TS) resulting from the subsidy. Do not forget to account
Consider a market where demand is D: P = 18 - Q and supply is S: P = 0.5Q. Find market equilibrium, consumer surplus CS, producer surplus PS and total surplus TS.
Calculate the prices when the firm discriminates between the two consumers. Is this a good strategy, or should the firm charge the same price to both of them?
A firm has $1.5 million in sales, a Lerner index of 0.57, and a marginal cost of $50, and competes against 800 other firms in its relevant market. What price does this firm charge its customers?