8) Patents and copyrightsA discourage inventionand innovationB. can be used to correct external cost.C.D.encourage invention at no cost to the market.encourage invention and innovation at the cost of monopoly.domestic production,9) The imposition of a quotaanddomestic purchases.A. decreases; increases; decreasesB. increases; increases; increasesс decreases; decreases; decreasesD. increases; decreases; increases10) The imposition of a tariff will typicallyanddomestic productionof the good.A. decrease; decreaseB. increase; decreaseC. increase; increaseD. increase; not changeimports,A. demand for Apple computers increases.B. demand for Apple computers decreases.C. supply of Dell computers increases.D. demand for Dell computers decreasesgovernment revenue11) Consumers regard Dell computers and Apple computers as substitutes. Ifthe price of a Dell computer decreases, the12) For country Gamma the opportunity cost for producing 1 computer is 10tons of steel. For country Beta the opportunity cost for producing 1computer is 6 tons of steel. Which country has the comparative advantagein the production of steel?A. GammaB. BetaC. Both have the comparative advantage in the production of steel.D. Neither country has the comparative advantage in the production ofsteel.13) If a college student's demand magazine subscriptions is more-elasticthan a business executive's subscriptions, then which of the followingpricing strategies would a price-discriminating magazine publisher follow?A. Charge the same rate to college students and business executivesB. Set price according to the marginal cost of printing the magazinesC. Charge a higher price to college studentsD. Charge a higher price to business executives

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8) Patents and copyrights A. discourage invention and innovation can be used to correct external C. encourage invention at no cost to B. cost. the market. D. encourage invention and innovation at the cost of monopoly. imp

8) Patents and copyrights A. discourage invention and innovation can be used to correct external C. encourage invention at no cost to B. cost. the market. D. encourage invention and innovation at the cost of monopoly. imp

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The best measure of the social burden of a monopoly is captured by its a. variable cost b. deadweight loss c. economic profit d. fixed cost No plagiarism
8. A fundamental source of monopoly market power arises from a. perfectly elastic demand. b. perfectly inelastic demand. c. barriers to entry. d. availability of "free" natural resources, such as water or air.
4. A pharmaceutical firm is marketing a patented drug it has developed (the firm therefore has monopoly rights over the drug). The demand for the drug is given by Q = 8000 - 8P (MR(Q) = 1000 - = 8000 - 8P (MR(Q) = 1000 - ), where P is the price of the drug (in cents), and the total cost of production is TC(Q) = Q2+100Q+10000 (MC(Q) = 2Q + 100). a. Calculate the (monopoly) price of the drug, PM, and the quantity sold, QM b. Suppose now that the drug's patent expires, and other pharmaceutical firms can begin producing it. Assume this result in a competitive supply of the drug, and calculate the long-run competitive equilibrium price and aggregate quantity. Compare these to those you found in part a.
A college has two types fo students: students from middle-income families who have an estimated price elasticity of demand equal to -1 1/2 and students from lower-income families who have an estimated price elasticity of demand equal to -2 1/2. The colleges marginal cost for providing one-year's academic credit is $4,500 regardless of which student is receiving the education. a. What annual tuition (price) should the college establish for students from middle-income families? b. What annual tuition(price) should the college establish for students from lower-income families?
1. When a monopoly advertises, the goal is to _____ because _____. Group of answer choices increase its demand as a share of market demand; the monopoly faces a significant portion of market demand increase market demand; the monopoly faces the entire market demand increase market demand; the monopoly produces a product that is identical to the output of all other sellers in the market increase its demand as a share of market demand; the monopoly faces a small portion of market demand 2. If given a choice, a person would prefer to experience the situation of which of the following families? Group of answer choices a family with income equal to the world poverty line a family with income equal to the United States poverty line a family with income double the world poverty line a family with income equal to the poverty line in the United States in 1970 3. A business using its bargaining power as a major buyer of labor to pay lower prices, including lower wages,…
Why do Economists prefer competition to monopoly?a. Competition increases social welfareb. Economists place a higher value of gains to the consumer than on gains toproducersc. Economists exclude profits when measuring social welfare.d. Economists place a higher value on gains to producers than on gains toconsumers.
b. $60. c. $70. Figure 15-22 The diagram depicts the market situation for a monopoly pastry shop called Bearclaws. Price 24- 22 20 18 16 O d. $14. 14 12 10 8 6 4 2- 0 0 MC MR 20 40 60 80 100 120 ATC AVC Refer to Figure 15-22. Based upon the information shown, what is the deadweight loss created by Bearclaws? a. $140. D 140 Quantity
Solve part (i) only i.e Answer 9 only Dear expert bro hand written not allowed.
Pls no plagiarism
1. Patents A. are a form of trade secret. B. create monopoly power. C. always increase total welfare. D. reduce deadweight loss. 2. An example of an essential facility is A. U.S. Route 66. B. your local pizza parlor. C. the telephone line into your house. D. the Golden Gate Bridge.
Problem 14 A monopolist has an inverse demand curve given by p(y) = 12-y and a cost curve given by c(y) = y. (b) What is the deadweight loss of monopoly? (c) Suppose the government decides to put a tax on this monopolist so that for each unit it sells it has to pay the government $2. What will be its output under this form of taxation? (d) What will be the extra deadweight loss due to the tax? (e) Suppose now that the government puts a lump sum tax of $10 on the profits of the monopolist. What will be its output?
9. Do you agree or disagree with the following statements a. The demand eurve facing a monopolistic competitor in a market where all producers charge different prices becomes less elastic when it engages in international trade b. According to the gravity equation, countries closer to each other trade more c. The only gain from trade in monopolistic competition in trade is lower prices d. The closer to 1 the index of intra industry trade is, the greater the difference between exports and imports of the same goods.