only answer Q9 B) 9) A monopolist sells its product in two different countries. The demand in country 1 isQ1 = 50 – 0.5P1, whereas the demand in country 2 is Q2 = 25 – 0.25P2. The firm's costfunction is C(Q) = 10 +0.5Q², where Q = Q1+Q2•a) Calculate the amount of the product that the profit maximizing monopolist should sellin each country.b) Use the determinantal test to check whether the stationary point is the firm's localmaximum, global maximum, local minimum, global minimum, or neither. Question 13Q9 b) The determinantal test suggests that the firm's profit functionis locally concave around the critical point, but not elsewhereis globally concaveis locally convex around the critical point, but not elsewhereis globally convexhas a saddle point at the critical point

Question 13 Q9 b) The determinantal test suggests that the firm's profit function is locally concave around the critical point, but not elsewhere O is globally concave O is locally convex around the critical point, but not elsewhere is globally convex

Question 13 Q9 b) The determinantal test suggests that the firm's profit function is locally concave around the critical point, but not elsewhere O is globally concave O is locally convex around the critical point, but not elsewhere is globally convex

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

only answer Q9 B)

9) A monopolist sells its product in two different countries. The demand in country 1 is
Q1 = 50 – 0.5P1, whereas the demand in country 2 is Q2 = 25 – 0.25P2. The firm's cost
function is C(Q) = 10 +0.5Q², where Q = Q1+Q2•
a) Calculate the amount of the product that the profit maximizing monopolist should sell
in each country.
b) Use the determinantal test to check whether the stationary point is the firm's local
maximum, global maximum, local minimum, global minimum, or neither.

Question 13
Q9 b) The determinantal test suggests that the firm's profit function
is locally concave around the critical point, but not elsewhere
is globally concave
is locally convex around the critical point, but not elsewhere
is globally convex
has a saddle point at the critical point

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The board of a football club consists of three extremely wealthy owners and five fans of the club. To decide on a proposal, the board uses a voting game in which all three wealthy owners and at least two fans must vote in favour in order for the proposal to be accepted. (a) Show that the voting game use by the board for deciding whether to approve a motion can be weighted. (b) For the voting game used by the board, find the Shapley-Shubik index of each fan. Hence, or otherwise, find the Shapley-Shubik index of each extremely wealthy owner. (c) Suppose that the board changes the voting game used to decided whether to ap- prove a proposal so that, in order to be approved, at least two extremely wealthy owners and at least three fans must vote in favour of the proposal. Can this voting game be weighted? Brieflv justifv vour answer.