Which of the following is a reason why American ideology regarding antitrust policy has changed over the past few decades? Multiple Choice O Fewer foreign firms face restrictions in their home countries Fewer Americans are involved in the political process More Americans are stockholders and benefit from monopolies More foreign producers provide computation for domestic producers

Which of the following is a reason why American ideology regarding antitrust policy has changed over the past few decades? Multiple Choice O Fewer foreign firms face restrictions in their home countries Fewer Americans are involved in the political process More Americans are stockholders and benefit from monopolies More foreign producers provide computation for domestic producers

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Do this problem using excel solver. Africa controls 80% of the world's lithium refining, a material needed for the production of lithium batteries in electric vehicles. The demand for lithium batteries is P = $20,000 - 2.5 Q, where Q is in tons and P is in $/ton. The long run marginal and average cost of production is constant at $2,000/ton. a) Assuming the monopoly model applies, determine price, quantity, and profit for Africa using excel solver b) Now assume new firms enter the lithium market, resulting in (perfect) competition. Determine the price, quantity, and profits, when the industry is in (long run) equilibrium using excel solver c) Finally, compare social welfare for the two cases, and determine deadweight loss using excel solver.
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Answer this for me mate. Much appreciated.
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The figure that is talked about in part B is also attached.
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