Whether the monopolist will stay in business or leave it, if no economic profit is earned. The reason for the possibility that a monopolist can earn economic profits in the long run.

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Chapter 13, Problem 10P

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Whether the monopolist will stay in business or leave it, if no economic profit is earned. The reason for the possibility that a monopolist can earn economic profits in the long run.

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3. Question You invented a new lateral-flow test for asymptomatic Covid-19 detection, where saliva is entered into a test-tube and then the result is shown directly on the device. However, to save on costly chemicals you designed the tests such that it always reports a negative test result. Assume that the incidence rate is 5 per 1000 and that your test is used for detection of asymptomatic cases (without symptoms). (a) Calculate the probability that 100 randomly determined volunteers receive a correct test result by using the AND-rule and the OR-rule. Can your test be qualified as a diagnostic test? (b) The health authorities are investigating the performance of your test. Government guidelines require a specificity (conditional probability to re- ceive a negative test result given that the test-taker is not infected with COVID19) of at least 97% and a sensitivity (conditional probability to receive a positive test result given that the test-taker is infected with COVID-19) of at…

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Chapter 13, Problem 10P

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To explain:

Whether the monopolist will stay in business or leave it, if no economic profit is earned. The reason for the possibility that a monopolist can earn economic profits in the long run.

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Answer 3

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Chapter 13, Problem 10P

To determine

To explain:

Whether the monopolist will stay in business or leave it, if no economic profit is earned. The reason for the possibility that a monopolist can earn economic profits in the long run.

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Answer 4

Question

Chapter 13, Problem 10P

To determine

To explain:

Whether the monopolist will stay in business or leave it, if no economic profit is earned. The reason for the possibility that a monopolist can earn economic profits in the long run.

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Answer 5

Chapter 13, Problem 10P

To determine

To explain:

Whether the monopolist will stay in business or leave it, if no economic profit is earned. The reason for the possibility that a monopolist can earn economic profits in the long run.

Answer 6

Chapter 13, Problem 10P

To determine

To explain:

Whether the monopolist will stay in business or leave it, if no economic profit is earned. The reason for the possibility that a monopolist can earn economic profits in the long run.

Answer 7

Chapter 13, Problem 10P

To determine

To explain:

Whether the monopolist will stay in business or leave it, if no economic profit is earned. The reason for the possibility that a monopolist can earn economic profits in the long run.

Answer 8

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Answer 11

Ch. 13 - Prob. 1P Ch. 13 - Prob. 2P Ch. 13 - Prob. 3P Ch. 13 - Prob. 4P Ch. 13 - Prob. 5P Ch. 13 - Prob. 6P Ch. 13 - Prob. 7P Ch. 13 - Prob. 8P Ch. 13 - Prob. 9P Ch. 13 - Prob. 10P

Whether the monopolist will stay in business or leave it, if no economic profit is earned. The reason for the possibility that a monopolist can earn economic profits in the long run.

Solution Summary: The author explains that a monopolist can earn economic profits in the long run, as there are barriers for the entry of new firms.

To explain:

Whether the monopolist will stay in business or leave it, if no economic profit is earned. The reason for the possibility that a monopolist can earn economic profits in the long run.

Want to see the full answer?

Chapter 13 Solutions

Whether the monopolist will stay in business or leave it, if no economic profit is earned. The reason for the possibility that a monopolist can earn economic profits in the long run.

Solution Summary: The author explains that a monopolist can earn economic profits in the long run, as there are barriers for the entry of new firms.

To explain: Whether the monopolist will stay in business or leave it, if no economic profit is earned. The reason for the possibility that a monopolist can earn economic profits in the long run.

Want to see the full answer?

Chapter 13 Solutions

To explain:

Whether the monopolist will stay in business or leave it, if no economic profit is earned. The reason for the possibility that a monopolist can earn economic profits in the long run.