Explain why local water service is considered as monopolist in the market.

Question

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Answer 1

Question

Chapter 9, Problem 1SQP

(a)

To determine

Explain why local water service is considered as monopolist in the market.

(a)

Expert Solution

Explanation of Solution

The local water service is a single firm which delivers unique product because there is no substitute for water. Thus, the local water service is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(b)

To determine

Explain why newly invented cancer drug are considered as monopolist in the market.

(b)

Expert Solution

Explanation of Solution

The newly invented cancer drug with patent protection is a monopoly good because it has no substitutes. Thus, it considered as a monopolist in the market.

(c)

To determine

Explain why U.S postal service is considered as monopolist.

(c)

Expert Solution

Explanation of Solution

U.S postal service is a definitive example of pure monopoly. Thus, it is a monopolist in the market.

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16:10 ← BEC 3701 - Assignments-... KWAME NKRUMAH UNIVERSITY TEACHING FOR EXCELLENCE SCHOOL OF BUSINESS STUDIES DEPARTMENT OF ECONOMICS AND FINANCE ADVANCED MICRO-ECONOMICS (BEC 3701) Assignments INSTRUCTIONS: Check instructions below: LTE 1) Let u(q1,q2) = ln q₁ + q2 be the (direct) utility function, where q₁ and q2the two goods. Denote P₁ and P2 as the prices of those two goods and let M be per period money income. Derive each of the following: a) the ordinary or Marshallian demand functions q₁ = d₂ (P₁, P₂, M) for i = 1,2 [3 Marks] b) the compensated or Hicksian demand functions q₁ = h₂ (P₁, P2, M) for i = 1,2 [3 Marks] c) the Indirect Utility Function uº = v(P₁, P2, M) [3 Marks] d) the Expenditure Function E(P1, P2, U°) [3 Marks] e) Draw a diagram of the solution. There should be two graphs, one above the other; the first containing the indifference curves and budget constraint that characterize the solution to the consumer's choice problem; the second characterizing the demand…

Answer 2

Question

Chapter 9, Problem 1SQP

(a)

To determine

Explain why local water service is considered as monopolist in the market.

(a)

Expert Solution

Explanation of Solution

The local water service is a single firm which delivers unique product because there is no substitute for water. Thus, the local water service is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(b)

To determine

Explain why newly invented cancer drug are considered as monopolist in the market.

(b)

Expert Solution

Explanation of Solution

The newly invented cancer drug with patent protection is a monopoly good because it has no substitutes. Thus, it considered as a monopolist in the market.

(c)

To determine

Explain why U.S postal service is considered as monopolist.

(c)

Expert Solution

Explanation of Solution

U.S postal service is a definitive example of pure monopoly. Thus, it is a monopolist in the market.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 9, Problem 1SQP

(a)

To determine

Explain why local water service is considered as monopolist in the market.

(a)

Expert Solution

Explanation of Solution

The local water service is a single firm which delivers unique product because there is no substitute for water. Thus, the local water service is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(b)

To determine

Explain why newly invented cancer drug are considered as monopolist in the market.

(b)

Expert Solution

Explanation of Solution

The newly invented cancer drug with patent protection is a monopoly good because it has no substitutes. Thus, it considered as a monopolist in the market.

(c)

To determine

Explain why U.S postal service is considered as monopolist.

(c)

Expert Solution

Explanation of Solution

U.S postal service is a definitive example of pure monopoly. Thus, it is a monopolist in the market.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 9, Problem 1SQP

(a)

To determine

Explain why local water service is considered as monopolist in the market.

(a)

Expert Solution

Explanation of Solution

The local water service is a single firm which delivers unique product because there is no substitute for water. Thus, the local water service is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(b)

To determine

Explain why newly invented cancer drug are considered as monopolist in the market.

(b)

Expert Solution

Explanation of Solution

The newly invented cancer drug with patent protection is a monopoly good because it has no substitutes. Thus, it considered as a monopolist in the market.

(c)

To determine

Explain why U.S postal service is considered as monopolist.

(c)

Expert Solution

Explanation of Solution

U.S postal service is a definitive example of pure monopoly. Thus, it is a monopolist in the market.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 9, Problem 1SQP

(a)

To determine

Explain why local water service is considered as monopolist in the market.

(a)

Expert Solution

Explanation of Solution

The local water service is a single firm which delivers unique product because there is no substitute for water. Thus, the local water service is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(b)

To determine

Explain why newly invented cancer drug are considered as monopolist in the market.

(b)

Expert Solution

Explanation of Solution

The newly invented cancer drug with patent protection is a monopoly good because it has no substitutes. Thus, it considered as a monopolist in the market.

(c)

To determine

Explain why U.S postal service is considered as monopolist.

(c)

Expert Solution

Explanation of Solution

U.S postal service is a definitive example of pure monopoly. Thus, it is a monopolist in the market.

Answer 6

Chapter 9, Problem 1SQP

(a)

To determine

Explain why local water service is considered as monopolist in the market.

(a)

Expert Solution

Explanation of Solution

The local water service is a single firm which delivers unique product because there is no substitute for water. Thus, the local water service is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

Answer 7

Chapter 9, Problem 1SQP

(a)

To determine

Explain why local water service is considered as monopolist in the market.

Answer 8

(a)

Expert Solution

Explanation of Solution

The local water service is a single firm which delivers unique product because there is no substitute for water. Thus, the local water service is a monopolist in the market.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

Answer 13

(b)

To determine

Explain why newly invented cancer drug are considered as monopolist in the market.

(b)

Expert Solution

Explanation of Solution

The newly invented cancer drug with patent protection is a monopoly good because it has no substitutes. Thus, it considered as a monopolist in the market.

Answer 14

(b)

To determine

Explain why newly invented cancer drug are considered as monopolist in the market.

Answer 15

(b)

Expert Solution

Explanation of Solution

The newly invented cancer drug with patent protection is a monopoly good because it has no substitutes. Thus, it considered as a monopolist in the market.