Microeconomics For Today (MindTap Course List)
9th Edition
ISBN: 9781305507111
Author: Irvin B. Tucker
Publisher: Cengage Learning
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Question
Chapter 9, Problem 1SQP
(a)
To determine
Explain why the given items are 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 the given items are considered as monopolist.
(b)
Expert Solution
Explanation of Solution
The newly invested cancer drug with patent protection is a
Economics Concept Introduction
Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.
(c)
To determine
Explain why the given items are 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.
Economics Concept Introduction
Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.
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Students have asked these similar questions
Where can I go to get my own wax supplies?
Problem 2. If the consumer preference can be represented by a CES function with δ = 0.5, i.e. u(x, y) = x0.5 + y0.5. Let the prices and income be (px, py, w).
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1. A town relies on four different sources for its non-drinking water needs: dam water,
reclaimed water, rain water, and desalinated water. The different sources carry different
risks and costs. For instance, desalinated water is fully reliable due to abundant sea water,
but it is more expensive than other options. Reclaimed water also has relatively lower
risk than rain or dam water since a certain amount can be obtained, even during the dry.
season, by the treatment of daily generated waste water.
Using any of the four options requires an investment in that resource. The return on a
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dollar of investment in it. The expected returns and standard deviations of those returns
for the four water sources are described in the following table:
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Dam water
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0.2732
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1.6005
0.0330
Rain water
0.5477
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Desalinated water
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Higher…
Chapter 9 Solutions
Microeconomics For Today (MindTap Course List)
Ch. 9.4 - Prob. 1YTECh. 9 - Prob. 1SQPCh. 9 - Prob. 2SQPCh. 9 - Prob. 3SQPCh. 9 - Prob. 4SQPCh. 9 - Prob. 5SQPCh. 9 - Prob. 6SQPCh. 9 - Prob. 7SQPCh. 9 - Prob. 8SQPCh. 9 - Prob. 9SQP
Ch. 9 - Prob. 10SQPCh. 9 - Prob. 11SQPCh. 9 - Prob. 12SQPCh. 9 - Prob. 13SQPCh. 9 - Prob. 1SQCh. 9 - Prob. 2SQCh. 9 - Prob. 3SQCh. 9 - Prob. 4SQCh. 9 - Prob. 5SQCh. 9 - Prob. 6SQCh. 9 - Prob. 7SQCh. 9 - Prob. 8SQCh. 9 - Prob. 9SQCh. 9 - Prob. 10SQCh. 9 - Prob. 11SQCh. 9 - Prob. 12SQCh. 9 - Prob. 13SQCh. 9 - Prob. 14SQCh. 9 - Prob. 15SQCh. 9 - Prob. 16SQCh. 9 - Prob. 17SQCh. 9 - Prob. 18SQCh. 9 - Prob. 19SQCh. 9 - Prob. 20SQ
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