Consider a market with 20 firms who act as price takers in all markets. Each firm is producing some good, and its activity produces 10 units of pollution. For the pur- poses of this problem, assume that the firm cannot change its production activity, but it has a mechanism by which to directly abate its […]
The demand for flowers is P = 240 – 2Q and the MC is MC = Q.a) Find the competitive equilibrium in this market. b) The production of flowers is associated with a marginal external cost equals to Q. Find the social marginal cost and socially optimal equilibrium and add them to your graph. Find […]
A natural monopoly is producing electricity has the following total costs: TC = 100 + 6Q a. Find MC and AC and graph them. b. Market demand is P = 96 – 9Q. How much will this firm produce assuming there is no government intervention in the market? What will be market price? Add demand […]
Zach and Whitney get really bored while studying for an exam and decide to play a simple game. Here’s how it works: each of them holds a penny and chooses, simultaneously, whether to show the head or the tail of their penny. If they show the same side, Whitney wins Zach’s penny. If they show […]
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