Marginal-revenue, Marginal-cost, and Demand curves Assignment Help
1.Find out the missing frequencies of the following series if the A.M. is 35 and total number of items is 100.
2. A construction company is building an airport that would cost $500 million to build and cost nothing to maintain. The airport sets the price to maximize profit. A Table of the price and number of flights is given.
Does the table provide the demand curve?Is the marginal revenue and the demand curve the same curve?and because it costs nothing to maintain this airport is marginal cost zero?
3.A publisher faces the following demand schedule for the next novel by one of its popular authors:
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The author is paid $2 million to write the book, and the marginal cost of publishing the book is a constant $10 per book.
a. Compute total revenue, total cost, and profit at each quantity. What quantity would a profit-maximizing publisher choose? What price would it charge?
b. Compute marginal revenue. (Recall that MR # $TR/$Q.) How does marginal revenue compare to the price? Explain.
c. Graph the marginal-revenue, marginal-cost, and demand curves. At what quantity do the marginal revenue and marginal-cost curves cross? What does this signify?
d. In your graph, shade in the deadweight loss. Explain in words what this means.
e. If the author were paid $3 million instead of $2 million to write the book, how would this affect the publisher’s decision regarding the price to charge? Explain.
f. Suppose the publisher were not profit-maximizing but were concerned with maximizing economic efficiency. What price would it charge for the book? How much profit would it make at this price?
4.a)Explain the difference between the demand curve facing a monopoly firm and the demand curve facing a perfectly competitive firm.
b)What are the necessary conditions for a monopoly position in the market to be established?
c)A monopoly firm is free to charge any price it wishes. What constrains its choice of a price?
d)Suppose the government were to impose an annual license fee on a monopolist that just happened to be equal to its economic profits for a particular year. How would such a fee affect price and output? Do you think that such a fee would be appropriate? Why or why not?
e)Name one monopoly firm you deal with. What is the source of its monopoly power? Do you think it seeks to maximize its profits?
5.a)Why is an understanding of development crucial to policy formulation in developing nations? Do you think it is possible for a nation to agree on a rough definition of development and orient its strategies accordingly?
b)Why is a strictly economic definition of development inadequate? What do you understand economic development to mean? Can you give hypothetical or real examples of situations in which a country may be developing economically but may still be underdeveloped?
6.a)How did so many developing nations get into such serious foreign-debt problems, and what are the implications of debt problems for economic development? How do financial crises affect development?
b)What is the impact of foreign economic aid from rich countries? Should developing countries continue to seek such aid, and if so, under what conditions and for what purposes? Should developed countries continue to offer such aid, and if so, under what conditions and for what purposes?
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