Monopoly and Marginal Cost - 3383 Words

Practice Questions and Answers from Lesson III-3: Monopoly Practice Questions and Answers from Lesson III-3: Monopoly The following questions practice these skills: ïÆ' ¼ Explain the sources of market power. ïÆ' ¼ Apply the quantity and price affects on revenue of any movement along a demand curve. ïÆ' ¼ Find the profit maximizing quantity and price of a single-price monopolist. ïÆ' ¼ Compute deadweight loss from a single-price monopolist. ïÆ' ¼ Compute marginal revenue. ïÆ' ¼ Define the efficiency of P = MC. ïÆ' ¼ Find the profit-maximizing quantity and price of a perfect-price-discriminating monopolist. ïÆ' ¼ Find the profit-maximizing quantity and price of an imperfect-price-discriminating monopolist. Question: Each of the following firms possesses market power.†¦show more content†¦They are thinking about making the movie available for download on the Internet, and they can act as a single-price monopolist if they choose to. Each time the movie is downloaded, the ir Internet service provider charges them a fee of $4. The Baxter brothers are arguing about which price to charge customers per download. The accompanying table shows the demand schedule for their film. Price of download Quantity of downloads demanded $10 0 $8 1 $6 3 $4 6 $2 10 $0 15 a. Calculate the total revenue and the marginal revenue per download. b. Bob is proud of the film and wants as many people as possible to download it. Which price would he choose? How many downloads would be sold? c. Bill wants as much total revenue as possible. Which price would he choose? How many downloads would be sold? d. Ben wants to maximize profit. Which price would he choose? How many downloads would be sold? e. Brad wants to charge the efficient price. Which price would he choose? How many downloads would be sold? Answer to Question: a. The accompanying table calculates total revenue (TR) and marginal revenue (MR). Recall that marginal revenue is the additional revenue per unit of output Pric e of download Quantity of downloads TR MR demanded $10 0 $0 $8 1 $8 $8 $6 3 $18 $5 $4 6 $24 $2 $2 10 $20 $-1 $0 15 $0 $-4 b. Bob would charge $0. At that price, there would be 15 downloads, the largest quantity they can sell. c. Bill would charge $4.Show MoreRelatedManagerial Economics Chapter 9 Essay1641 Words   |  7 Pagesbecause The marginal revenue curve for a perfectly competitive firm is the same as its demand curve. Perfectly competitive firms should produce the quantity where The difference between total revenue and total cost is as large as possible. Profit for a perfectly competitive firm can be expressed as (P-ATC) x Q , where P is price, Q is output, and ATC is average total cost. A student argues: â€Å"To maximize profit, a firm should produce the quantity where the difference between marginal revenueRead MoreEconomics1291 Words   |  6 PagesProblem Set 9 (75 points) 1. A student argues, If a monopolist finds a way of producing a good at lower cost, he will not lower his price. Because he is a monopolist, he will keep the price and the quantity the same and just increase his profit. Do you agree? Use a graph to illustrate your answer. The argument is incorrect. As the graph shows, a reduction in marginal cost will cause a monopolist to reduce his price. 2. Economist Harvey Leibenstein argued that the loss of economic efficiencyRead MoreStarbucks Vs. Google Market Structure Essay1639 Words   |  7 Pagescompetition, oligopoly, and monopoly. Every product ever produced comes from one of these four market structures. The one thing that all of these market structures have in common is the profit-maximizing rule. No matter what you product you make, every firm has a desire to produce where marginal revenue from selling the good is equal to the marginal cost of producing the good. Every firm should keep producing as long as the marginal revenue is greater than marginal cost. Once they reach a point whereRead MoreThumb Rule of Pricing722 Words   |  3 Pages10.1 MONOPOLY A Rule of Thumb for Pricing Chapter 10: Market Power: Monopoly and Monopsony We want to translate the condition that marginal revenue should equal marginal cost into a rule of thumb that can be more easily applied in practice. To do this, we first write the expression for marginal revenue: Copyright  © 2009 Pearson Education, Inc. Publishing as Prentice Hall †¢ Microeconomics †¢ Pindyck/Rubinfeld, 7e. 9 of 50 10.1 MONOPOLY A Rule of Thumb for Pricing ChapterRead MoreEssay about Monopoly of Petroleum: OPEC1037 Words   |  5 PagesMonopoly of Petroleum: OPEC Images Not Included A monopoly is evident where a firm is the sole seller of its product and if its product does not have close substitutes, as discussed in (Gans J., King S. Mankiw A. 2003). This essay will discuss the monopoly of petroleum by The Organization Of Petroleum Exporting Countries (OPEC), particularly how it controls the price of petrol, threats to its monopoly and the social costs involved. OPEC was established in the 1960s and ever since, SaudiRead MoreMaximizing Profits in Market Structures Paper1129 Words   |  5 Pagesof firms that are competing in that market, along with factors such as: the ways in which these firms are alike or different, and the obstacles that exist in any new firms entering that market. In this report I will discuss Competitive Markets, Monopolies, and Oligopolies. I will point out what role each of the market structure play in the economy. This report will list the characteristics of each market structure. I will share how the price is determined in each market structure in terms of maximizingRead MoreMonopoly and Perfect Competition1045 Words   |  5 Pages ADP11/12/EX/MBA/0916 What is the difference between monopoly and perfect competition? Firm under perfect competition and the firm under monopoly are similar as the aim of both the seller is to maximize profit and to minimize loss. The equilibrium position followed by both the monopoly and perfect competition is MR = MC. Despite their similarities, these two forms of market organization differ from each other in respect of price-cost-output. There are many points of difference which are notedRead MoreMultiple Choice1387 Words   |  6 PagesChapter 15 Monopoly 1. Monopolies use their market leverage to a. charge prices that equal minimum average total cost. b. attain normal profits in the long run. c. restrict output and increase price. d. dump excess supplies of their product on the market. ANSWER: c restrict output and increase price. SECTION: 1 OBJECTIVE: 1 2. If government officials break a natural monopoly up into several smaller firms, then a. competition will force firms to attainRead MoreExam Guide Econs1039 Words   |  5 Pagestotal cost function C = 640 + 20Q. What is the profit-maximizing level of output? What are profits? Graph the marginal revenue, marginal cost, and demand curves, and show the area that represents deadweight loss on the graph. 3. In question 2, what would price and output be if the firm priced at socially efficient (competitive) levels? What is the magnitude of the deadweight loss caused by monopoly pricing? 4. Show that if a firm is a natural monopoly, a government policy that forces marginal costRead MoreThe Price of Diamonds Is Too High The price of diamonds has been controlled, up until recently, by1700 Words   |  7 Pagesdiamond industry. It both created and lost the most powerful monopoly in history. Through a discussion of how the cartels operate and the laws of demand and supply, one will be able to determine whether the price of diamonds is too high. History of De Beers Cecil Rhodes created De Beers, which became the owner of most of the diamond mines in South Africa. De Beers Consolidated Mines Ltd., was formed in 1888. This created a monopoly on all production and distribution of diamonds in South Africa

My Personal Philosophy Of Innovation - 1370 Words

Philosophy of innovation â€Å"There is no escaping change- except for death! Thus it makes good and prudent sense to learn as much as on can about the nature of change, including how to embrace it and how to maximize positive changes†(Porter_ O’Grady Malloch,2016.p.4). It is important for a leader to understand her own philosophy of innovation and leadership to be effective in the workplace. In this course, I learned how to develop my philosophy of innovation and leadership, and how to create my own personal mission based on my ethics and core values to be effective DNP leader in the future. Personal philosophy of innovation â€Å"Innovation is definitely not self-starting or self-perpetuating. People make it happen through their imagination, will power, and perseverance† (Kelley and Littman.2005.p. 6). I believe that an innovation leader is a person who empower himself with knowledge and skills to support others and create a change. My personal definition of innovation is â€Å"when people work hard to create a change and transfer their positive ideas into actions.† My personal philosophy of innovation is influenced by the book The Ten Faces of Innovation. From this book I learned that people can play different roles in their lives to be a good innovators. For example, in a hospital the head nurse can play the Anthropologist role and come up with new insights to help new staff to succeed in their nursing journey and encourage them to be more effective. â€Å" The anthropologist brings newShow MoreRelatedMy Personal Philosophy Of Innovation1290 Words   |   6 PagesNursing Innovation and Leadership: A Personal Philosophy To embrace the person that you are, in a time and place where everyone seems to be telling you that you should be everything but the person that you are, is a daunting but worthwhile challenge. I believe that it is in the acceptance of our true selves, imperfections and all, that we gain the ability to view others through a lens colored with compassion and acceptance. It is then that we can become a leader who is self-aware and emotionallyRead MoreMy Personal Philosophy Of Innovation1384 Words   |  6 Pages Philosophy of Innovation Hussah Bubshait Arizona State University- College of Nursing and Health Innovation Philosophy of innovation â€Å"There is no escaping change- except for death! Thus it makes good and prudent sense to learn as much as on can about the nature of change, including how to embrace it and how to maximize positive changes†(Porter_ O’Grady Malloch,2016.p.4). It is important for a leader to understand her own philosophy of innovation and leadership to be effective inRead MoreA Personal Philosophy Of Education Essay1164 Words   |  5 PagesA Personal Philosophy of Education Introduction â€Å"Being reflective involves thinking about what one is doing, and why, before, during, and after the act of doing it (Sweitzer, 2003 p.264). I believe self-knowledge of the professor is critical for meaningful learning to occur. Self-knowledge through reflection allows the professor to embrace teaching through the eyes of a scholar; thus providing a diverse learning environment supporting engagement and motivation of the learner. This paper describesRead MoreThe Key Principles Of My Personal Leadership Philosophy1484 Words   |  6 PagesA leadership philosophy is something that is in constant development. According to Dr. Sosic, an individual’s leadership philosophy evolves as new life events influence and change the individual’s view of the world. If a person sees or experiences something in practice, he believes to be in-line with his own values; he should adapt it to his own personal leadership philosophy. Major Jonathan Sawtelle, in his book Resilient E ffective Adaptable Leadership talks about how a â€Å"shared purpose must beRead MoreMy Personal Philosophy Of Nursing1353 Words   |  6 Pages Personal Philosophy of Nursing April B. Lalumiere GNUR501: Evidence Based Communication Cheryl Slusher Indiana Wesleyan University February 4, 2015 I have read and understand the plagiarism policy as outlined in the syllabus and the sections in the Catalog relating to the IWU Honesty/Cheating Policy. By affixing this statement to the title page of my paper, I certify that I have not cheated or plagiarized in the process of completing this assignment. If it is found that cheating and/orRead MoreA Personal Philosophy Of Education869 Words   |  4 Pageshealthcare field continues to evolve so must the nursing education system. Personal Philosophy of Education A personal philosophy of education is important to all Nurse Educators. It allows for the Nurse Educator to truly take time to reflect and reconnect to themselves and their profession; highlighting what is central and sacred to them as an individual, a nurse, and an educator. I believe that my personal philosophy of education will continue to progress and change just as healthcare and ourRead MoreThe Principles Of The Competing Values Framework1457 Words   |  6 Pagesdifferentiates the high performing managers from their counterparts (Hart Quinn, 1993). Upon completing the CVF survey, I discovered that as a manager my strengths lay most of the roles except that of an innovator. The innovator role requires a manager to think creatively and promote change, an area that I struggle with the most. Innovation has always been my weakness as I have been content and comfortable with following the road that has been paved for me. It is evident that I lack certain traits thatRead MoreAnita Roddick809 Words   |  4 Pages2. How do you evaluate Anita Roddick’s management philosophy and style? How important a contribution did she make to the creation of The Body Shop? How important is her role in its ongoing management? Anita Roddick’s Management Philosophy amp; Style 1. PHILOSOPHY The 4 basic management functions of Planning, Organizing, Leading amp; Controlling can be analyzed in detail for drawing a picture of Anita Roddick’s Management Philosophy for The Body Shop. 1. Planning * First majorRead MoreEducational Leadership Platform : Philosophy Of Education830 Words   |  4 PagesEducational Leadership Platform Philosophy of Education Education is necessary for progression into the future for a society as a whole. My administrative belief is that education has to have equal opportunities for all; educating society with relevant, meaningful standards to enhance students personally and academic prosperity on a global scale. Understanding students’ needs and their complexity of development will magnify the successes within each of us resulting in an educated society. EducationRead MoreLeadership Development : A Strategic Approach820 Words   |  4 Pagessum up my learning are awareness, assessment, feedback, evaluation, and authenticity as these words embrace the concepts and principles of positive psychology, such as strength-based coaching, emotion regulation, and emotional intelligence as they are associated with my philosophy of leadership. My philosophy of leadership and my future leadership development plan and ideals evolved from various course room discussions, video presentations, literature reviews, and the incorporation of my personal

Italy Essay Summary Example For Students

Italy Essay Summary IntroductionItaly is located northwest of France and south of Austria and Switzerland. The estimated population of Italy is 58,262,000 as of 1995. In addition to the mainland Italy also has two large islands in the Mediterranean Sea called Sicily and Sardinia as well as some smaller islands called Capri, Ischia, Elba, and Lipari Islands. The capital of Italy is Rome and this city is also the largest of all of the cities in Italy People and Birth RateThe great majority of the population in Italy naturally speaks Italian. Although there are many different dialects throughout the country but they are to be generalized as Italian. In addition to the Italian speaking community there are small German, French, and Slavic speaking minorities located in Italy. In Italy the main religion that is practiced is Roman Catholic. The birth rate of Italian women is 1.2 children. This is a statistic that has been falling for many years. This is about half of the birth rate of an American women. At thi s rate, Italys population will fall by nearly a third in 50 years, from about 57 million to about 41 million. Literacy RateDefinition: age 15 and over can read and write total population: 98% Business Economics and ExportsItaly began to industrialize late in comparison to other European nations, and until World War II was largely an agricultural country. However, after 1950 industry was developed rapidly so that by the 1990s industry contributed about 35% of the annual gross domestic product and agriculture less than 4%. The principal farm products are fruits, sugar beets, corn, tomatoes, potatoes, soybeans, grain, olives and olive oil, and livestock (especially cattle, pigs, sheep, and goats). In addition, much wine is produced from grapes grown throughout the country. There is a small fishing industry. Industry is centered in the north, particularly in the golden triangle of Milan-Turin-Genoa. Italys economy has been gradually diversifying, shifting from food and textiles to engineering, steel, and chemical products. The chief manufactures of the country include iron, steel, and other metal products; refined petroleum; chemicals; electrical and non electrical machinery; motor vehicles; textiles and clothing; printed materials; and plastics. Although many of Italys important industries are state-owned, the trend in recent years has been toward privatization. The service sector has growing importance in Italy; by the early 1990s it employed well over half of the labor force. Italy has only limited mineral resources and has consistently increased its mineral imports; the chief minerals produced are petroleum (especially in Sicily), lignite, iron ore, iron pyrites, bauxite, sulfur, mercury, and marble. There are also large deposits of natural gas (methane), and much hydroelectricity is generated. Italy, however, is still greatly dependent on oil to meet its energy requirements, and most of it must be imported. Italy has a large foreign trade, facilitated by its sizable commercial shipping fleet. The leading exports are textiles and wearing apparel, metals, machinery, motor vehicles, and chemicals; the main imports are machinery, transport equipment, chemicals, food and food products, and minerals (especially petroleum). Tourism is a major source of foreign exchange. The chief trade partners are Germany, France, the United States, and Great Britain. The nation has greatly improved its highway system in the postwar years, especially in the South. Italys economy has deceptive strength because it is supported by a substantial underground economy that functions outside government controls. Despite significant government progress in the 1990s in its war against organized crime, the Mafia continues to exert a strong influence in S Italy, often hindering governmental programs aimed at integrating the region more fully economically and politically into the national scene. The spread of drugs has become a major problem in Italy, which has the highest incidence of drug addiction in Europe. .u9f056e738d9e6900e90d359441feecee , .u9f056e738d9e6900e90d359441feecee .postImageUrl , .u9f056e738d9e6900e90d359441feecee .centered-text-area { min-height: 80px; position: relative; } .u9f056e738d9e6900e90d359441feecee , .u9f056e738d9e6900e90d359441feecee:hover , .u9f056e738d9e6900e90d359441feecee:visited , .u9f056e738d9e6900e90d359441feecee:active { border:0!important; } .u9f056e738d9e6900e90d359441feecee .clearfix:after { content: ""; display: table; clear: both; } .u9f056e738d9e6900e90d359441feecee { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u9f056e738d9e6900e90d359441feecee:active , .u9f056e738d9e6900e90d359441feecee:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u9f056e738d9e6900e90d359441feecee .centered-text-area { width: 100%; position: relative ; } .u9f056e738d9e6900e90d359441feecee .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u9f056e738d9e6900e90d359441feecee .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u9f056e738d9e6900e90d359441feecee .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u9f056e738d9e6900e90d359441feecee:hover .ctaButton { background-color: #34495E!important; } .u9f056e738d9e6900e90d359441feecee .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u9f056e738d9e6900e90d359441feecee .u9f056e738d9e6900e90d359441feecee-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u9f056e738d9e6900e90d359441feecee:after { content: ""; display: block; clear: both; } READ: Scholarship Essay Master of Arts in PsychologyCurrencyThe Italians currency is conducted in the form of Lira. Below is the current currency conversion chart for the Italian Lira. This chart was provided by wwww.x-rates.comTo Italian LiraIn Italian LiraAustralian Dollars0.000871145.15478Austrian Schillings0.00711140.71423Belgian Francs0.0208347.99888Brazilian Real0.000951054.94126British Pounds0.000333026.06737Canadian Dollars0.000731370.47173Chinese Renminbi0.00401249.51982Danish Kroner0.00386258.86020European Monetary Union0.000521936.27000Finnish Markka0.00307325.65724French Francs0.00339295.18246German Marks0.00101989.99913Hong Kong Dollars0.00378264.82749Indian Rupees0 .0224844.48794Irish Punt0.000412458.55575Japanese Yen0.0564617.71201Malaysian Ringgit0.00184543.57237Mexican New Pesos0.00474211.09606Netherlands Guilders0.00114878.64102New Zealand Dollars0.00108922.69235Norwegian Kroner0.00425235.22696Portuguese Escudo0.103549.65807Singapore Dollars0.000841188.95700South African Rand0.00381262.46188South Korean Won0.617311.61993Spanish Pesetas0.0859311.63722Sri Lanka Rupee0.0412524.24384Swedish Krona0.00461217.01776Swiss Francs0.000791261.80513Taiwan Dollars0.0157863.38064Thai Baht0.0208847.89184United States Dollar0.000482065.57499Venezuelan Bolivar0.338892.95082GovernmentUnder the 1948 constitution, legislative power is vested in a bicameral parliament consisting of the 630-member chamber of deputies, which is popularly elected, and the senate, made up of 315 members elected by region, plus 11 life members. The chamber is the more important body. The council of ministers, led by the premier, is the countrys executive; it must have the confidence of parliament. The head of state is the president, chosen in a joint session by parliament. The country is divided into 20 regions, which are subdivided into a total of 94 provinces. The countrys 20 regions also have parliaments and governments with limited powers. In 1989 the Italian judicial system was significantly changed, allowing for cross-examination of witnesses and the assumption of innocence on the part of the defendant. Market PotentialsAs you can see Italy seems to import many goods because they are not fit to the manufacturing and development needs of todays market. Italy shows potential, in fact Italys economy is on the rise and has been for a few years now. I would say if I had to market in a specific product area that it would be in the biotech arena. My sole decision lies on the great progress that the U.S. has had in recent years in this field. Biotechs offer incredible solutions for todays medical issues and they are constantly making breakthroughs. I think there is a market for these goods in the Country of Italy because there is economy is getting stronger every year and their need for technology is also growing. BibliographyVitualitaly.comFactmonster.comYournation.comX-Rates.comMicrosoft Encarta Copyright 1999

The Raven Essay Example

The Raven Paper lattice a structure of crisscrossed strips commonly wood or metal that forms a pattern of openings beguile to influence by deceit; to trick placid calm; peaceful; undisturbed respite a period of rest or relief, as from work or sorrow balm something that heals or soothes, as an ointment he is trying to distract himself from his sorrow Why is the speaker reading at the beginning of the poem? He moves from grief to curiosity to fear and fore boding How would you describe his emotional state in the first six stanzas? He is startled and yet amused What is the speakers first reaction to the Ravens entrance? He is relieved to be distracted from his melancholy mood Why does he react to the Raven that way? He thinks that he came from the underworld Where does the speaker think the raven came from at first? The speakers soul will never be lifted from the shadow What will never be lifted from the Ravens shadow? The future will probably be one of despair What does the future probably hold for the speaker? The repetition of consonant sounds at the beginnings of words What is Alliteration? to look out for the speaker What is the Ravens main purpose? it unifies the poem and adds to the mystery of the Ravens arrival and ability to speak What is the effect of the repetition of the ravens single word, nevermore? the word nevermore is appropriate Is the word appropriate in the context of the poem, or would some other word have been as effective? The speaker wants his lost lenore What does the speaker want? Poes purpose was to write a poem that would create a mood of melancholy and portray a speaker haunted by memories of his lost love How would you describe Poes purpose in writing this poem? The poems enduring popularity is evidence that Poe achieved his purpose Did Poe achieve his purpose with this poem? The speaker, who is a man distraught over the loss of lenore, someone he loved, and the raven, a large bird that taps on the speakers window and repeats only 1 word. Who were the characters in this poem? the speaker feels curiosity about the Raven , yet when the birds single response continues to make sense in the context of his thoughts and outbursts of speech, he begins to look upon it as a prophet sent by God or the devil. The raven destroys any hope the speaker has about reuniting with lenore after death What is the plot? the speakers chamber at midnight on a cold dreary night in December What ia the setting? Details such as darkness, midnight dreary, fantastic terrors, and omnious bird, as well as details about the speakers distress, create a haunting mysterious mood that reflects Romanticisms dark side Which details contribute to the mood of this poem, and how do they illustrate the dark side of Romanticism? Death, loss, suffering, sorrow, evil, memory of death and loss; our worst nightmares What does the Raven Symbolize or represent in this poem? Like death, loss, and suffering, the raven is part of the speakers life and will remain so. The raven casts a shadow on the speakers life and seems to threaten the speaker. He comes unexpectedly and acts as it pleases without any concern for the effect it has on others. What theme or main idea do you think this symbolizes?