economics week 6, economics homework help

Anonymous
timer Asked: Apr 28th, 2017
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please complete attached problems and follow instrcutions

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ECON 201, Chp. 17 Homework Problems Note: Explain all work to receive full credit – due by 11pm (PST) on Friday of week assigned (Email me back your responses to Chp 17: Answer questions 1, 3, 4, 6 under “Problems and Applications” on pages 367 and 368 at the end of chapter 17. ...
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Tutor Answer

Selenica
School: Duke University

Hi there!Attached please find the completed solutions to all problems in the following Excel file. Thanks again, and please let me know if you have any questions :)Selenica

Price
8000
7000
6000
5000
4000
3000
2000
1000

Quantity
5000
6000
7000
8000
9000
10000
11000
12000

A)

For a market with many suppliers, the market price is equal to the m
This is due to the fact that in a perfectly competitive market, the op

B)

One supplier indicates a traditional monopoly. Thus, we need to fin
Price
Quantity Revenue
MR
8
5
40
7
6
42
2
6
7
42
0
5
8
40
-2
4
9
36
-4
3
10
30
-6
2
11
22
-8
1
12
12
-10
The profit maximizing price is $7,000 for 6,000 diamonds.

C)

If a cartel were to form, each nation would set the price and quanti
monopolist would. Therefore, the price and quantity would not cha
for 6,000 diamonds.

If the market is split evently, both nations would have a revenue of
of $6,000,000, and therefore, a profit of $36,000,000. They would p
and split the total profit for an individual profit of $18,000,000.

In the event that Russia produces 3,000 diamonds and South Africa,
fall ...

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Anonymous
Tutor went the extra mile to help me with this essay. Citations were a bit shaky but I appreciated how well he handled APA styles and how ok he was to change them even though I didnt specify. Got a B+ which is believable and acceptable.

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