Sketch a Continuous Curve Having the Following Properties

question 232

Essay

Sketch a continuous curve having the following properties.
f(-5) = 10, f(0) = 5, f(5) = 0, f'(x) > 0 for |x| > 5,
f'(-5) = f'(5) = 0, f'(x) < 0 for x < 0, f'(x) > 0 for x > 0.

Explain the conditions under which monopoly leads to allocative and productive inefficiency.

Determine how monopolistic firms calculate marginal revenue and use it to make production decisions.

Assess the role of patents and technology in establishing and maintaining monopolies.

Understand the concept of natural monopoly and its causes.

---

Definitions:

Government Revenue

The income earned by the government from taxes, fees, and other sources to finance its operations.

World Price

The global market price of a commodity, determined by supply and demand factors on an international scale.

Foreign Exporters

Companies or entities that sell goods and services produced in one country to other countries.

Import Quota

A government-imposed limit on the quantity of a certain good that can be imported into a country over a specified period of time.