Consider a Monopoly with Inverse Demand Function P = 24

question 13

Essay

Consider a monopoly with inverse demand function p = 24 - y and cost function c(y)= 5y² + 4:
i)Find the profit maximizing output and price, and calculate the monopolist's profits.
ii)Now consider the case in which the monopolist has now another plant with the cost structure c₂(y₂)= 10y₂. How much will the monopolist produce in each plant, what is the price, and the total profits of the monopoly?
iii)Now suppose there is a technological change in the first plant and it has the following cost function: c₁ (y₁)
= 2y₁. How much will the monopolist produce in each plant and what is the price?

Comprehend the role of source credibility, including trustworthiness and expertise, in facilitating attitude and behavior change.

Grasp the key concepts and models of persuasion, such as the Elaboration Likelihood Model and the Five Factor Model.

Identify factors that affect obedience, including surveillance, expertise, and command hierarchy.

Analyze the impact of emotional and rational appeals in persuasion tactics.