A Colony of Penguins Had 534 Members at the Beginning

question 53

Short Answer

A colony of penguins had 534 members at the beginning of 1998. At the beginning of 2015, the colony had grown to 821 members. What was the average growth rate over that period?

Recognize the conditions under which a monopolist should either increase or decrease output to maximize profits.

Describe the effects of monopoly on consumer surplus and social welfare.

Explain how monopolies determine their pricing strategies.

Distinguish between natural monopolies and other forms of monopoly.