- Describe and explain why a monopolist must lower its quantity relative to a competitive market to maximize its profits. Use what you have learned about supply/demand (does a monopolist have a supply curve?) and cost curves to explain your response.
- Why does the government grant patents to companies that research new drugs? Discuss both the pro and con.
- What would happen if the government chooses to increase the number of years that a firm can enjoy patent protection from 20 years to 25 years? Use what you have learned about cost curves to fully explain your response.
- You own a local sub shop in a college town. You primarily serve two groups of people: local residents (both students and other local residents) and visitors to your town. Devise a price discrimination strategy that will increase your revenues compared to a single-pricing strategy. Describe and explain the assumptions you are making.
- Suppose that you own a golf course that is part of a Florida resort. You primarily serve two groups of people: local residents and tourists. Devise a price discrimination strategy that will increase your revenues compared to a single-pricing strategy. Describe the assumption you are making.
- If you purchased a new model of a digital camera right after it is released you will likely pay more than if you purchase it six months after release. Is this an example of price discrimination on the part of the firm? Explain your response using text material as is appropriate.
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