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Posted by on Monday, July 26, 2010 at 5:18pm.

1. Assume there are three markets: A: Wool; B: Synthetic Fiber; C: Business Travel. Assume we are in the years after the introduction of synthetic fibers. Using demand and supply analysis explain what happens in the SHORT RUN in all three markets and why?

2.Assume a monopolist with the following:
a. Qd = 100 – 10p
b. TC = 1 + 2Q
Find the following:

Price at profit max
Quantity at profit max
TR at profit max
TC at profit max

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