Suppose a monopolist's marginal revenue equals marginal cost at an output of 100 . If price is $250, and average cost is $50 at this output, compute the monopolist's profit?

John's utility of wealth curve is shown in the above figure. He currently has total wealth of $20,000. If there is a 50 percent chance that his $10,000 car will be stolen, what is the value of insurance against the theft?

A) $0 B) $5,000 C) $7,000 D) $13,000

A pure private good is one

a. that is nonrival and nonexcludable b. that is rival but excludable c. that is rival and excludable d. that is nonrival but excludable e. one whose production imposes a cost on third parties