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Author Question: A doctor sets up a private practice in small town where he faces no other competitors. In spite of ... (Read 47 times)

gbarreiro

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on: Jun 29, 2018
A doctor sets up a private practice in small town where he faces no other competitors. In spite of his monopoly position why is he not guaranteed to make a profit?
 
  What will be an ideal response?

Question 2

What is a Lorenz curve?
 
  What will be an ideal response?


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kswal303

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Not even monopolists are guaranteed to make a profit. If the demand is so weak that it won't even cover the doctor's average total cost it might be possible that he may never make a profit.

Answer to Question 2

A Lorenz curve is a widely used graph of the distribution of income, with cumulative percentage of families plotted along the horizontal axis and cumulative percentage of income plotted along the vertical axis.


gbarreiro

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

bblaney

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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