2. Study Questions and Problems #2Ais the one and only producer in a market, while amarket. Due in large part to these characteristics, ais one of many producers in afaces a horizontal demand curve, and afaces a downward-sloping demand curve.Grade It NowSave & Continue Attenteperfectly competitive firmmonopolistAverage 1blems #2is the one and only producer in a market, while amarket. Due in large part to these characteristics, afaces a downward-sloping demand curve.is one of many producers in afaces a horizontal demand curve, and a

Approach to solving the question: A monopolist is a sole seller or producer within a market,…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Table 7-3 Seller Dale Jill Cost $1500 $1300 Denise $1000 Catherine $950 Jackson $600 Refer to Table 7-3. If the price is $1100, who would be willing to supply the product? a. Denise, Catherine, and Jackson b. Catherine and Jackson X C. Dale and Jill d. Dale, Jill, and Denise
7.Producing goods at minimum possible cost is known as a)productive efficiency b)macroeconomic efficiency c)dynamic effciency d)allocative effciency
14. Suppose a market is currently producing in an allocatively efficient manner. Using the concepts of marginal utility, marginal cost, and price, explain exactly what that market must be doing and why that makes the outcome allocatively efficient or not.
QUESTION 21 When a product becomes more fashionable, what does happen in the market? a. Total surplus increases. b. Consumer surplus decreases. c. Producer surplus decreases. d. All of the above decrease.
Question 3 In 2018 there was a decrease in the supply of tequila in the United States. Which of the following would explain why? (Select all that apply.) O a. Drought in agave (main ingredient of tequila) farming regions. O b. Increased price of glass. O. More efficient tahonas (grinds agave to extract the juice used for tequila). O d. Distillery workers' wage increases. O e. Increase in number of distilleries. O f. Decrease in price of agave syrup (made in same ingredients).
9. The state of Minnesota rations camping sites on a first come, first served system. This has led to what America did during World War II. Venezuela to distribute food which is to what Minnesota does to and is a. An increase in the demand for camping sites and a decrease in supply; not similar; relies; prices; similar b. A surplus of camping sites and downward pressure on prices; similar to; does not rely; non-price rationing; similar I The state failing to maximize revenue from this shortage-creating system; similar to; does not rely; prices; similar d. The opportunity cost of wasted time for many would-be campers; similar to; refuses to rely; the invisible hand; similar C and D only. C. on with camping sites. e.
6. Raleigh and Austin are a young couple, and the only people in their family. Raleigh's monthly demand for pints of ice cream is given by QD=20 - P and Austin's monthly demand for pints of ice cream is given by QD=10-2 P. a. Graph their family demand curve for ice cream. b. Calculate how many pints of ice cream their family buys when P = 10 and when P=4. I
4. The X-Corporation produces a good (called X) that is a normal good. Its competitor, Y-Corp., makes a substitute good that it markets under the name “Y. ”Good Y is an inferior good. Is good Y a lower-quality product than good X ? * a. Yes b. No 5. Good X is produced in a competitive market using input A. Explain what would happen to the supply of good X if the price of input A increases. * a. Increase b. Decrease c. None of the above 6. Good X is produced in a competitive market using input A. Explain what would happen to the supply of good X if an excise tax of P 1 is imposed on good X . * a. Increase b. Decrease c. None of the above
1. Place Price point E at price and quantity producers will make 2. identify all variables equal at point E

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