Extra exercises (3) [Compatibility Mode] - Word (Product Activation Failed)ReferencesMailingsReviewO Tell me what you want to do.View& ShaA Aa - E-E-E- EE TAaBbCcDc AaBbCcI AaBbCcD AaBbC AaBbCcl AaB AABBCCC AqBbCcDP Find -A- y - A- ==前, ,四。1 NormalBody Text1 No Spac. Heading 1 Heading 2a. ReplaceTitleSubtitleSubtle Em.-A Select -ParagraphStylesEditinga. buyers will go elsewhere.b. buyers will pay the higher price in the short run.c. competitors will also raise their prices.d. firms in the industry will exercise market power9. If a firm in a competitive market doubles its number of units sold, total revenue for the firm willa. more than double.C. increase but by less than double.d. may increase or decrease depending on the price elasticity of demand.b. double.Question 1.The graph shows the cost structure of amonopolistic firm. Use the graph to answer thefollowing questions.a. What is the profit-maximizing output and pricelevel of monopolist?MCATCAVCb. Calculate the economic profit Show it on thegraphc. Calculate the deadweight loss from monopoly.Explain in words what this means.d Find the price and quantity that wouldmaximize social welfare.4 512iashty ib per da1210Question 2.805 PM2/1/2021ASUS12 Adeleteprt scFminsertf9F1o151617&1Dum k58.

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9. If a firm in a competitive market doubles its number of units sold, total revenue for the firm will b. double. a. more than double. c. increase but by less than double. d. may increase or decrease depending on the price elasticity of demand.

9. If a firm in a competitive market doubles its number of units sold, total revenue for the firm will b. double. a. more than double. c. increase but by less than double. d. may increase or decrease depending on the price elasticity of demand.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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7. Josh Brinkley is pricing popcorn at the local movie theatre. If the marginal cost of a 16 oz. bag of popcorn is $0.50 and the price elasticity of demand is -1.25, what price should Josh set? a. $0.50 b. $0.75 c. $1.25 d. $2.50
Suppose a college has an enrollment of !0,000 students and all the students live in dorms and have a cafeteria plan. Tuition is $20,000 and Room and Board is $10,000a. Suppose the price elasticity of demand is 2 and the school raises Tuition by 5%. Calculate the effect on Enrollment andb. Calculate the effect on the college’s revenue. Why is the effect on revenue ‘magnified”?c. Where did the college go wrong? What should it do?
37. If the price of a normal good decreases by 20%, and the quantity demanded increases by 30%, what is the price elasticity of demand using the midpoint formula? a. 0.75 b. 1.0 c. 1.5 d. 2.0
The elasticity of demand is 1.1. Is the demand curve relatively steep or flat? Will a fall in price raise total revenue or lower it? A. steep; lower TR B. steep; raise TR C. flat; raise TR D. flat; lower TR
Price (dollars) ck to select your answer. 7 6 5 0 10 15 20 d ***** D mun 25 30 35 Quantity (units per year) the figure above, when the price falls from $8 to $7, total revenue A. decreases from $210 to $120 so demand is elastic. OB. decreases from $210 to $120 so demand is inelastic. OC. increases from $120 to $210 so demand is inelastic. OD. increases from $120 to $210 so demand is elastic. E. increases from $120 to $210 but more information is needed to determine whether demand is elastic, inelastic, or unit elastic.
23. Using the production possibilities table below, please answer the following question: Type of Production Schools Missiles Type of Production Schools Missiles A 0 16 A 0 16 Production Alternatives If the economy were at point D, what would be the opportunity cost of building 4 more schools? 24. Using the production possibilities table below, please answer the following question: B 4 15 B 4 15 Production Alternatives C 8 12 с 8 12 D 12 7 E 16 0 D 12 7 If the economy were at point D, what would be the opportunity cost of building one more missile? Please show your calculation for full points. E 16 0
38. Refer to Figure 37. The elasticity of demand between point B and point C, using the midpoint method, is Select one: a. 0.75. b. 1.3. c. 0.5. d. 1.0.
1. With unitary elasticity of demand, a. Percentage increase in price reduces quantity by equal percentage so that total revenue is constant b. Percentage increase in price leaves quantity demanded unchanged so that total revenue is constant c. Percentage increase in price reduces quantity demanded by 1% so that change in total revenue can increase or reduce
8. need help
2. The price of U.S.-produced long grain rice fell by 40 percent from January 1999 to January 2000. In response to the price fall, growers of U.S. long grain rice planted 17 percent less on acreage in 2000. If the harvest also decreases by 17 percent. 2a. How would you describe the supply of U.S. long grain rice (Elastic, Inelastic, Unit Elastic)? 2b. Calculate the price elasticity of supply of U.S.-produced long grain rice? 2c. If the price of long grain rice remains the same, do you think the elasticity of supply will change over the coming years?
10. Price elasticity of supply in the short run and long run The following graph shows the long-run supply curve for pistachios. Place the orange line (square symbol) on the following graph to show the most likely short-run supply curve for pistachios. (Note: Place the points of the line either on Y and V or on Y and S.) PRICE (Dollars per pound) 48 40 8 0 0 Y 4 O S V Long-Run Supply 2 6 8 10 QUANTITY (Thousands of pounds of pistachios) 12 Short-Run Supply (?)