9. When a firm is a third-degree price discriminator, it charges a where demand is price inelastic. a. higher, more higher, lower b. c. lower, higher lower, lower d. e. Impossible to know 10. If a monopolist has no costs, it maximizes its profits where demand a. is infinitely price elastic. b. is relatively (but not perfectly) price elastic in demand. c. has a price elasticity of one. d. is relatively (but not completely) price inelastic. e. is at its steepest. price in the market

9. When a firm is a third-degree price discriminator, it charges a where demand is price inelastic. a. higher, more higher, lower b. c. lower, higher lower, lower d. e. Impossible to know 10. If a monopolist has no costs, it maximizes its profits where demand a. is infinitely price elastic. b. is relatively (but not perfectly) price elastic in demand. c. has a price elasticity of one. d. is relatively (but not completely) price inelastic. e. is at its steepest. price in the market

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. A pure monopolist’s demand curve: a. Is perfectly inelastic b. coincides with its marginal revenue curve c. Lies below the marginal revenue curve d. lies above the marginal revenue curve 2. For an imperfectly competitive firm: a. The marginal revenue curve will lie above the demand curve b. The demand and marginal revenue curve will coincide c. The price and the marginal cost are equal d. The price is greater than the marginal revenue 3. A monopolistic firm has a sales schedule such that it can sell 10 prefabricated garages per week at P10,000 each, but if the output is 9 per week it can sell these at P11,000 each. Using the information given, what is the marginal revenue of the tenth unit of sales per week is: a. –P1,000 b. P9,000 c. P10,000 d. P1,000 4. Assuming no change in the determinants of demand, a pure monopolist usually increases the price while…
Figure 4 MC MR 20 40 60 80 100 120 Quantity (tickets per hour) 21. In figure 4, a single price monopolist would charge what? 22. In figure 4, a price discriminating monopolist would charge what? Price and costs (dollars per ticket)
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8. The following figure shows the marginal revenue [MR], demand, and average cost [AC] curves for a profit-maximizing monopolist. Price a. IFA b. FGH c. AFGB d. BGEO B O G 12 C MR H EJ AC Demand Quantity The loss in welfare in the market due to the monopoly firm is
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Q20 With regard to price discrimination, we can generally say that a monopolist practicing perfect price discrimination _____ a single-price monopolist in the same market. a. Produces the same output level and charges the same price as. b. Produces a lower level of output compared to. c. Generates more consumer surplus than. d. Generates a more efficient outcome for society as a whole compared to. e. Has the same effects on consumer welfare as.
Please no written by hand solutions 1. Assume the cost function for a monopolist is given by TC(q) = 30Q; the inverse demand function for the firms' output is p = 120 - Q, where Q is the total output. a. Find the profit-maximizing combination of price and quantity b. Estimate consumer surplus, producer surplus and the deadweight loss associated with this monopolist C. If this industry became perfectly competitive, explain and estimate the consumer surplus, producer surplus and deadweight loss of the industry d. Graph your answers for a, b, and c 2. Now assume that the monopolist above splits into two. Each of two firms has the cost function TC(q) = 30q. a. What are the firms' outputs in a Nash equilibrium of Cournot's model? b. Estimate the economic profits for each firm c. If firm 1 is the leader and firm 2 the follower, find the equilibrium outputs for the Stackelberg solution.
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3. Suppose that a monopoly has the following demand curve and total costs: 오 P TR TC ATC MC MR Total Profit 50 40 1 45 50 2 40 72 - 3 35 95 - 4 30 125 - 25 165 6 20 225 a. Fill in the blanks in the preceding table. b. What output will maximize the monopolist's profit? c. What price will the monopolist choose?
Q80 If a single-price monopolist sets price where the price elasticity of demand equals one, its... a. Total revenue is falling. b. Total revenue is rising, although marginal revenue is falling. c. Marginal revenue is always positive. d. Total profits are at a maximum. e. Total revenue is at its maximum. Clear my choice
9 The total revenue curve for a monopolist will do which of the following? A O Start high, decline, and then rise BO Start low, rise, and then decline Start high, rise, and then decline DO Start low, decline, and then rise