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A firm's demand curve is given by Q = 100 – 0.67P. What is the firm's corresponding marginal revenue curve? a. 150-0.67Q b. 100-0.67Q c. 150-30 d. 150-1.50

A firm's demand curve is given by Q = 100 – 0.67P. What is the firm's corresponding marginal revenue curve? a. 150-0.67Q b. 100-0.67Q c. 150-30 d. 150-1.50

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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3. A firm's demand curve is given by Q=100-0.67P. What is the firm's corresponding marginal revenue curve? a. 150-0.67Q b. 100-0.67Q c. 150-30 d. 150-1.50 4. Suppose that a monopolistic seller of flux capacitors faces the inverse demand curve P = 24-30, and that the monopolist can produce flux capacitors at a constant marginal cost of $12. Suppose that the government imposes a price ceiling of $15. How many units will a profit-maximizing monopolist sell when the price ceiling is in place? a. 1.5 b. 2 c. 3 d. 5 5. The inverse demand curve for a monopolist changes from P = 100-2Q to P = 120 – 2Q, while the marginal cost of production remains unchanged at a constant $20. After the change in the demand curve, the profit-maximizing price rises from and the profit-maximizing output rises from a. $40 to $60; 20 units to 30 units b. $60 to $70; 20 units to 25 units c. $10 to $20; 100 units to 120 units d. $50 to $60; 10 units to 12 units 6. Consumer surplus using perfect competition is discrimination and Price (S) 20- 18- 16- 14- 124 10- 8- 6- 4- 2- 0 1 a. b. 2 3 $16; $8 $10; $20 c. $16; $12 d. $32; $8 MR 4 5 6 7 greater than under monopoly. MC D 8 9 greater than under perfect price 10 Quantity
Transcribed Image Text:3. A firm's demand curve is given by Q=100-0.67P. What is the firm's corresponding marginal revenue curve? a. 150-0.67Q b. 100-0.67Q c. 150-30 d. 150-1.50 4. Suppose that a monopolistic seller of flux capacitors faces the inverse demand curve P = 24-30, and that the monopolist can produce flux capacitors at a constant marginal cost of $12. Suppose that the government imposes a price ceiling of $15. How many units will a profit-maximizing monopolist sell when the price ceiling is in place? a. 1.5 b. 2 c. 3 d. 5 5. The inverse demand curve for a monopolist changes from P = 100-2Q to P = 120 – 2Q, while the marginal cost of production remains unchanged at a constant $20. After the change in the demand curve, the profit-maximizing price rises from and the profit-maximizing output rises from a. $40 to $60; 20 units to 30 units b. $60 to $70; 20 units to 25 units c. $10 to $20; 100 units to 120 units d. $50 to $60; 10 units to 12 units 6. Consumer surplus using perfect competition is discrimination and Price (S) 20- 18- 16- 14- 124 10- 8- 6- 4- 2- 0 1 a. b. 2 3 $16; $8 $10; $20 c. $16; $12 d. $32; $8 MR 4 5 6 7 greater than under monopoly. MC D 8 9 greater than under perfect price 10 Quantity
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