Q22 and Q23 $70$60$50$40$30$20LRATC LRMC$10Demand = PMR$00.50100150200250Output (Q)The diagram above shows the demand and cost curves for a market that could either be a monopoly or perfectlycompetitive in Long-Run Equilibrium. If the market above were Perfectly Competitive, each individual firm would earnin Total Profit (Producer Surplus) in the Long-Run.Select one:O a. $1,000O b. $2,500O c.zerod. $2,000 $30.00$25.00$20.00$15.00LRATC =LRMC$10.00$5.00Demand = PMR$0.0050100150200250300Output (Q)The diagram above shows demand and long-run cost curves for a firm that has market power and can set its ownprice. If the firm can practice Perfect Price Discrimination, how much total profit will the firm make at its profitmaximizing output level?Select one:O a.$500O b. $2,500Oc.$1,000O d. $2,000

Q22AnswerThe firms produces at LRMC=P=LRATC in the long run.P=LRATC so the firms can earn zero…

$70 $60 $50 $40 $30 $20 LRATC LRMC $10 Demand = P MR $0 50 100 150 200 250 Output (Q) The diagram above shows the demand and cost curves for a market that could either be a monopoly or perfectly competitive in Long-Run Equilibrium. If the market above were Perfectly Competitive, each individual fimm would earn in Total Profit (Producer Surplus) in the Long-Run. Select one: O a. $1,000 O b. $2,500 O C. zero O d. $2,000

$70 $60 $50 $40 $30 $20 LRATC LRMC $10 Demand = P MR $0 50 100 150 200 250 Output (Q) The diagram above shows the demand and cost curves for a market that could either be a monopoly or perfectly competitive in Long-Run Equilibrium. If the market above were Perfectly Competitive, each individual fimm would earn in Total Profit (Producer Surplus) in the Long-Run. Select one: O a. $1,000 O b. $2,500 O C. zero O d. $2,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

Q22 and Q23

$70
$60
$50
$40
$30
$20
LRATC LRMC
$10
Demand = P
MR
$0
0.
50
100
150
200
250
Output (Q)
The diagram above shows the demand and cost curves for a market that could either be a monopoly or perfectly
competitive in Long-Run Equilibrium. If the market above were Perfectly Competitive, each individual firm would earn
in Total Profit (Producer Surplus) in the Long-Run.
Select one:
O a. $1,000
O b. $2,500
O c.
zero
d. $2,000

$30.00
$25.00
$20.00
$15.00
LRATC =
LRMC
$10.00
$5.00
Demand = P
MR
$0.00
50
100
150
200
250
300
Output (Q)
The diagram above shows demand and long-run cost curves for a firm that has market power and can set its own
price. If the firm can practice Perfect Price Discrimination, how much total profit will the firm make at its profit
maximizing output level?
Select one:
O a.
$500
O b. $2,500
Oc.
$1,000
O d. $2,000

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