Refer to a graph that shows the marginal cost (MC), the average cost (AC), demand (D), and the marginal revenue (MR) for a monopoly COVID19 vaccine company to answer the following questions. P($) 40 MC AC 25 25 220 18 15 I .. UMR 40 50 60 1) At the market equilibrium, this company will produce [Select] [Select] per vaccine. Demand 120 Q vaccines and charge $ At the market equilibrium, consumer surplus is $ [Select] ° and the producer surplus is $ [Select] 2) Suppose that the price rises from $25 to $40. The price effect is $ [Select] quantity(output) effect is $ [Select] and the and total effect is $ [Select] 3) Suppose that the first 40 customers are charged $25 per vaccine and the second 20 customers are charged $20 per vaccine and each customer only buys one vaccine. There is a transfer of consumer surplus worth $ [Select] to producer surplus. This is called [Select] price discrimination. 4) In both an imperfect price discrimination and perfect price discrimination, there is [Select] deadweight loss.
Refer to a graph that shows the marginal cost (MC), the average cost (AC), demand (D), and the marginal revenue (MR) for a monopoly COVID19 vaccine company to answer the following questions. P($) 40 MC AC 25 25 220 18 15 I .. UMR 40 50 60 1) At the market equilibrium, this company will produce [Select] [Select] per vaccine. Demand 120 Q vaccines and charge $ At the market equilibrium, consumer surplus is $ [Select] ° and the producer surplus is $ [Select] 2) Suppose that the price rises from $25 to $40. The price effect is $ [Select] quantity(output) effect is $ [Select] and the and total effect is $ [Select] 3) Suppose that the first 40 customers are charged $25 per vaccine and the second 20 customers are charged $20 per vaccine and each customer only buys one vaccine. There is a transfer of consumer surplus worth $ [Select] to producer surplus. This is called [Select] price discrimination. 4) In both an imperfect price discrimination and perfect price discrimination, there is [Select] deadweight loss.
Chapter1: Making Economics Decisions
Section: Chapter Questions
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![Refer to a graph that shows the marginal cost (MC), the average cost (AC), demand (D), and the marginal revenue (MR) for a
monopoly COVID19 vaccine company to answer the following questions.
P($) 40
MC
AC
25
25
220
18
15
I
..
UMR
40 50 60
1) At the market equilibrium, this company will produce [Select]
[Select]
per vaccine.
Demand
120
Q
vaccines and charge $
At the market equilibrium, consumer surplus is $ [Select]
°
and the producer surplus is $
[Select]
2) Suppose that the price rises from $25 to $40. The price effect is $ [Select]
quantity(output) effect is $ [Select]
and the
and total effect is $ [Select]
3) Suppose that the first 40 customers are charged $25 per vaccine and the second 20 customers are charged $20 per
vaccine and each customer only buys one vaccine. There is a transfer of consumer surplus worth $
[Select]
to producer surplus. This is called [Select]
price discrimination.
4) In both an imperfect price discrimination and perfect price discrimination, there is [Select]
deadweight loss.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd82660e0-13c4-4873-9796-a27e2004e7d5%2F705077ae-28c5-420d-b0bf-60fb1cb05d56%2Fx8ms6tbr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Refer to a graph that shows the marginal cost (MC), the average cost (AC), demand (D), and the marginal revenue (MR) for a
monopoly COVID19 vaccine company to answer the following questions.
P($) 40
MC
AC
25
25
220
18
15
I
..
UMR
40 50 60
1) At the market equilibrium, this company will produce [Select]
[Select]
per vaccine.
Demand
120
Q
vaccines and charge $
At the market equilibrium, consumer surplus is $ [Select]
°
and the producer surplus is $
[Select]
2) Suppose that the price rises from $25 to $40. The price effect is $ [Select]
quantity(output) effect is $ [Select]
and the
and total effect is $ [Select]
3) Suppose that the first 40 customers are charged $25 per vaccine and the second 20 customers are charged $20 per
vaccine and each customer only buys one vaccine. There is a transfer of consumer surplus worth $
[Select]
to producer surplus. This is called [Select]
price discrimination.
4) In both an imperfect price discrimination and perfect price discrimination, there is [Select]
deadweight loss.
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