Microeconomics
13th Edition
ISBN: 9781337617406
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 14, Problem 10QP
To determine
Explain why the topic of labor unions generates such strong feelings and emotions.
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Suppose that a Monopolist has no fixed costs and a fixed Marginal Cost equal to $4 per unit. This
monopolist also faces the demand:
Q = 28-p
5. [3 points] If this monopolist is a single-price monopolist, then what price would it charge
and what Quantity would it produce? What would be the Consumer Surplus (CS),
Producer Surplus (PS), and Total Surplus (TS) in the single-price case?
Now suppose that this firm can first-degree price discriminate.
6. [2 points] What would be the Consumer Surplus (CS), Producer Surplus (PS), and Total
Surplus (TS) in the case where this monopolist can first-degree price discriminate?
Now suppose that this firm cannot first-degree price discriminate, but can instead second-degree
price discriminate. Now suppose that this monopolist offers the menu of:
12 units for p = $16
• 18 units for p = $10
7. [2 points] Will the above make consumers better off? Will it make firms better off?
Now suppose that this monopolist continues to second-degree price…
If the Bank of Canada wants to increase the money supply, it can:a) Lower the target for the overnight interest rateb) Raise the target for the overnight interest ratec) Buy government bonds through open-market operationsd) Sell government bonds through open-market operationse) Both a) and c)
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- 4. Profit maximization Consider Blewitt's Farm, a small blueberry grower relative to the size of the market whose production has no impact on wages and prices. The following table presents Blewitt's production schedule for blueberries: Labor Output (Number of workers) (Pounds of blueberries) 0 0 1 18 2 34 3 48 4 60 5 70 Suppose that the market wage for blueberry pickers is $170 per worker per day, and the price of blueberries is $12 per pound. On the following graph, use the blue points (circle symbol) to plot Blewitt's labor demand curve when the output price is $12 per pound. Note: Remember to plot each point between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product of for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. WAGE (Dollars per worker) 300 270 240 210 180 150 120 90 90 60 30 0 0 1 2 3 LABOR (Number…arrow_forwardIf Canadian interest rates fall below the world interest rate, the Canadian dollar will likely ______, causing net exports to ______, which shifts the aggregate demand curve ______.a) appreciate; fall; leftb) appreciate; rise; rightc) depreciate; fall; leftd) depreciate; rise; rightarrow_forwardIf everything becomes cheaper causing the price level to fall, then ______ and interest rates will ______.a) money demand shifts left; fallb) money demand shifts right; risec) money supply shifts left; rised) money supply shifts right; fallarrow_forward
- Please don't use Ai solutionarrow_forwardIf the economy is experiencing inflationary pressures, the Bank of Canada is likely to implement ______ which shifts the aggregate demand curve ______.a) Expansionary monetary policy by raising interest rates; rightb) Expansionary monetary policy by lowering interest rates; rightc) Contractionary monetary policy by lowering interest rates; leftd) Contractionary monetary policy by raising interest rates; leftarrow_forwardExpansionary monetary policy involves ______ interest rates, which shifts the aggregate demand curve ______, causing output to ______.a) lowering; left; fallb) lowering; right; risec) raising; right; rised) raising; left; fallarrow_forward
- Given the supply levels y1 and y2, a monopolistic firm's profit is defined as ∏(y1,y2)=p(y∗1)+p(y∗2)−c(y1+y2)∏(y1,y2)=p(y1∗)+p(y2∗)−c(y1+y2). Question 22Select one: True Falsearrow_forwardBased on the statements below, the function represents: u;(x) is individual i's utility from overall allocation x. n W = Σa;u;(x) with each a; > 0. i=1 O a. The social welfare function O b. The weighted-sum social utility function ○ c. The utilitarian social utility function d. The minimax social utility functionarrow_forwardIf all individuals’ preferences are complete, reflexive, and transitive, then so should be the social preference created by the voting rule. Question 5Answer True Falsearrow_forward
- Based on the illustration below, the total quantities available for good 2 is: Answer: The endowment allocation is A @₁ = (2,4) and B @ · ' = (4,4).arrow_forwardEddie Clauer sells a wide variety of outdoor equipment and clothing. The company sells both through mail order and via the internet. Random samples of sales receipts were studied for mail order sales and internet sales, with the total purchase being recorded for each sale. A random sample of 7 sales receipts for mail order sales results in a mean sale amount of $81.10 with a standard deviation of $23.25. A random sample of 15 sales receipts for internet sales results in a mean sale amount of $64.30 with a standard deviation of $28.25. Using this data, find the 90 % confidence interval for the true mean difference between the mean amount of mail order purchases and the mean amount of internet purchases. Assume that the population variances are not equal and that the two populations are normally distributed. Step 1 of 3: Find the critical value that should be used in constructing the confidence interval. Round your answer to three decimal places.arrow_forwardDon't use ai to answer I will report you answerarrow_forward
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