MICROECONOMICS(LL)COMPANION
21st Edition
ISBN: 9781260713541
Author: McConnell
Publisher: MCG
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Question
Chapter 3, Problem 3P
Subpart (a):
To determine
Shortage or surplus.
Given information:
Table 1 shows the
| Thousands of bushels demanded |
| Thousands of bushels supplied | Shortage or surplus |
| 85 | 3.4 | 72 | - |
| 80 | 3.7 | 73 | - |
| 75 | 4 | 75 | - |
| 70 | 4.3 | 77 | - |
| 65 | 4.6 | 79 | - |
| 60 | 4.9 | 81 | - |
Subparts (b):
To determine
Shortage or surplus.
Given information:
Table 1 shows the demand for bushels and supply of bushels:
| Thousands of bushels demanded |
Price | Thousands of bushels supplied | Shortage or surplus |
| 85 | 3.4 | 72 | - |
| 80 | 3.7 | 73 | - |
| 75 | 4 | 75 | - |
| 70 | 4.3 | 77 | - |
| 65 | 4.6 | 79 | - |
| 60 | 4.9 | 81 | - |
Subparts (c):
To determine
Shortage or surplus.
Given information:
Table 1 shows the demand for bushels and supply of bushels:
| Thousands of bushels demanded |
Price | Thousands of bushels supplied | Shortage or surplus |
| 85 | 3.4 | 72 | - |
| 80 | 3.7 | 73 | - |
| 75 | 4 | 75 | - |
| 70 | 4.3 | 77 | - |
| 65 | 4.6 | 79 | - |
| 60 | 4.9 | 81 | - |
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Problem Set#8 Part I
You are the manager of a firm producing a good in a particular market environment.
The following table details the price charged (P) and the total cost (TC) incurred by
your firm at various production levels (Q).
Price (P)
$125
Quantity (Q)
Total Cost (TC)
0
150
125
1
175
125
2
210
125
3
255
125
4
310
125
5
375
125
6
450
125
7
535
125
8
630
125
9
735
125
10
850
125
11
975
125
12
1,110
125
13
1,255
125
14
1,410
125
15
1,575
1. Based on the information provided in the table above, identify the type of market
structure in which the firm operates. Explain your reasoning!
2. Add seven columns to the table above, one for each of the following variables:
AFC, ATC, VC, AVC, MC, TR, and MR
The table below presents the demand schedule and marginal costs facing a monopolist producer.
a. Fill in the total revenue and marginal revenue columns.
Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure
to include a negative sign (-) in front of those numbers. Leave no cells blank. Enter 0 if appropriate.
Q
0
P ($)
8
TR ($)
0
MR ($)
MC ($)
1
7
2
6
3
5
1
2
3
4
4
4
5
5
3
6
6
2
7
1
8
0
b. What is the profit-maximizing level of output?
units
c. What price will the monopolist charge to maximize profits?
$
7
8
not use ai please
Chapter 3 Solutions
MICROECONOMICS(LL)COMPANION
Ch. 3.6 - Prob. 1QQCh. 3.6 - Prob. 2QQCh. 3.6 - Prob. 3QQCh. 3.6 - Prob. 4QQCh. 3.A - Prob. 1ADQCh. 3.A - Prob. 2ADQCh. 3.A - Prob. 3ADQCh. 3.A - Prob. 4ADQCh. 3.A - Prob. 5ADQCh. 3.A - Prob. 6ADQ
Ch. 3.A - Prob. 7ADQCh. 3.A - Prob. 1ARQCh. 3.A - Prob. 2ARQCh. 3.A - Prob. 3ARQCh. 3.A - Prob. 4ARQCh. 3.A - Prob. 5ARQCh. 3.A - Prob. 6ARQCh. 3.A - Prob. 1APCh. 3.A - Prob. 2APCh. 3.A - Prob. 3APCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 1RQCh. 3 - Prob. 2RQCh. 3 - Prob. 3RQCh. 3 - Prob. 4RQCh. 3 - Prob. 5RQCh. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 1PCh. 3 - Prob. 2PCh. 3 - Prob. 3PCh. 3 - Prob. 4PCh. 3 - Prob. 5PCh. 3 - Prob. 6PCh. 3 - Prob. 7P
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