Homework Answers
1.A monopolist is in equilibrium when MR=MC.Optimal price in this situation would thus be equal to P4.
Answer -C
2.A decrease in output would cause profits to increase because average cost will fall with fall in output.Moreover,the equilibrium level of output is Q3.Reducing production to Q3 will most certainly increase profits.
Answer-C
3.Total Revenue=P*Q
TR=P5*Q3
Answer-B
4.AVC and AC are at their minimum at the point where MC cuts them.
Answer-D
Curve C is ATC and curve Dis MC.A is MR and B is AR.
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Figure 15-4 Curve 01 03 04 05 15. Refer to Figure 15-4. Profit will be maximized...
Refer to Figure 15-5. A profit-maximizing monopoly's profit is equal to
Refer to Figure 15-5. A profit-maximizing monopoly's profit is equal to a. P2 x Q3. b. (P2-P4) x Q3. c. (P2-P5) x Q3. d. (P1-P6) XQ1.
QUESTION 19 1.00000 poi Figure 15-4 Price Caree D CueC P1 Cur A Oae Quatity Refer...
QUESTION 19 1.00000 poi Figure 15-4 Price Caree D CueC P1 Cur A Oae Quatity Refer to Figure 15-4. The marginal revenue curve for a monopoly firm is depicted by curve O a A. ObD OCC. Od B QUESTION 20 Figure 15-5 TPrice Curee C Curre D P1 P4 PS Cue Carre A Q102 03 Q4 Datit Refer to Figure 15-5. A profit-maximizing monopoly will charge a price of O a P2. Ob P4. OC PI Od p3
Figure 16-2. The figure is drawn for a monopolistically competitive firm. MC Demand MR: 16 24...
Figure 16-2. The figure is drawn for a monopolistically competitive firm. MC Demand MR: 16 24 32 46 48 56 64 0 9. Refer to Figure 16-2. The finn's profit-maximizing level of output is a. 48 units b. 24 units. c. 32 units. d. 16 units Scenario 13-8 Wanda owns a lemonade stand. She produces lemonade using five inputs: water, sugar, lemons, paper cups, and labor. Her costs per glass are as follows: $0.01 for water, $0.02 for sugar, 50.03...
Figure 14-6 Suppose a firm operating in a competitive market has the following cost curves: Price...
Figure 14-6 Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC AVC PS P4 P3 B1 Q1 02 Q3 04 Paarip Refer to Figure 14-6. Firms will shut down in the short run if the market price a. exceeds P3. b. is less than P1. c. is greater than P1 but less than P3. O d. exceeds P2. சிவவடானே 59 30 ...
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: MC...
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: MC ATC 27 AVC P6 BA P3 P2 P1 01 02 03 04 os இகனாது Refer to Figure 14-5. When market price is P7, a profit-maximizing firm's short-run profits can be represented by the area P7 x Q5 b. P7 x Q3 (P7-P5) x Q3 d. We are unable to determine the firm's profits because the quantity that the firm would produce is not labeled...
Figure 14-4 The figure below depicts the cost structure of a firm in a competitive market....
Figure 14-4 The figure below depicts the cost structure of a firm in a competitive market. Price ATC MC OPS Y 111 AI XAVC II- VIII NA Avi P2P.Erz ii Q1 Q2 Q3 Q1 Quantity 32. Refer to Figure 14-4. When market price is Ps, a profit-maximizing firm's profits can be represented by the area a. Ps x Q3. b. (Ps - P3) * Q2 c. (Ps - Pq) x Q3. d. When market price is Ps there are no...
5. The minimum points of the average variable cost and average total cost curves occur where...
5. The minimum points of the average variable cost and average total cost curves occur where the a. marginal cost curve lies below the average variable cost and average total cost curves. b. slope of total cost is the smallest. c. average variable cost and average total cost curves intersect. d. marginal cost curve intersects those curves. 6. The Carters' oldest son attends Big State University. He and his parents pay all his foes and tuition. These payments count in...
QUESTION 17 Figure 14-4 Suppose a firm operating in a competitive market has the following cost...
QUESTION 17 Figure 14-4 Suppose a firm operating in a competitive market has the following cost curves: Price Q102 03 04 Refer to Figure 14-4. When price rises from P2 to P3, the firm finds that a marginal cost exceeds marginal revenue at a production level of Q2. b.expanding output to Q4 would leave the firm with losses c. it could increase profits by lowering output from Q3 to 02. d. if it produces at output level Q3 it will...
Questions 1- 10 refer to the short-run total and variable cost curves shown in Figure 1...
Questions 1- 10 refer to the short-run total and variable cost curves shown in Figure 1 Figure 1 1. In Figure 1, at output 0B, line segment HK equals A. average fixed cost. B. fixed cost. C. average total cost. D. marginal cost. E. total cost. NC 2. According to Figure 1, the marginal cost curve cuts the average total cost curve at output 3. Average total cost is minimized in Figure 1when output equals 4. Marginal cost is minimized...
These two questions please Figure 15-2 The figure below reflects the cost and revenue structure for...
These two questions please
Figure 15-2 The figure below reflects the cost and revenue structure for a monopoly firm. Cost and Revenue (5) Curve Curve G C VOR Quantity Refer to Figure 15-2. Which curve depicts the average-total-cost curve for a monopoly firm? Question 29 (1 point) Figure 15-5 The figure depicts the demand, marginal-revenue, and marginal-cost curves of a profit-maximizing monopolist. Price Marginal Cost Demand Marginal Revenue Refer to Figure 15-5. Which area represents the deadweight loss due to...
Refer to Figure 15-5. A profit-maximizing monopoly's profit is equal to a. P2 x Q3. b. (P2-P4) x Q3. c. (P2-P5) x Q3. d. (P1-P6) XQ1.
QUESTION 19 1.00000 poi Figure 15-4 Price Caree D CueC P1 Cur A Oae Quatity Refer to Figure 15-4. The marginal revenue curve for a monopoly firm is depicted by curve O a A. ObD OCC. Od B QUESTION 20 Figure 15-5 TPrice Curee C Curre D P1 P4 PS Cue Carre A Q102 03 Q4 Datit Refer to Figure 15-5. A profit-maximizing monopoly will charge a price of O a P2. Ob P4. OC PI Od p3
Figure 16-2. The figure is drawn for a monopolistically competitive firm. MC Demand MR: 16 24 32 46 48 56 64 0 9. Refer to Figure 16-2. The finn's profit-maximizing level of output is a. 48 units b. 24 units. c. 32 units. d. 16 units Scenario 13-8 Wanda owns a lemonade stand. She produces lemonade using five inputs: water, sugar, lemons, paper cups, and labor. Her costs per glass are as follows: $0.01 for water, $0.02 for sugar, 50.03...
Figure 14-6 Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC AVC PS P4 P3 B1 Q1 02 Q3 04 Paarip Refer to Figure 14-6. Firms will shut down in the short run if the market price a. exceeds P3. b. is less than P1. c. is greater than P1 but less than P3. O d. exceeds P2. சிவவடானே 59 30 ...
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: MC ATC 27 AVC P6 BA P3 P2 P1 01 02 03 04 os இகனாது Refer to Figure 14-5. When market price is P7, a profit-maximizing firm's short-run profits can be represented by the area P7 x Q5 b. P7 x Q3 (P7-P5) x Q3 d. We are unable to determine the firm's profits because the quantity that the firm would produce is not labeled...
Figure 14-4 The figure below depicts the cost structure of a firm in a competitive market. Price ATC MC OPS Y 111 AI XAVC II- VIII NA Avi P2P.Erz ii Q1 Q2 Q3 Q1 Quantity 32. Refer to Figure 14-4. When market price is Ps, a profit-maximizing firm's profits can be represented by the area a. Ps x Q3. b. (Ps - P3) * Q2 c. (Ps - Pq) x Q3. d. When market price is Ps there are no...
5. The minimum points of the average variable cost and average total cost curves occur where the a. marginal cost curve lies below the average variable cost and average total cost curves. b. slope of total cost is the smallest. c. average variable cost and average total cost curves intersect. d. marginal cost curve intersects those curves. 6. The Carters' oldest son attends Big State University. He and his parents pay all his foes and tuition. These payments count in...
QUESTION 17 Figure 14-4 Suppose a firm operating in a competitive market has the following cost curves: Price Q102 03 04 Refer to Figure 14-4. When price rises from P2 to P3, the firm finds that a marginal cost exceeds marginal revenue at a production level of Q2. b.expanding output to Q4 would leave the firm with losses c. it could increase profits by lowering output from Q3 to 02. d. if it produces at output level Q3 it will...
Questions 1- 10 refer to the short-run total and variable cost curves shown in Figure 1 Figure 1 1. In Figure 1, at output 0B, line segment HK equals A. average fixed cost. B. fixed cost. C. average total cost. D. marginal cost. E. total cost. NC 2. According to Figure 1, the marginal cost curve cuts the average total cost curve at output 3. Average total cost is minimized in Figure 1when output equals 4. Marginal cost is minimized...
These two questions please
Figure 15-2 The figure below reflects the cost and revenue structure for a monopoly firm. Cost and Revenue (5) Curve Curve G C VOR Quantity Refer to Figure 15-2. Which curve depicts the average-total-cost curve for a monopoly firm? Question 29 (1 point) Figure 15-5 The figure depicts the demand, marginal-revenue, and marginal-cost curves of a profit-maximizing monopolist. Price Marginal Cost Demand Marginal Revenue Refer to Figure 15-5. Which area represents the deadweight loss due to...
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