Homework Answers
Ans. A ) 16 million - Dead Weight loss = 1/2 × 8 × 4 = 16 million.
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Use the figure below to answer the following questions. Price (dollars per inhaler) 10 7 4....
Use the figure below to answer the following questions. Price (dollars per inhaler) 10 7 4....
Use the figure below to answer the following questions. Price (dollars per inhaler) 10 7 4. 2 MC MR 0 4 8 1216 20 Quantity (millions) 4) Prime Pharmaceuticals has developed a new asthma inhaler, for which it has a patent. An inhaler can be produced at a constant marginal cost of $2 per inhaler. The demand curve, marginal revenue curve, and marginal cost curve for this new asthma inhaler are shown in Figure 13.4.6. The patent gives Prime Pharmaceuticals...
Use the figure below to answer the following questions. Price (dollars per inhaler) 10 7 4....
Use the figure below to answer the following questions. Price (dollars per inhaler) 10 7 4. 2 MC MR 0 4 8 1216 20 Quantity (millions) 3) Prime Pharmaceuticals has developed a new asthma medicine, for which it has a patent. An inhaler can be produced at a constant marginal cost of $2 per inhaler. The demand curve, marginal revenue curve, and marginal cost curve for this new asthma inhaler are shown in Figure 13.4.6. The patent gives Prime Pharmaceuticals...
Use the figure below to answer the following questions. Price and cost dollars per unit) 10...
Use the figure below to answer the following questions. Price and cost dollars per unit) 10 Quantity (units) Figure 12.4.1 3) Refer to Figure 12.4.1, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive market. In the long run, market A) demand will increase. B) demand will decrease. C) supply will increase. D) supply will decrease. E) supply and market demand will decrease. 4) Refer to Figure 12.4.1 which shows the cost curves...
Worksheet 7 1. Use the figure below to answer the following questions. P, MR, MC, ATC...
Worksheet 7 1. Use the figure below to answer the following questions. P, MR, MC, ATC $50 ATC MR 100 150 200 250 300 400 Quantity of output (per week) a. What quantity would they sell? What would be the price? b. What will be the profit of this monopoly? c. What will be the consumer surplus in this unregulated monopoly? d. Is this a natural monopoly? Why or why not? e. Suppose this firm was able to practice perfect...
Question 9 Figure 15-10 Price and cost per unit Po MC P, P2 P3 Demand MR...
Question 9 Figure 15-10 Price and cost per unit Po MC P, P2 P3 Demand MR Quantity Refer to Figure 15-10. The deadweight loss due to a monopoly is represented by the area GEH. FGE. O FQ1 Q2E. FHE. Question 10 Table 15-1 Quantity Demanded (units) Total Cost of Production (dollars) $530 Price per Unit 10 $85 540 80 75 11 550 12 560 13 70 65 575 14 595 15 60 625 16 55 A monopoly producer of foreign...
UIZ 11Suructions Question 3 2 pts The following figure depicts a generalized downward-sloping market demand (D)...
UIZ 11Suructions Question 3 2 pts The following figure depicts a generalized downward-sloping market demand (D) curve for a product. It also shows the firm's relevant marginal revenue (MR) curve and marginal cost (MC) curve. Use this figure to answer the next six questions Price $10 10 + 20 + 30 40 + 50 + 60 Quantity If the firm can price discriminate perfectly, what would the producer surplus be? $120 $0 $160 500 O $40
6) If the average variable cost of producing 10 units is $18 and the average variable...
6) If the average variable cost of producing 10 units is $18 and the average variable cost of producing 11 units is $20, we know that, between 10 and 11 units of output, A) marginal cost is increasing. B) average total cost is increasing. C) average fixed cost is increasing. D) total cost is either increasing or decreasing. E) none of the above Use the figure below to answer the following questions. Price (dollars per inhaler) 10 7 4. 2...
Use the figure below to answer the following question. Price (dollars per unit 100 80 60...
Use the figure below to answer the following question. Price (dollars per unit 100 80 60 40 20 MR 40 60 80 Quantity (units per week 20 Figure 13.2.1 15) Refer to Figure 13.2.1. This single-price monopoly producesunits per day and charges 15) a price of $ per unit A) 40: 50 B) 20: 75 C) zero; 0 D) 20; 20 E) 20: 50 16) To increase sales from 7 units to 8 units, a single-price monopolist must drop the...
Price/Cost ($) 7) Monopoly II (6 points) The marginal costs (MC), average variable costs (AVC), and...
Price/Cost ($) 7) Monopoly II (6 points) The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopoly are shown in the figure below. The figure also shows the demand curve (D) and the marginal revenue curve (MR) for this market. 501 ATC AVC a. What is the firm's profit-maximizing level of output? Label this on the graph. b. What price will the monopolist charge for that level of output? Label this on the graph....
Price und cose (dollars per unc) 50.00 40.00 30.00 20.00 10.00 MR 0 00 200 00...
Price und cose (dollars per unc) 50.00 40.00 30.00 20.00 10.00 MR 0 00 200 00 00 00 Quantty (units per hour) The figure above shows the demand curve, marginal revenue curve, and marginal cost curve. The amount of consumer surplus when the market has a monopoly producer is and the amount of consumer surplus when the market is perfectly competitive is A. ace; abf B. abf, ace OC. abf, bed D. ace; bed E. bcd ace
Use the figure below to answer the following questions. Price (dollars per inhaler) 10 7 4. 2 MC MR 0 4 8 1216 20 Quantity (millions) 4) Prime Pharmaceuticals has developed a new asthma inhaler, for which it has a patent. An inhaler can be produced at a constant marginal cost of $2 per inhaler. The demand curve, marginal revenue curve, and marginal cost curve for this new asthma inhaler are shown in Figure 13.4.6. The patent gives Prime Pharmaceuticals...
Use the figure below to answer the following questions. Price (dollars per inhaler) 10 7 4. 2 MC MR 0 4 8 1216 20 Quantity (millions) 3) Prime Pharmaceuticals has developed a new asthma medicine, for which it has a patent. An inhaler can be produced at a constant marginal cost of $2 per inhaler. The demand curve, marginal revenue curve, and marginal cost curve for this new asthma inhaler are shown in Figure 13.4.6. The patent gives Prime Pharmaceuticals...
Use the figure below to answer the following questions. Price and cost dollars per unit) 10 Quantity (units) Figure 12.4.1 3) Refer to Figure 12.4.1, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive market. In the long run, market A) demand will increase. B) demand will decrease. C) supply will increase. D) supply will decrease. E) supply and market demand will decrease. 4) Refer to Figure 12.4.1 which shows the cost curves...
Worksheet 7 1. Use the figure below to answer the following questions. P, MR, MC, ATC $50 ATC MR 100 150 200 250 300 400 Quantity of output (per week) a. What quantity would they sell? What would be the price? b. What will be the profit of this monopoly? c. What will be the consumer surplus in this unregulated monopoly? d. Is this a natural monopoly? Why or why not? e. Suppose this firm was able to practice perfect...
Question 9 Figure 15-10 Price and cost per unit Po MC P, P2 P3 Demand MR Quantity Refer to Figure 15-10. The deadweight loss due to a monopoly is represented by the area GEH. FGE. O FQ1 Q2E. FHE. Question 10 Table 15-1 Quantity Demanded (units) Total Cost of Production (dollars) $530 Price per Unit 10 $85 540 80 75 11 550 12 560 13 70 65 575 14 595 15 60 625 16 55 A monopoly producer of foreign...
UIZ 11Suructions Question 3 2 pts The following figure depicts a generalized downward-sloping market demand (D) curve for a product. It also shows the firm's relevant marginal revenue (MR) curve and marginal cost (MC) curve. Use this figure to answer the next six questions Price $10 10 + 20 + 30 40 + 50 + 60 Quantity If the firm can price discriminate perfectly, what would the producer surplus be? $120 $0 $160 500 O $40
6) If the average variable cost of producing 10 units is $18 and the average variable cost of producing 11 units is $20, we know that, between 10 and 11 units of output, A) marginal cost is increasing. B) average total cost is increasing. C) average fixed cost is increasing. D) total cost is either increasing or decreasing. E) none of the above Use the figure below to answer the following questions. Price (dollars per inhaler) 10 7 4. 2...
Use the figure below to answer the following question. Price (dollars per unit 100 80 60 40 20 MR 40 60 80 Quantity (units per week 20 Figure 13.2.1 15) Refer to Figure 13.2.1. This single-price monopoly producesunits per day and charges 15) a price of $ per unit A) 40: 50 B) 20: 75 C) zero; 0 D) 20; 20 E) 20: 50 16) To increase sales from 7 units to 8 units, a single-price monopolist must drop the...
Price/Cost ($) 7) Monopoly II (6 points) The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopoly are shown in the figure below. The figure also shows the demand curve (D) and the marginal revenue curve (MR) for this market. 501 ATC AVC a. What is the firm's profit-maximizing level of output? Label this on the graph. b. What price will the monopolist charge for that level of output? Label this on the graph....
Price und cose (dollars per unc) 50.00 40.00 30.00 20.00 10.00 MR 0 00 200 00 00 00 Quantty (units per hour) The figure above shows the demand curve, marginal revenue curve, and marginal cost curve. The amount of consumer surplus when the market has a monopoly producer is and the amount of consumer surplus when the market is perfectly competitive is A. ace; abf B. abf, ace OC. abf, bed D. ace; bed E. bcd ace
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