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L010-1 4. The following table indicates the prices various buyers are willing to pay for a...
4. A monopolist faces a market demand defined by P 20. There are no fixed costs. 100 (1/5)Q. Her ...
4. A monopolist faces a market demand defined by P 20. There are no fixed costs. 100 (1/5)Q. Her marginal cost is given by MC (a) Graph the market demand, the marginal revenue curve and the marginal cost curve, labeling the intercepts. (5 marks) (b) Calculate the monopolist's profit-maximizing price, output and profit. (5 marks) (c) Suppose that this market can now be divided into two separate markets and the supplier can discriminate between them. The demand curves are given...
There are four consumers willing to pay the following amounts for an electric car. Consumer 1:...
There are four consumers willing to pay the following amounts for an electric car. Consumer 1: Consumer 2: Consumer 3: Consumer 4 60,000 50,000 90,000 S30,000 There are four firms that can produce electric cars. Each can produce one car at the following costs Firm C $40,000 Firm A: Firm B: 580,000 Firm D: 30,000 $50,000 Each firm can produce at most one car. Suppose the market for electric cars is competitive Why is the equilibrium price in this market...
1. Let the market demand curve be P=1000 - 10Q. Assume the market is controlled by...
1. Let the market demand curve be P=1000 - 10Q. Assume the market is controlled by a monopolist. Let fixed cost be $10,000 and Marginal Costs (MC)=20Q. a) What is the profit maximizing output? b) What is the monopolist's total revenue at the profit maximizing output? c) How much profit is the monopolist earning? d) Assume the government breaks up the monopolist in order to create a perfectly competitive market of identical firms. Assume the MC curve is now the...
Chapter 11 1. You are a self-employed profit-maximization consultant specializing in monopolies. Five single-price, profit-maximizing monopolies...
Chapter 11 1. You are a self-employed profit-maximization consultant specializing in monopolies. Five single-price, profit-maximizing monopolies are currently seeking your advice, and al- though the information they have supplied to you is incomplete, your expert knowledge allows you to go back and make a definite recommendation in each case. Select one of the following recommendations for each firm in the short run: a. Remain at the current output level. b. Increase output. c. Reduce output. d. Shut down. e. Go...
MLTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question (2...
MLTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question (2 points each). 1) Which of the following sellers is most able to perfectly price discriminate A) a clothing store C) a grocery supermarket B) the post office D) a college or university 2) When firms price discriminate they turn A) producer surplus; consumer surplus C) consumer surplus; profit into B) total cost; profit D) producer surplus; revenue 3) IE a firm faces a flat...
1.54.800 26. Willingness to pay meates the value that a buyer places on a pood is...
1.54.800 26. Willingness to pay meates the value that a buyer places on a pood is the amount a seller actually gives for a good minus to accept is the maximum amount buncis willing to pay min accept d. is the amount a buyer is willing to pay good minus the minimum amount the seller is willing to pay minus the minimum amount a seller is willing to buyer is willing to pay for m inus the amount the buyer...
Crazy Harry, a monopolist, has a total cost curve given by TC = 4Q + 12....
Crazy Harry, a monopolist, has a total cost curve given by TC = 4Q + 12. He sets two prices for his product, a regular price, PH, and a discount price, PL. Everyone is eligible to purchase the product at PH. To be eligible to buy at PL, it is necessary to present a copy of the latest Crazy Harry newspaper ad to the salesclerk. Suppose the only buyers who present the ad are those who would not have been...
Suppose a monopolist faces the following demand curve: P = 440 – 7Q. The long run marginal cost of production is constant and equal to $20, and there are no fixed costs. A) What is the monopolist’s...
Suppose a monopolist faces the following demand curve: P = 440 – 7Q. The long run marginal cost of production is constant and equal to $20, and there are no fixed costs. A) What is the monopolist’s profit maximizing level of output? B) What price will the profit maximizing monopolist produce? C) How much profit will the monopolist make if she maximizes her profit? D) What would be the value of consumer surplus if the market were perfectly competitive? E)...
2.Based on the demand and cost data for a pure monopolist given in the table below,...
2.Based on the demand and cost data for a pure monopolist given in the table below, answer the following questions -------------------------------------------------------------------------------------------------------------- Output 0 1 2 3 4 5 Price ($) 1000 600 500 400 300 200 Total Cost 500 520 580 700 1000 1500 -------------------------------------------------------------------------------------------------------------- a. Calculate the marginal revenue and marginal cost for this monopolist. b. How many units of output will the profit-maximizing monopolist produce? At what price? c. If this is a perfectly discriminating monopolist and he...
1. A company is planning to monopolize their streaming services called HooFlix in Malaysia. The company has invested MYR 3 million into their streaming services. The company also face a marginal cost of MYR 10 per each streaming service they offer. Th
1. A company is planning to monopolize their streaming services called HooFlix in Malaysia. The company has invested MYR 3 million into their streaming services. The company also face a marginal cost of MYR 10 per each streaming service they offer. The table below shows the HooFlix’s pricing for their streaming services per month and the quantity demanded at each pricing. PRICE (MYR)QUANTITY DEMANDEDMYR 13010,00012020,00011030,00010040,0009050,0008060,0007070,0006080,0005090,000 Using the information above, calculate the total revenue, marginal revenue, total cost, and profit. As a monopoly...
4. A monopolist faces a market demand defined by P 20. There are no fixed costs. 100 (1/5)Q. Her marginal cost is given by MC (a) Graph the market demand, the marginal revenue curve and the marginal cost curve, labeling the intercepts. (5 marks) (b) Calculate the monopolist's profit-maximizing price, output and profit. (5 marks) (c) Suppose that this market can now be divided into two separate markets and the supplier can discriminate between them. The demand curves are given...
There are four consumers willing to pay the following amounts for an electric car. Consumer 1: Consumer 2: Consumer 3: Consumer 4 60,000 50,000 90,000 S30,000 There are four firms that can produce electric cars. Each can produce one car at the following costs Firm C $40,000 Firm A: Firm B: 580,000 Firm D: 30,000 $50,000 Each firm can produce at most one car. Suppose the market for electric cars is competitive Why is the equilibrium price in this market...
Chapter 11 1. You are a self-employed profit-maximization consultant specializing in monopolies. Five single-price, profit-maximizing monopolies are currently seeking your advice, and al- though the information they have supplied to you is incomplete, your expert knowledge allows you to go back and make a definite recommendation in each case. Select one of the following recommendations for each firm in the short run: a. Remain at the current output level. b. Increase output. c. Reduce output. d. Shut down. e. Go...
MLTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question (2 points each). 1) Which of the following sellers is most able to perfectly price discriminate A) a clothing store C) a grocery supermarket B) the post office D) a college or university 2) When firms price discriminate they turn A) producer surplus; consumer surplus C) consumer surplus; profit into B) total cost; profit D) producer surplus; revenue 3) IE a firm faces a flat...
1.54.800 26. Willingness to pay meates the value that a buyer places on a pood is the amount a seller actually gives for a good minus to accept is the maximum amount buncis willing to pay min accept d. is the amount a buyer is willing to pay good minus the minimum amount the seller is willing to pay minus the minimum amount a seller is willing to buyer is willing to pay for m inus the amount the buyer...
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