Homework Answers
Bundling
Bill values X more than Y but Ted values Y more than X.
Bundling means selling both X and Y as a package. This way the firm can charge a higher price and both Bill and Ted will buy the bundled good Bill thinks that he gets Y at a lower price for buying X and Ted thinks that he will get X at a lower price for buying Y.
This way, firm can sell both the goods to both consumers and earn higher profits.
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Question 5 1 pts If Bill values good X more than good Y, and Ted values...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
Question 9 1 pts In the long run, a monopoly will achieve: both productive and allocative...
Question 9 1 pts In the long run, a monopoly will achieve: both productive and allocative efficiency. O productive, but not allocative efficiency neither allocative and productive efficiency. allocative, but not productive, efficiency. Question 10 1 pts Price discrimination is: O common in perfectly competitive markets charging different prices for the same good because it costs more to serve some customers than others, charging different groups of customers different prices for the same good even though there's no difference in...
Please answer and explain the steps involved in each. 20. The rate of product transformation refers...
Please answer and explain the steps involved in each.
20. The rate of product transformation refers to a. how a consumer can trade one good for another while still maximizing his or her utility. b. how a firm can substitute one input for another and still maintain the same production level. c. how production of one good can be substituted for another while still using a fixed supply of inputs efficiently. d. how quickly a firm can produce a final...
Question 14 (1 point) If the price of good x changes relative to good y, the...
Question 14 (1 point) If the price of good x changes relative to good y, the substitution effect suggests that consumers will: buy more of the cheaper good and less of the more expensive. buy more of the more expensive good and less of the cheaper. buy more of both goods. buy less of both goods Question 15 (1 point) As consumers consume more of a good, we expect marginal utility to Increase Decrease Remain constant. Impossible to tell.
please solve both questions: QUESTION 1 A competitive firm faces for the good it is selling....
please solve both questions:
QUESTION 1 A competitive firm faces for the good it is selling. O A. a perfectly elastic demand cuve B. a perfectly inelastic demand curve OC. competition from a government franchise O D. a perfectly elastic supply curve QUESTION 2 A competitive firm might choose to set its price below the market price, because O A. this would result in higher average revenue. B. this would result in higher profits. C. this would result in lower...
Question 9.10 Consider a perfectly competitive firm. When the market price is greater than both the...
Question 9.10 Consider a perfectly competitive firm. When the market price is greater than both the firm's marginal cost and average variable cost, the firm O A Is maximizing profits O BShould shut down O CShould increase its level of output O D Should reduce its level of output
Question 1 For a monopolist? Select one: a. all of the above are true. b. existing...
Question 1 For a monopolist? Select one: a. all of the above are true. b. existing economic profits can be sustained over time. c. its demand curve is downward sloping. d. its marginal revenue is less than price. Question 2. For a natural monopoly, which of the following is false? Select one: a. It is more efficient to have a single firm produce the good. b. One large firm can produce at lower cost than two or more smaller firms....
Question 11 0.16 pts If the price and quantity for an inferior good, Good X, is...
Question 11 0.16 pts If the price and quantity for an inferior good, Good X, is $8 and 6 units at the original equilibrium, what is one possibility for the new equilibrium of Good X if we see income increase and all other factors stay constant? O $6 and 8 units O $10 and 8 units $6 and 4 units O $10 and 2 units O $10 and 4 units Question 12 0.16 pts According to the law of demand,...
Please help with these questions, Question 11 0.16 pts If Firm A is making zero economic...
Please help with these questions,
Question 11 0.16 pts If Firm A is making zero economic profits, Firm A is breaking even when opportunity cost is taken into consideration. O Firm A is also making negative accounting profits. other firms want to enter the market. Firm A wants to shut down in the short run. O Firm A wants to leave the market. Question 12 0.16 pts If firms in a competitive market are making positive economic profits, the long-run...
Which of the following statements is (are) correct? (x) Since the market for wheat is considered...
Which of the following statements is (are) correct? (x) Since the market for wheat is considered to be competitive, a wheat farmer maximizes profit by choosing a quantity at which the market price of wheat is greater than the farm's marginal cost of production. (y) If rational, profit-maximizing firms analyze at the margin, then marginal adjustments to production should increase profit (decrease loss) if the firm is not at its profit-maximizing amount of output. (z) When price is less than...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
Question 9 1 pts In the long run, a monopoly will achieve: both productive and allocative efficiency. O productive, but not allocative efficiency neither allocative and productive efficiency. allocative, but not productive, efficiency. Question 10 1 pts Price discrimination is: O common in perfectly competitive markets charging different prices for the same good because it costs more to serve some customers than others, charging different groups of customers different prices for the same good even though there's no difference in...
Please answer and explain the steps involved in each.
20. The rate of product transformation refers to a. how a consumer can trade one good for another while still maximizing his or her utility. b. how a firm can substitute one input for another and still maintain the same production level. c. how production of one good can be substituted for another while still using a fixed supply of inputs efficiently. d. how quickly a firm can produce a final...
Question 14 (1 point) If the price of good x changes relative to good y, the substitution effect suggests that consumers will: buy more of the cheaper good and less of the more expensive. buy more of the more expensive good and less of the cheaper. buy more of both goods. buy less of both goods Question 15 (1 point) As consumers consume more of a good, we expect marginal utility to Increase Decrease Remain constant. Impossible to tell.
please solve both questions:
QUESTION 1 A competitive firm faces for the good it is selling. O A. a perfectly elastic demand cuve B. a perfectly inelastic demand curve OC. competition from a government franchise O D. a perfectly elastic supply curve QUESTION 2 A competitive firm might choose to set its price below the market price, because O A. this would result in higher average revenue. B. this would result in higher profits. C. this would result in lower...
Question 9.10 Consider a perfectly competitive firm. When the market price is greater than both the firm's marginal cost and average variable cost, the firm O A Is maximizing profits O BShould shut down O CShould increase its level of output O D Should reduce its level of output
Question 11 0.16 pts If the price and quantity for an inferior good, Good X, is $8 and 6 units at the original equilibrium, what is one possibility for the new equilibrium of Good X if we see income increase and all other factors stay constant? O $6 and 8 units O $10 and 8 units $6 and 4 units O $10 and 2 units O $10 and 4 units Question 12 0.16 pts According to the law of demand,...
Please help with these questions,
Question 11 0.16 pts If Firm A is making zero economic profits, Firm A is breaking even when opportunity cost is taken into consideration. O Firm A is also making negative accounting profits. other firms want to enter the market. Firm A wants to shut down in the short run. O Firm A wants to leave the market. Question 12 0.16 pts If firms in a competitive market are making positive economic profits, the long-run...
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