Homework Answers
Ans: 1, The right answer is option B, that is, should increase output. As we know, a monopolist produces at the level where marginal revenue is equal to the marginal cost, therefore, when marginal revenue is greater than the marginal cost the monopoly should increase the output.
Ans: 40, The right answer is option C, that is, the additional revenue to a firm from producing one more unit of output.
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Question 1 (Mandatory) (5 points) Saved If at an output of 10 units a monopolist is...
Question 19 (Mandatory) (5 points) In short-run equilibrium, a firm in a monopolistically competitive market produces...
Question 19 (Mandatory) (5 points) In short-run equilibrium, a firm in a monopolistically competitive market produces at a level of output at which OA) no new entry will occur. OB) the revenue generated by selling an additional unit is equal to the cost of producing the additional unit. C) the firm breaks even. D) the revenue per unit is equal to the cost per unit. Question 20 (Mandatory) (5 points) A natural monopoly OA) is a market in which long-run...
Question 10 (Mandatory) (1 point) The single-price monopolist produces the quantity of output at which marginal...
Question 10 (Mandatory) (1 point) The single-price monopolist produces the quantity of output at which marginal cost equals marginal revenue and charges a price that is greater than marginal revenue. True False
OD) should raise the price at the current output level. Question 3 (Mandatory) (3 points) If...
OD) should raise the price at the current output level. Question 3 (Mandatory) (3 points) If the marginal revenue product of the sixth worker is $2 and the marginal resource cost of the sixth worker is $4, then the sixth worker should be employed. True False Question 4 (Mandatory) (5 points) Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce either 16 oranges or 4 apples an hour. Which of the following statements is...
Question 3 (Mandatory) (1 point) Which of the following statements is false? a) Changes in variable...
Question 3 (Mandatory) (1 point) Which of the following statements is false? a) Changes in variable costs are reflected dollar-for-dollar in changes in total cost. b) Fixed costs exist in the short run, but not in the long run. c) Marginal cost is the cost of producing an additional unit of output. d) Since (total) fixed costs are constant as output changes in the short run, it follows that average fi- constant in the short run. Question 4 (Mandatory) (1...
Question 29 (Mandatory) (5 points) Number of droids 0 1 Output of moisture (barrels per month)...
Question 29 (Mandatory) (5 points) Number of droids 0 1 Output of moisture (barrels per month) 0 30 55 75 90 100 2 3 4 5 Reference: Ref 12-1 Luke Skywalker's Uncle Owen operates a moisture farm on the planet Tatooine. The moisture farm utilizes droids as a resource to produce the moisture. Owen's production function is given in the accompanying table. If a barrel of moisture sells for 50 Republic Credits, what is the marginal revenue product of the...
3) A monopoly firm can sell 50 units of output for $10 per unit. Alternatively, it...
3) A monopoly firm can sell 50 units of output for $10 per unit. Alternatively, it can sell 51 units of output for $9.85 per unit. (8 points) a) What is the total revenue earned from selling 50 units of output? (2 points) b) What is the total revenue earned from selling 51 units of output? (2 points) c) What is the marginal revenue from selling the 51 unit of output? (2 points) d) Suppose the marginal cost of producing...
A profit-maximizing monopolist will continue expanding output as long as: o marginal revenue exceeds marginal cost....
A profit-maximizing monopolist will continue expanding output as long as: o marginal revenue exceeds marginal cost. o marginal revenue is positive. o the cost of producing an additional unit exceeds the marginal revenue derived from the unit. o economic profit is more than zero.
charterll from the sale of output input is known as The change in revenue that results...
charterll from the sale of output input is known as The change in revenue that results from th by one additional unit of an input is ki a) Total physical product b) Profit c) Marginal physical product d) Marginal revenue product in the market where it sells its For a firm that is a price-taker in the market where it output, a) the menu of price-quantity combinations is given negatively-sloped demand curve for output. b) marginal is always less than...
1) 1) A single-price monopolist is currently producing an output level where P-520, MR = $13,...
1) 1) A single-price monopolist is currently producing an output level where P-520, MR = $13, ATC = $15, and MC = $14. In order to maximize profits, this monopolist should A) shut down B) decrease production and increase price. C) not change his output level, because he is currently at the profit-maximizing output level. D) increase production and reduce price. E) there is insufficient information to make a recommendation 2) 2) Consider a monopolist that is able to distinguish...
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 19 (Mandatory) (5 points) In short-run equilibrium, a firm in a monopolistically competitive market produces at a level of output at which OA) no new entry will occur. OB) the revenue generated by selling an additional unit is equal to the cost of producing the additional unit. C) the firm breaks even. D) the revenue per unit is equal to the cost per unit. Question 20 (Mandatory) (5 points) A natural monopoly OA) is a market in which long-run...
Question 10 (Mandatory) (1 point) The single-price monopolist produces the quantity of output at which marginal cost equals marginal revenue and charges a price that is greater than marginal revenue. True False
OD) should raise the price at the current output level. Question 3 (Mandatory) (3 points) If the marginal revenue product of the sixth worker is $2 and the marginal resource cost of the sixth worker is $4, then the sixth worker should be employed. True False Question 4 (Mandatory) (5 points) Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce either 16 oranges or 4 apples an hour. Which of the following statements is...
Question 3 (Mandatory) (1 point) Which of the following statements is false? a) Changes in variable costs are reflected dollar-for-dollar in changes in total cost. b) Fixed costs exist in the short run, but not in the long run. c) Marginal cost is the cost of producing an additional unit of output. d) Since (total) fixed costs are constant as output changes in the short run, it follows that average fi- constant in the short run. Question 4 (Mandatory) (1...
Question 29 (Mandatory) (5 points) Number of droids 0 1 Output of moisture (barrels per month) 0 30 55 75 90 100 2 3 4 5 Reference: Ref 12-1 Luke Skywalker's Uncle Owen operates a moisture farm on the planet Tatooine. The moisture farm utilizes droids as a resource to produce the moisture. Owen's production function is given in the accompanying table. If a barrel of moisture sells for 50 Republic Credits, what is the marginal revenue product of the...
3) A monopoly firm can sell 50 units of output for $10 per unit. Alternatively, it can sell 51 units of output for $9.85 per unit. (8 points) a) What is the total revenue earned from selling 50 units of output? (2 points) b) What is the total revenue earned from selling 51 units of output? (2 points) c) What is the marginal revenue from selling the 51 unit of output? (2 points) d) Suppose the marginal cost of producing...
A profit-maximizing monopolist will continue expanding output as long as: o marginal revenue exceeds marginal cost. o marginal revenue is positive. o the cost of producing an additional unit exceeds the marginal revenue derived from the unit. o economic profit is more than zero.
charterll from the sale of output input is known as The change in revenue that results from th by one additional unit of an input is ki a) Total physical product b) Profit c) Marginal physical product d) Marginal revenue product in the market where it sells its For a firm that is a price-taker in the market where it output, a) the menu of price-quantity combinations is given negatively-sloped demand curve for output. b) marginal is always less than...
1) 1) A single-price monopolist is currently producing an output level where P-520, MR = $13, ATC = $15, and MC = $14. In order to maximize profits, this monopolist should A) shut down B) decrease production and increase price. C) not change his output level, because he is currently at the profit-maximizing output level. D) increase production and reduce price. E) there is insufficient information to make a recommendation 2) 2) Consider a monopolist that is able to distinguish...
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