Homework Answers
1. False
Explanation: In the short run, a firm should shut down if the price is lower than the average variable cost.
2. True
Explanation: In price discrimination, the deadweight loss gets reduced to some degree.
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Are they both correct
In the short run, a firm shuts down if price is less...
Question 6 Tries remaining:2 Calculate the price where the firm shuts down in the short run....
Question 6 Tries remaining:2 Calculate the price where the firm shuts down in the short run. Points out of 6.25(Do not include a $ sign in your response. Round to the nearest two decimal places if necessary.) Suppose a firm has an average total cost function given by: ATC 9610/q +1 +10q. Flag question Answer Check
Price Discriminating Monopolist vs. Single Price Monopolist I have 4/5 answers to the question correct, but I do not kno...
Price Discriminating Monopolist vs. Single Price Monopolist
I have 4/5 answers to the question correct, but I do not know
which ones, and I cannot seem to figure out which one I have
incorrect. My answers are:
8
4
8
increases
Less Than
3. (Figure: Price-Discriminating Monopolist 2) The perfectly price-discriminating monopolist in this diagram will produce units of output, and a single-price monopolist would produce units of output. Consumer surplus under a perfectly price discriminating monopolist is_ dollars less...
44. Under both perfect competition and monopoly, a firm: a. is a price taker. b. is a price maker. c will shut down...
44. Under both perfect competition and monopoly, a firm: a. is a price taker. b. is a price maker. c will shut down in the short-run if price falls short of average total cost d. always earns a pure economic profit. e.) sets marginal cost equal to marginal revenue. 45. True/False. In the long run, all inputs AND costs are variable. a. True b. False 46. True/False. Marginal cost is calculated by dividing the change in total cost by the...
The loss of a perfectly competitive firm which shuts down in the short run: Multiple Choice...
The loss of a perfectly competitive firm which shuts down in the short run: Multiple Choice O is equal to its total variable costs. O O ь is zero. гето. O is equal to its total fixed costs. cannot be determined. Refer to the diagrams, which show the demand and cost curves for a perfectly competitive firm producing output and the demand and supply curve for the industry in which it operates. Which of the following is correct? ATC AVC...
8. In the short run, a perfectly competitive firm will shut down if it is producing...
8. In the short run, a perfectly competitive firm will shut down if it is producing a level of output where marginal revenue is equal to short-run marginal cost and price is A. Greater than average total cost. B. Less than average total cost. C. Greater than average variable cost. D. Less than average variable cost E. None of the above 10. Given your answer to Question 8, what can you say about Hanna's firm: A. It should continue operating...
3. (Figure: Price-Discriminating Monopolist 2) The perfectly price-discriminating monopolist in this diagram will produce units of...
3. (Figure: Price-Discriminating Monopolist 2) The perfectly price-discriminating monopolist in this diagram will produce units of output, and a single price monopolist would produce units of output. Consumer surplus under a perfectly price discriminating monopolist is dollars less than under a single-price monopolist. While, perfect price discrimination results in reduced consumer surplus, it (increases/decreases) producer surplus and ultimately results in deadweight loss that is (less than/equal to greater than the amount of deadweight loss found in a perfectly competitive market....
The perfect price-discriminating monopolist in this diagram will produce ____ units of output, and a single-price...
The perfect price-discriminating monopolist in this diagram will
produce ____ units of output, and a single-price monopolist would
produce _____ units of output. Consumer surplus under a perfectly
price discriminating monopolist is _____ dollars than under a
single-price monopolist. While, perfect price discrimination
results in reduced consumer surplus, it (increases/decreases)
producer surplus and ultimately results in deadweight loss that is
(less than/greater than/equal to) the amount of deadweight loss
found in a perfectly competitive market.
3 5 points Price $10...
Fixed costs are irrelevant in the decision about whether to shut down production in the short...
Fixed costs are irrelevant in the decision about whether to shut down production in the short run because fixed costs: do not affect, and are not affected by, the quantity the firm produces. can be paid off over time. only change when production changes only change in the short run |If a profit-maximizing perfectly competitive firm shuts down in the short run, it incurs no losses. it incurs an economic loss equal to total fixed cost. its profit equals zero....
Condé Nast shuts down Portfolio Condé Nast Publications launched its monthly business magazine Portfolio less than...
Condé Nast shuts down Portfolio Condé Nast Publications launched its monthly business magazine Portfolio less than two years ago. In late 2008, Condé Nast cut its payroll and advertising budgets by an average of 5 percent. Portfolio was hit with the biggest cuts. Recently, Condé Nast shut down Portfolio. Source: Wall Street Journal, April 28, 2009 Explain the effects of the payroll and advertising budget cuts on Condé Nast's loss in the short run. Why did Condé Nast shut down...
A firm is seeing a $500 loss in the short run. The fixed cost of operation...
A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $1,000. What is the best decision for this frm in the short run? e This firm should shut down production immediately o This firm should produce more than what it is aurrently producing O This firm should not shut down production in the short run. eThere is not enough information provided to answer. 1 pts Question 16 A firm is...
Question 6 Tries remaining:2 Calculate the price where the firm shuts down in the short run. Points out of 6.25(Do not include a $ sign in your response. Round to the nearest two decimal places if necessary.) Suppose a firm has an average total cost function given by: ATC 9610/q +1 +10q. Flag question Answer Check
Price Discriminating Monopolist vs. Single Price Monopolist
I have 4/5 answers to the question correct, but I do not know
which ones, and I cannot seem to figure out which one I have
incorrect. My answers are:
8
4
8
increases
Less Than
3. (Figure: Price-Discriminating Monopolist 2) The perfectly price-discriminating monopolist in this diagram will produce units of output, and a single-price monopolist would produce units of output. Consumer surplus under a perfectly price discriminating monopolist is_ dollars less...
44. Under both perfect competition and monopoly, a firm: a. is a price taker. b. is a price maker. c will shut down in the short-run if price falls short of average total cost d. always earns a pure economic profit. e.) sets marginal cost equal to marginal revenue. 45. True/False. In the long run, all inputs AND costs are variable. a. True b. False 46. True/False. Marginal cost is calculated by dividing the change in total cost by the...
The loss of a perfectly competitive firm which shuts down in the short run: Multiple Choice O is equal to its total variable costs. O O ь is zero. гето. O is equal to its total fixed costs. cannot be determined. Refer to the diagrams, which show the demand and cost curves for a perfectly competitive firm producing output and the demand and supply curve for the industry in which it operates. Which of the following is correct? ATC AVC...
8. In the short run, a perfectly competitive firm will shut down if it is producing a level of output where marginal revenue is equal to short-run marginal cost and price is A. Greater than average total cost. B. Less than average total cost. C. Greater than average variable cost. D. Less than average variable cost E. None of the above 10. Given your answer to Question 8, what can you say about Hanna's firm: A. It should continue operating...
3. (Figure: Price-Discriminating Monopolist 2) The perfectly price-discriminating monopolist in this diagram will produce units of output, and a single price monopolist would produce units of output. Consumer surplus under a perfectly price discriminating monopolist is dollars less than under a single-price monopolist. While, perfect price discrimination results in reduced consumer surplus, it (increases/decreases) producer surplus and ultimately results in deadweight loss that is (less than/equal to greater than the amount of deadweight loss found in a perfectly competitive market....
The perfect price-discriminating monopolist in this diagram will
produce ____ units of output, and a single-price monopolist would
produce _____ units of output. Consumer surplus under a perfectly
price discriminating monopolist is _____ dollars than under a
single-price monopolist. While, perfect price discrimination
results in reduced consumer surplus, it (increases/decreases)
producer surplus and ultimately results in deadweight loss that is
(less than/greater than/equal to) the amount of deadweight loss
found in a perfectly competitive market.
3 5 points Price $10...
Fixed costs are irrelevant in the decision about whether to shut down production in the short run because fixed costs: do not affect, and are not affected by, the quantity the firm produces. can be paid off over time. only change when production changes only change in the short run |If a profit-maximizing perfectly competitive firm shuts down in the short run, it incurs no losses. it incurs an economic loss equal to total fixed cost. its profit equals zero....
Condé Nast shuts down Portfolio Condé Nast Publications launched its monthly business magazine Portfolio less than two years ago. In late 2008, Condé Nast cut its payroll and advertising budgets by an average of 5 percent. Portfolio was hit with the biggest cuts. Recently, Condé Nast shut down Portfolio. Source: Wall Street Journal, April 28, 2009 Explain the effects of the payroll and advertising budget cuts on Condé Nast's loss in the short run. Why did Condé Nast shut down...
A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $1,000. What is the best decision for this frm in the short run? e This firm should shut down production immediately o This firm should produce more than what it is aurrently producing O This firm should not shut down production in the short run. eThere is not enough information provided to answer. 1 pts Question 16 A firm is...
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