Homework Answers
The demand curve will be downward sloping . Demand curve PQ represents the given demand and price of the firm. It is downward sloping signifying the application of the law of demand.
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You are a newly appointed regulator for a monopoly firm in your state. To work out what the regulated price should...
You the newly appointed manager of a profit maximizing monopolistically competitive firm. You decided to ensure...
You the newly appointed manager of a profit maximizing monopolistically competitive firm. You decided to ensure that the firm is actually charging the profit maximizing price for its product and is producing the profit maximizing quantity. Your marketing group estimates that the demand curve faced by your firm is expressed as: P = 900 – 2Q and its total costs is expressed as: C(Q) = 2Q + Q2 a. What price would you charge? And what level of output would...
please answer all of number 7 The hypothetical figure that follows is that of a monopoly...
please answer all of number 7
The hypothetical figure that follows is that of a monopoly firm operating in the short run. Based on this figure, answer the questions below. a. If the monopoly firm is unregulated and seeks to maximize protit, what will be its (1) output rate, and (2) price? b. If you were a regulator charged with setting this firm's price and your objective was to produce a market result as close as possible to that of...
1. Assume that at a given level of output a monopoly firm has marginal revenue of...
1. Assume that at a given level of output a monopoly firm has marginal revenue of $9, its ATC is $9, and marginal cost is $7. If this firm were to incrementally increase its output then A) profit will increase B) price will increase C) profit w decrease D) price will equal marginal revenue. 2. For a monopoly firm, if AVC = $20, P = $21, and ATC = $22, then the firm should: A) increase production. B) produce at...
1.) What is the main difference between a competitive firm and a monopoly? a. A competitive...
1.) What is the main difference between a competitive firm and a monopoly? a. A competitive firm owns a key resource, but a monopoly firm does not. b. A competitive firm is a price taker, and a monopoly is a price maker. c. A competitive firm produces output at a lower cost than a monopoly firm. d. A competitive firm is subject to government regulations, but a monopoly firm is not. 2.) What is the main social problem caused by...
The following exercises will be graded out of 17 points. We should have left enough space...
The following exercises will be graded out of 17 points. We should have left enough space for you to answer directly on the handout. This will be due at 10 a.m. on Monday, March 16th 2020. Exercise 1: Monopoly and externalities (12 points) Consider a monopolistic firm and a perfectly competitive firm both of which pollute. In this question, we will compare monopoly outcomes to perfectly competitive ones, and we will see how the existence of a pollution externality affects...
Check my work Suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of conc...
Check my work Suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of concrete. The firm has fixed costs of $10 million per year and a variable cost of $1 per bag no matter how many bags are produced Instructions: Enter your answers as whole numbers. In part e, round your answer to 2 decimal places. a. If this firm kept on increasing its output level, would ATC per bag ever increase? Click to...
12) Your local water company is a considered A) a natural monopoly and will be regulated....
12) Your local water company is a considered A) a natural monopoly and will be regulated. B) an oligopoly and will be able to charge a price greater than marginal cost. C) monopoly and will not be able to charge a price greater than marginal revenue. D) perfect competition because everyone needs tap water. E) monopolistic competition and will be able to charge a price greater than marginal cost. 13) A barrier to entry is A) the economic term for...
Suppose that after graduating from college with an economics degree, you get a job with your state’s public utilities commission. Your job is to determine the regulated price for an electric utility (a natural monopoly). The figure below shows the current
Suppose that after graduating from college with an economics degree, you get a job with your state’s public utilities commission. Your job is to determine the regulated price for an electric utility (a natural monopoly). The figure below shows the current situation in the market. 1st attemptPart 1 (1 point)See HintIf the electric utility was unregulated, it would earn $ in economic profits. Part 2 (1 point)See HintIf you set a regulated price to achieve economic efficiency, the electric utility would earn $ .Part 3 (1 point)See HintIf the electric utility is...
Scenario #1 200 Scenario #2 Scenario #3 Suppose a price-discriminating monopoly has segregated its market into two...
Scenario #1 200 Scenario #2 Scenario #3 Suppose a price-discriminating monopoly has segregated its market into two sub-markets (Market 1 and Market 2) and can prevent resale between the two. Assume that its marginal cost is $10 and equal to its average total cost of 10. The firm's demand schedule for the first group is glven by the first two columns of the table Market 1 Market 2 18 14 72 518 10 12 70 18 $90 72 70 12...
Suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of concrete. The firm has...
Suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of concrete. The firm has fixed costs of $30 million per year and a variable cost of $2 per bag no matter how many bags are produced nstructions: Enter your answers as whole numbers. In part e, round your answer to 2 decimal places. a. If this firm kept on increasing its output level, would ATC per bag ever increase? Yes Is this a decreasing-cost...
please answer all of number 7
The hypothetical figure that follows is that of a monopoly firm operating in the short run. Based on this figure, answer the questions below. a. If the monopoly firm is unregulated and seeks to maximize protit, what will be its (1) output rate, and (2) price? b. If you were a regulator charged with setting this firm's price and your objective was to produce a market result as close as possible to that of...
1. Assume that at a given level of output a monopoly firm has marginal revenue of $9, its ATC is $9, and marginal cost is $7. If this firm were to incrementally increase its output then A) profit will increase B) price will increase C) profit w decrease D) price will equal marginal revenue. 2. For a monopoly firm, if AVC = $20, P = $21, and ATC = $22, then the firm should: A) increase production. B) produce at...
The following exercises will be graded out of 17 points. We should have left enough space for you to answer directly on the handout. This will be due at 10 a.m. on Monday, March 16th 2020. Exercise 1: Monopoly and externalities (12 points) Consider a monopolistic firm and a perfectly competitive firm both of which pollute. In this question, we will compare monopoly outcomes to perfectly competitive ones, and we will see how the existence of a pollution externality affects...
Check my work Suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of concrete. The firm has fixed costs of $10 million per year and a variable cost of $1 per bag no matter how many bags are produced Instructions: Enter your answers as whole numbers. In part e, round your answer to 2 decimal places. a. If this firm kept on increasing its output level, would ATC per bag ever increase? Click to...
Scenario #1 200 Scenario #2 Scenario #3 Suppose a price-discriminating monopoly has segregated its market into two sub-markets (Market 1 and Market 2) and can prevent resale between the two. Assume that its marginal cost is $10 and equal to its average total cost of 10. The firm's demand schedule for the first group is glven by the first two columns of the table Market 1 Market 2 18 14 72 518 10 12 70 18 $90 72 70 12...
Suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of concrete. The firm has fixed costs of $30 million per year and a variable cost of $2 per bag no matter how many bags are produced nstructions: Enter your answers as whole numbers. In part e, round your answer to 2 decimal places. a. If this firm kept on increasing its output level, would ATC per bag ever increase? Yes Is this a decreasing-cost...
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