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ECON-1010-A-Introduction to Microeconomics

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Consider a monopolistically competitive industry in long-run equilibrium. Suppose there is a large increase in wages that raises the costs for all firms. What happens within each firm in the short run? 
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A graph plots price and cost (dollars per unit) versus Quantity (units per week). In the graph, the points plotted on the x-axis are Q sub 0, Q sub 1, Q sub 2, Q sub 3, and Q sub 4, and the points plotted on the y-axis are P sub 1, P sub 2, P sub 3, P sub 4, and P sub 4. The graph plots two slopes, two convex curves, and six closed points (Q sub 1, P sub 2), (Q sub 1, P sub 5), (Q sub 2, P sub 1), (Q sub 2, P sub 4), (Q sub 3, P sub 3), and (Q sub 4, P sub 2). The first slopes fall through the top left to (Q sub 4) is labeled M R. The second slope falls through the top left to mid-right is labeled D. The first curve rises through (Q sub 1, P sub 0.5) to (Q sub 1, P sub 1) to (Q sub 3, P sub 5) is labeled, M C and the second curve falls through (Q sub 0.5, P sub 3) to (Q sub 3, P sub 1.8) then rises through (Q sub 4, P sub 2)is labeled A T C. All values are estimated.

Figure 13.2.2

Refer to Figure 13.2.2, which shows a firm in short-run equilibrium in monopolistic competition. Which of the following events will occur in this market in the long run?
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A graph plots price versus Quantity. In the graph, the points plotted on the y axis are I, F, H, G, and K. The graph two slopes from top left to mid-bottom and bottom-right respectively, a rising slope from mid-left to top right, and four closed points labeled A, B, C, and D. The first slope falls from K to mid of x-axis labeled M R, and the second slope falls from K to the bottom right of x-axis labeled D. The rising slope passes through (0, I), C, and D are labeled M C.

Figure 12.4.3

Refer to Figure 12.4.3, which shows a monopoly market. Which of the following areas indicates the consumer surplus from a perfect price-discriminating monopoly?
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A graph plots price (Dollar per unit) versus Quantity (millions of inhalers). In the graph, the horizontal axis ranges from 0 to 20 with an increment of 4 units. The vertical axis ranges from 0 to 10 with an increment of 1 unit. The graph plots two slopes from top left to mid-bottom and bottom-right respectively, a horizontal line from (0, 2) to (20, 2) labeled M C, and four open points (8, 2), (8, 6), (10, 5) and (16, 2). The first slope that falls through (0, 10) to (10, 0) is labeled M R, and the second slope falls through (0, 10) to (20, 0) labeled D.

Figure 12.4.4

Refer to Figure 12.4.4, which shows the market for Prime Pharmaceuticals' inhalers, for which it has a patent. Prime's marginal cost is constant at $2 an inhaler. If Prime Pharmaceuticals can perfectly price discriminate, how much consumer surplus will Prime create?
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Which of the following statements equals the markup of the firm in monopolistic competition?

The firm's markup equals the amount by which
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The market in which Roots sells its jackets is monopolistic competition. Roots' marginal cost of a jacket is $125 and its total fixed cost is $1,500 a day. Roots sells 20 jackets a day, but now it decides to spend $2,000 a day to advertise its jackets. If the advertising is successful, it will sell 70 jackets a day. What is the average total cost of a Roots' jacket?
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Why do firms in monopolistic competition make zero economic profit in the long run?
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A graph plots price (dollars per jacket) versus Quantity (jacket per day). In the graph, the horizontal axis ranges from 0 to 400 with an increment of 80 units. The vertical axis ranges from 0 to 180 with an increment of 20 units. The graph plots two slopes, two convex curves, and a closed point (200, 78). The first slopes fall through (0, 120) to (400, 30) is labeled M R, and the second slope falls through (0, 120) to (400, 70) is labeled D. The first curve falls through (20, 70) to (80, 50) then rises through (160, 60) to (300, 170) is labeled M C and the second curve falls through (130, 160) to (280, 130) then rises through (320, 135) to (400, 160) is labeled A T C.

Figure 13.2.3

Refer to Figure 13.2.3, which shows the market demand curve for Gap's jackets and the marginal revenue and cost curves faced by Gap. What is Gap's profit-maximizing quantity of jackets to produce?
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Table 11.2.3

The two columns of the table are titled Output in balloons per hour and Total cost in dollars per hour.The rows display the data as follows:0; 4.001; 7.002; 8.003; 12.504; 17.205; 22.006; 29.00

Refer to Table 11.2.3, which gives the total cost schedule for Brenda's Balloon Shop, a perfectly competitive firm. What is Brenda's average variable cost of producing the 1 balloon per hour?
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A graph plots price (Dollar per unit) versus Quantity (millions of inhalers). In the graph, the horizontal axis ranges from 0 to 20 with an increment of 4 units. The vertical axis ranges from 0 to 10 with an increment of 1 unit. The graph plots two slopes from top left to mid-bottom and bottom-right respectively, a horizontal line from (0, 2) to (20, 2) labeled M C, and four open points (8, 2), (8, 6), (10, 5) and (16, 2). The first slope that falls through (0, 10) to (10, 0) is labeled M R, and the second slope falls through (0, 10) to (20, 0) labeled D.

Figure 12.4.4

Refer to Figure 12.4.4, which shows the market for Prime Pharmaceuticals' inhalers, for which it has a patent. Prime's marginal cost is constant at $2 an inhaler. If Prime Pharmaceuticals can perfectly price discriminate, how much producer surplus will Prime create?
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