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ECON-1010-A-Introduction to Microeconomics

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Table 11.2.5

The two columns of the table are titled Quantity in tatoos per hour and Total cost in dollars per hour.The rows display the data as follows:0; 101; 252; 353; 504; 705; 956; 125

Refer to Table 11.2.5, which shows the total cost schedule of a perfectly competitive firm called Archibald's Tattoos. If the price of a tattoo is $12.50, what is Archibald's economic profit?
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A graph titled, price and cost (dollars per unit) versus quantity (units). The graph plots two convex curves and a horizontal line. The first convex curve that falls from top left to mid-bottom passes through (10, 12) and rises through mid-bottom to top right is labeled, A T C. The second convex curve that rises from bottom left to mid-top passes through (10, 12). The curve increases through mid-top to the top right is labeled M C. Both the curves intersect each other at point (10, 12). A horizontal line that starts from (0, 10) to (10, 10) is labeled M R.

Figure 11.3.1

Refer to Figure 11.3.1, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry. If the market price of the good is $10 per unit, how many units does the firm produce in the short run?

The firm produces ________ units of output and ________.
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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 fixed cost of producing the 4th balloon?
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Table 11.2.1

The three columns of the table are titled Output in units per day, Total revenue in dollars, and Total colst in dollars.The rows display the data as follows:0; 0; 141; 30; 402; 60; 603; 90; 734; 120; 965; 150; 1336; 180; 1807; 210; 230

Refer to Table 11.2.1, which gives the total revenue and total cost schedules of a perfectly competitive firm. What is the maximum profit the firm can make?
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Table 11.2.4

The four columns of the table are titled Quantity in boxes per week, Marginal cost in dollars per additional box, Average variable cost in dollars per box and Average total cost in dollars per box.The rows display the data as follows:200; 6.40; 7.80; 12.80250; 7.00; 7.00' 11.00300; 7.65; 7.10; 10.43350; 8.40; 7.20; 10.06400; 10.00; 7.50; 10.00450; 12.40; 8.00; 10.22500; 20.70; 9.00; 11.00

Refer to Table 11.2.4, in which 1,000 firms produce paper in a market that is perfectly competitive. If the market price is $10.00 a box, how much paper does a firm produce and what is its economic profit?

Each firm produces ________ boxes a week and ________.
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A graph plots Price (dollar per unit) versus Quantity (units per week). In the graph, the horizontal axis ranges from 0 to 80 with an increment of 20 units. The vertical axis ranges from 0 to 100 with an increment of 20 units. The graph plots two slopes from top left to mid-right and bottom left respectively, a horizontal line from (0, 50) to (80, 50) is labeled M C, and three closed points (20, 50), (20, 75), and (40, 50). The first slope that falls through (0, 100) to (40, 0) is labeled M R and the second slope that falls through (0, 100) to (80, 0) is labeled D.

Figure 12.4.6

Refer to Figure 12.4.6, which shows a monopoly. In which of the following situations would the market outcome be efficient?
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A graph plots price versus Quantity. The graph is as follows. In the graph, the points plotted on the y axis are I, F, H, G, and K. The graph plots two slopes from top left to mid-bottom and bottom-right respectively, a rising slope from mid-left to top right. There are 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 12.3.3

Consider Figure 12.3.3, which shows the market outcome. Which area highlights the difference in producer surplus between a single-price monopoly and a perfectly competitive market?
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Fact 12.1.1

The following statements give some information about seven markets.

  1. Coca-Cola cuts its price below that of Pepsi-Cola in an attempt to increase its market share.
  2. A single firm, protected by a barrier to entry, produces a personal service that has no close substitutes.
  3. A barrier to entry exists, but the good has some close substitutes.
  4. A firm offers discounts to students and seniors.
  5. A firm can sell any quantity it chooses at the going price.
  6. The government issues Nike an exclusive licence to produce golf balls.
  7. A firm experiences economies of scale even when it produces the quantity that meets the entire market demand.

Refer to Fact 12.1.1. Which of the statements describes a market which is a natural or legal monopoly?

Statement ________ describes a natural monopoly and statement ________ describes a legal monopoly.
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A graph plots price versus Quantity. The graph is as follows. In the graph, the points plotted on the y axis are I, F, H, G, and K. The graph plots two slopes from top left to mid-bottom and bottom-right respectively, a rising slope from mid-left to top right. There are 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 12.3.3

Consider Figure 12.3.3, which shows the market outcome. Which area indicates the deadweight loss from a single-price monopoly?
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Which of the following outcomes does capture theory say is the natural monopoly's response to regulation?

The monopoly's response to regulation is
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