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ECON-1010-A-Introduction to Microeconomics

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A graph plots price (dollar per ticket) versus Quantity (tickets per week). In the graph, the horizontal axis ranges from 0 to 100 with an increment of 10 units. The vertical axis ranges from 0.00 to 5.00 with an increment of 1.0 units. The graph plots two slopes from top left to mid-right and bottom left respectively, a horizontal line from (0, 2.00) to (100, 2.00) is labeled M C, and four closed points (30, 2.00), (30, 3.50), (50, 2.50), and (60, 2.00). The first slope that falls through (0, 5.00) to (50, 0.00) is labeled M R, and the second slope that falls through (0, 5.00) to (100, 0.00) is labeled D.

Figure 12.4.1

Refer to Figure 12.4.1, which shows the market for monopoly. If this monopoly practises perfect price discrimination, what is the monopoly's total revenue?
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A graph plots price (dollar per ticket) versus Quantity (tickets per week). In the graph, the horizontal axis ranges from 0 to 100 with an increment of 10 units. The vertical axis ranges from 0.00 to 5.00 with an increment of 1.0 units. The graph plots two slopes from top left to mid-right and bottom left respectively, a horizontal line from (0, 2.00) to (100, 2.00) is labeled M C, and four closed points (30, 2.00), (30, 3.50), (50, 2.50), and (60, 2.00). The first slope that falls through (0, 5.00) to (50, 0.00) is labeled M R, and the second slope that falls through (0, 5.00) to (100, 0.00) is labeled D.

Figure 12.4.1

Refer to Figure 12.4.1, which shows the market for monopoly. If this monopoly practises perfect price discrimination, what is the lowest price this monopoly charges for a ticket?
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A graph plots price (dollar per unit) versus Quantity (units per week). The horizontal axis ranges from 0 to 80 with an increment of 10 units. The vertical axis ranges from 0 to 100 with an increment of 10 units. The graph plots two slopes from top left to mid-right and bottom left respectively, a convex curve from mid-left to mid-top, and three closed points (20, 50), (20, 75), and (30, 62). The first slope falls through (0, 100) to (40, 0) is labeled M R, and the second slope falls through (0, 100) to (80, 0) is labeled D. The convex curve rises through (5, 40), (20, 50), (30, 62) to (45, 90) is labeled M C.

Figure 12.3.1

Refer to Figure 12.3.1, which shows the market for a single-price monopoly. Compare the single-price monopoly's profit-maximizing quantity and the quantity that a perfectly competitive firm would produce.

A perfectly competitive firm's profit-maximizing output would exceed the single-price monopoly's output by
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A graph plots price versus Quantity.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, and P sub 3. The graph plots two slopes from top left to mid-bottom and bottom right labeled M R and D, respectively. A horizontal line (0, P sub 0) from mid-left to mid-right is labeled M C. A convex curve from top left to bottom right, falling through (Q sub 0.5, P sub 3), (Q sub 1, P sub 2.5) to (Q sub 3, P sub 2). There are seven closed points A (Q sub 1, P sub 3), B (Q sub 1, P sub 2), C (Q sub 1, P sub 0), D (Q sub 2, P sub 2), E (Q sub 2, P sub 0), F (Q sub 3, P sub 0), and G (Q sub 3, P sub 2).

Figure 12.5.2

Refer to Figure 12.5.2, which shows the market with a natural monopoly. What area in the graph represents the deadweight loss arising from an average cost pricing rule?
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A graph plots price and cost (dollar per cake) versus Quantity (cakes per week).In the graph, the horizontal axis ranges from 0 to 24 with an increment of 2 units. The vertical axis ranges from 0 to 40 with an increment of 4 units. The graph plots two slopes from top left to mid-right and bottom left respectively, a convex curve from bottom left to top right, and four closed points (2, 36), (12, 28), (12, 16), and (16, 24). The first slope falls through (0, 40) to (20, 0) is labeled M R, and the second slope falls through (0, 40) to (24, 16) is labeled D. The convex curve rises through (4, 6), (12, 16), (16, 24) to (20, 40) is labeled M C.

Figure 12.2.4

Refer to Figure 12.2.4, which shows the market for Grannie's, the only cake bakery on Coastal Island. What is Grannie's profit-maximizing price and output?

Grannie's profit-maximizing price is ________ and its profit-maximizing output is ________.
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Which of the following items grants an exclusive right to a firm to supply a good or service?
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A graph of economic profit (dollars per day) versus quantity. A graph plots a continuous smooth curve that rises through closed points A (0, negative 30), B (20, 0), C (30, 30), and (40, 0). All values are estimated.

Figure 11.2.2

Refer to Figure 11.2.2, which shows a perfectly competitive firm's economic profit and loss. At which points is the firm making zero economic profit in the short run?
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The horizontal axis represents Quantity in units. The vertical axis represents Price and cost in dollars per unit. A horizontal line at y equals P1 is labeled MR. An upward-sloping curved line that becomes steeper is labeled MC.A u-shaped curve is labeled ATC.The MC curve intersects the ATC curve at the ATC curve's minimum. The two curves intersect above the MR line.The MC curve intersects the MR curve to the left of the intersection of the MC and ATC curves.

Figure 11.4.4

Refer to Figure 11.4.4, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive market. Which of the following events occurs in the long run?

Each firm is
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When the government uses an average cost pricing rule to regulate a natural monopoly, what does the monopoly's price equal?
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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 12.4.5

Which area in Figure 12.4.5 indicates the deadweight loss from a perfect price-discriminating monopoly?
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