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ECON-1010-A-Introduction to Microeconomics

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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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How does a single-price monopoly's outcome compare to the outcome in perfect competition?
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Which of the following statements about a (not perfect) price-discriminating monopoly is correct?

This monopoly produces
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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 consumer surplus between a single-price monopoly and a perfectly competitive market?
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Donna's is the only dog grooming salon on Lonely Island. If Donna's decides to price discriminate between dog owners who are seniors and those who are not, how will the salon's economic profit and number of groomings change?

Economic profit will ________ and the number of groomings will ________.
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What barrier to entry is created if one firm owns a significant portion of a key resource?
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The horizontal axis represents quantity in thousands of bottles per year and ranges from 0 to 1000 with interval 250. The vertical axis represents price in cents per bottle and ranges from 0 to 100 with interval 10. A straight downward-sloping curve that intersects the y-axis at 100 and and the x-axis at 1000 is labeled D. A straight downward-sloping curve that intersects the y-axis at 100 and the x-axis at 500 is labeled MR. A downward sloping curve that is initially steep and becomes less steep is labeled ATC. The D curve and the ATC curve intersect at (800,20).

Figure 12.5.1

Refer to Figure 12.5.1, which shows data for a natural monopoly that bottles spring water. Its total fixed cost is $80,000 per year, and its marginal cost is 10 cents a bottle. If the government imposes average cost pricing on the monopoly, what is the price of a bottle of water?
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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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Which of the following situations is one difference between a perfectly competitive market and a single-price monopoly?
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An image of four graphs plots price versus Quantity. In the graphs, the points plotted on y-axis are P sub 0. The graphs plot two slopes from top left to mid-bottom and bottom-right respectively and a rising slope from mid-left to top right. In the first, second, third, and fourth graph, the first slope falls from top left to mid of x-axis labeled M R, and the second slope falls from top left to the bottom right of x-axis labeled D. The rising slope passes through the mid of the second slope is labeled M C. Area covered by the rising curve, and the slope is shaded.

Figure 12.4.2

Refer to Figure 12.4.2, which shows consumer surplus as the light grey area and producer surplus as the dark grey area. Which graph illustrates a perfect price-discriminating monopoly?
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