ECON-1010-D1/D2-Introduction to Microeconomics
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MATCHING DEFINITION
Activities a company undertakes
to promote the buying or selling of a product or service.
Use the figure to answer to answer the following 8 questions.
The figure above shows demand and marginal revenue for a single price monopoly.
At any price above $ demand is elastic.
Assume production costs are constant and equal to $750.00 (i.e., AC = MC = $750).
1) Output is units per day at a price of $ per unit.
2) Profit is $ .
3) Consumer surplus is $ .
4) If this market was perfectly competitive, output would exceed the single-price monopoly output by units.
Assume this is a perfectly price discriminating monopoly at a constant cost equal to $375.00 (i.e., AC = MC = $375).
5) The lowest price charged per unit is $ .
6) Output is .
7) Profit is $ .
8) Consumer surplus is $ .
Use the figure to answer to answer the following 3 questions. The figure above shows the demand and cost curves facing a price-setting firm.
1) The profit-maximizing (or loss-minimizing) level of output is .
2) In profit-maximizing (or loss-minimizing) equilibrium, the price-setting firm earns$ in total revenue, which is than the maximum possible total revenue of $ .
3) In short run the maximum profit the firm can earn is $ .
What is the difference in consumer surplus between a single-price monopoly and a perfectly competitive market?
.
2) If the firm earns profits of $1500 by producing 40 units of output, the firm has Total Costs of $ .Please answer all parts of the question..
2) At this level of output the firm earns a profit of $.
3) At the profit maximizing level of output the last unit produced and sold adds $ to revenue and $to cost.
4) One more unit of output beyond the profit-maximizing level would add $ to revenue and $ to cost, thereby profit by $ .,
marginal revenue is
$72, average total cost is $72, and marginal
cost is
$103. In order to maximize profit, the firm shouldIn order to maximize profit, the firm should
output..
2) If the firm earns profits of $1500 by producing 40 units of output, the firm has Total Costs of $ .Use the figure to answer the following 4 questions.
The figure shows the demand and cost curves facing a firm with market power in the short run.
The profit-maximizing (or loss-minimizing) level of output is units.
The firm will sell its output at a price of $ .
The firm earns profits of $ .
When in short-run equilibrium, if the firm sells another unit of output total revenue will by $ .
In order to maximize profit, the firm should
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