ECON-1010-D1/D2-Introduction to Microeconomics
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A monopolist faces market demand given by P = 100 – 4Q
In order to maximize profits the monopolist will produce units and charge a price of $ .
Use the figure to answer 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 $ .
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 $ .
Which area indicates the deadweight loss from a single-price monopoly?
.
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 $ ..
2) If the firm earns profits of $1490 by producing 45 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 $ .
Use the figure to answer the following six questions about a firm in monopolistic competition.
To maximize economic profit, this firm produces units per week.
To maximize economic profit, this firm will charge a price of $ per unit.
At the profit-maximizing output level, the firm makes an economic profit of $ .
At the profit-maximizing output level, the firm's markup is $ per unit.
If the firm produced the efficient quantity, it would produce units per week.
At the profit-maximizing output level, the firm has excess capacity of units per week.
.
2) The four-firm concentration ratio for pizza sellers is %.Want instant access to all verified answers on moodle.uleth.ca?
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