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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. If a regulatory agency sets a price just sufficient for the monopoly to make zero economic profit, what output will it produce?
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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. At what output would resource use be efficient?
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A graph plots price and cost (dollars per unit) versus Quantity (units 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 to 80 with an increment of 10 units. The graph plots two slopes, two convex curves, and four closed points (40, 20), (40, 50), (60, 40), and (80, 30). The first slopes fall through (0, 70) to (50, 10) is labeled M R, and the second slope falls through (0, 70) to (100, 20) is labeled D. The first curve falls through (02, 18) to (20, 10) then rises through (40, 20) to (80, 80) is labeled M C and the second curve falls through (02, 58) to (40, 25) then rises through (50, 25) to (90, 30) is labeled A T C. All values are estimated.

Figure 13.2.1

Refer to Figure 13.2.1, which shows a firm in monopolistic competition. What is this firm's output?
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A graph plots price (dollar per unit) versus Quantity (units). The horizontal axis ranges from 0 to 9 with an increment of 1 unit. The vertical axis ranges from 0 to 9 with an increment of 1 unit. The graph plots two slopes from top left to mid-right and bottom left respectively and two convex curves from mid-left to mid-right and bottom left to top right respectively. The first slope falls through (0, 9) to (4.5, 0) is labeled M R, and the second slope falls through (0, 9) to (9, 0) is labeled D. The first convex curve falls through (1. 6.5) to (4, 4) ad then rises through (8, 7) is labeled A T C and the second convex curve rises through (1, 2), (4.5, 5) to (5.5, 8) is labeled M C.

Figure 12.2.2

Refer to Figure 12.2.2. What is this monopoly's maximum economic profit?
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A graph plots price and cost (dollars per unit) versus Quantity (units 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 to 80 with an increment of 10 units. The graph plots two slopes, two convex curves, and four closed points (40, 16), (40, 36), (60, 24), and (70, 30). The first slopes fall through (0, 60) to (50, 05) is labeled M R, and the second slope falls through (0, 60) to (88, 5) is labeled D. The first curve falls through (02, 19) to (20, 14) then rises through (60, 24) to (98, 80) is labeled M C and the second curve falls through (20, 65) to (60, 30) then rises through (70, 30) to (100, 16) is labeled A T C.

Figure 13.2.4

Refer to Figure 13.2.4, which shows a firm in monopolistic competition. To maximize economic profit, what output does the firm produce?
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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 perfect price-discriminating monopoly. Which of the following statements is correct?

The perfect price-discriminating monopoly is
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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, which of the following events occur?
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In which situation can the rate of return regulation end up serving the self-interest of the 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 highlights the difference in consumer surplus between a single-price monopoly and a perfectly competitive market?
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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. If the market is a single-price monopoly, which area indicates producer surplus?
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