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ECON-1010-A-Introduction to Microeconomics

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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 redistribution of surplus from consumers to the producer with a single-price monopoly, as compared to a perfectly competitive market?
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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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A graph plots price and cost (dollars per unit) versus Quantity (units per week). 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, P sub 3, P sub 4, and P sub 4. The graph plots two slopes, two convex curves, and six closed points (Q sub 1, P sub 2), (Q sub 1, P sub 5), (Q sub 2, P sub 1), (Q sub 2, P sub 4), (Q sub 3, P sub 3), and (Q sub 4, P sub 2). The first slopes fall through the top left to (Q sub 4) is labeled M R. The second slope falls through the top left to mid-right is labeled D. The first curve rises through (Q sub 1, P sub 0.5) to (Q sub 1, P sub 1) to (Q sub 3, P sub 5) is labeled, M C and the second curve falls through (Q sub 0.5, P sub 3) to (Q sub 3, P sub 1.8) then rises through (Q sub 4, P sub 2)is labeled A T C. All values are estimated.

Figure 13.2.2

Refer to Figure 13.2.2, which shows a firm in short-run equilibrium in monopolistic competition. Which of the following events will occur in this market in the long run?
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Table 11.1.1

The two columns of the table are titled Quantity in units per week and Price in dollars per unit. The rows display the data as follows:5; 156; 157; 15

Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm. If the firm increases the quantity it sells from 5 to 6 units per week, what is the firm's marginal revenue?
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Table 11.2.1

The three columns of the table are titled Output in units per day, Total revenue in dollars, and Total colst in dollars.The rows display the data as follows:0; 0; 141; 30; 402; 60; 603; 90; 734; 120; 965; 150; 1336; 180; 1807; 210; 230

Refer to Table 11.2.1, which gives the total revenue and total cost schedules of a perfectly competitive firm. What is the firm's marginal revenue from the sale of the 4th unit of output?
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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 marginal cost pricing on the monopoly, what is the price of a bottle of water?
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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 consumer surplus?
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Table 12.4.1

The two columns of the table are titled Price in dollars per unit and Quantity demanded in units per hour. The rows display the data as follows:8; 07; 16; 25; 34; 43; 52; 61; 7

Refer to Table 12.4.1, which shows the demand schedule for the good produced by a monopoly. If this monopoly perfectly price discriminates and its marginal cost is constant at $3 per unit, how many units does the monopoly produce?
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Table 12.4.1

The two columns of the table are titled Price in dollars per unit and Quantity demanded in units per hour. The rows display the data as follows:8; 07; 16; 25; 34; 43; 52; 61; 7

Refer to Table 12.4.1, which shows the demand schedule for the good produced by a monopoly. If this monopoly perfectly price discriminates, what is the monopoly's marginal revenue from the sale of the 3rd unit per hour sold?
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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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