ECON-1010-D1/D2-Introduction to Microeconomics
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2) The four-firm concentration ratio for pizza sellers is %.
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 $9.00 (i.e., AC = MC = $9).
Output is units per day at a price of $ per unit.
Profit is $ .
Consumer surplus is $ .
If this market was perfectly competitive , output would exceed the single-price monopoly output by
If this is a perfectly price discriminating monopoly at a constant cost equal to $4.50 - the lowest price charged per unit is $ . - the number of units sold is . - total revenue is $ .
Use the figure to answer to answer the following 5 questions.
The figure above shows the demand and cost curves facing a price-setting firm.
The profit-maximizing (or loss-minimizing) level of output is .
In profit-maximizing (or loss-minimizing) equilibrium, the price-setting firm earns$ in total revenue, which is than the maximum possible total revenue of $ .
In short run the maximum profit the firm can earn is $ .
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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 $290 by producing 65 units of output, the firm has Total Costs 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 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.
A textbook publisher is in monopolistic competition.If the firm spends nothing on advertising, it can sell no books at $100 a book, but for each $5 cut in price, the quantity of books it can sell increases by 80 books per day. The firm's a day on advertising, it can increase the quantity of books sold at each price by
If the publisher advertises, its profit maximizing level of output is books per day.
If the publisher advertises, its profit maximizing price per book is $ .
If the publisher advertises, its maximum profit by $ .
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2) The four-firm concentration ratio for pizza sellers is %.Use the figure to answer the following six questions about Smart Dagi Inc., a firm in monopolistic competition that produces calculators.
To maximize economic profit, this firm produces calculators per day.
To maximize economic profit, this firm will charge a price of $ per calculator.
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 calculator.
If the firm produced the efficient quantity, it would produce calculators per day.
At the profit-maximizing output level, the firm has excess capacity of calculators per day.
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