ECON-1010-D1/D2-Introduction to Microeconomics
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MATCHING DEFINITION
The physical attributes of
a product that make it different from the products of other firms.
MATCHING DEFINITION
Excess of total revenue
over total economic cost during a specific period of time. At the
profit-maximizing output, the price exceeds average total cost.
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 $ .
The firm should (select all that applies):
In order to maximize profit, the firm should
.A firm with market power is producing a level of output at which price
is
$50, marginal revenue is $42, average variable cost is $28,
and marginal cost is
$20.In order to maximize profit, the firm should
price.A monopolist faces market demand given by P = 210 – 3Q
In order to maximize profits the monopolist will produce units and charge a price of $ .
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 $ .
If this is a single-price monopoly, what area is producer surplus?
,
marginal revenue is
$59, average total cost is $59, and marginal
cost is
$86. In order to maximize profit, the firm shouldIn order to maximize profit, the firm should
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