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(Answered)-I need an ECONOMICS expert to answer all questions correctly.


I need an ECONOMICS expert to answer all questions correctly.


The profit-maximizing monopolist facing a negative-sloping demand curve will always

 

produce

 

at an output greater than the output where average total

 

costs are minimized.

 

at an output short of that output where average total costs

 

are minimized.

 

at an output equal to industry output under perfect

 

competition.

 

at an output short of that output where the profits are

 

maximized.

 

The next 4 (from 9~12) questions refer to the following table showing the total cost

 

schedule for a perfectly competitive firm. You need to calculate marginal costs (MC) at

 

each output rate to answer.

 

Q

 

0

 

1

 

2

 

3

 

4

 

5

 


 

TC ($)

 

20

 

45

 

65

 

100

 

145

 

195

 


 

If market price is $40, how many units of output will the firm produce for profitmaximization?

 

2 units of

 

output

 

3 units of

 


 

output

 

4 units of

 

output.

 

5 units of

 

output.

 

If market price is $40, what is the maximum profit the firm can earn?

 

$1

 

5

 

$2

 

0

 

$2

 

5

 

$3

 

0

 

2.5 points

 


 

If market price is $20, how many units of output will the firm produce?

 

If the firm shouts down, its short-run loss will be

 

$65.

 

$45.

 

$20.

 


 

unavailable because of insufficient

 

information.

 

In the short-run cost analysis, when a firm?s marginal cost (MC) is unavailable, the best

 

alternative of MC is its

 

average total cost

 

(ATC)

 

average fixed cost

 

(AFC)

 

total variable cost

 

(TVC)

 

average variable cost

 

(AVC)

 

When we use the Lerner

 

index (i.e. CH 12) to define the market power for two firms which are all price searchers,

 

one firm charging at a price in which the demand is more elastic compared with another

 

firm?s implies that the firm has

 

no market power.

 

less market power .

 

greater market power.

 

the same market power as

 


 

the another.

 

A monopoly?s _______ changes with the shift of demand curve, when all the other

 

factors remain.

 

total cost (TC) curve

 

marginal cost (MC)

 

curve

 

average cost (AC)

 

curve

 

marginal revenue (MR)

 

curve

 

The Prisoner?s Dilemma 2X2 game can be used to explain why oligopolists

 

tend easily to achieve collusion in games.

 

choose the best strategy to benefit the

 

whole industry.

 

are suspicious that other players may

 

double cross them.

 

can rely on cooperative behavior by all

 

parties.

 

Which of the following profit-maximizing equilibrium condition is correct for a monopoly

 

with positive profit?

 


 

P = ATC = MR =

 

MC

 

P > ATC > MR >

 

MC

 

P > ATC > MR =

 

MC

 

P = ATC > MR >

 

MC

 

2.5 points

 


 

Which of the following is NOT a market characteristic for monopoly?

 

One firm is the only supplier of a product.

 

Entry into the market is blocked.

 

The firm can influence market price though output

 

decision-making.

 

The firm?s product has few close substitutes.

 

The following table shows the demand schedule for round-trip flights between Houston

 

and Tokyo for business travelers:

 

Demand Schedule of Business

 

Travelers

 

Price

 

QD

 

$2,000

 

500

 

$1,500

 

1,000

 

$1,000

 

1,500

 


 

$500

 


 

2,000

 


 

Suppose an airline? marginal cost per seat for the round-trip fight is $500. For profitmaximization, the airline should charge $_____ per round-trip (Hint: Apply the ?half-way

 

rule? of MR, CH 12).

 

500

 

1,00

 

0

 

1,50

 

0

 

2,00

 

0

 

Which of the following is the best definition of fixed costs?

 

The costs associated with capital input.

 

The long-run total costs paid by an

 

operating firm.

 

The short-run costs paid for labor input.

 

The short-run total costs paid by a

 

shutting-down firm.

 


 

 


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