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$10.00 Ecomomics questions in 20 minutes, more to follow

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  • Due on Apr. 21, 2012
  • Asked on Apr. 21, 2012 at 11:13:56AM
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gogarty
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Q:
9. (TCO 2) A purely competitive firm's output is such that its marginal cost is $4 and marginal revenue is $5. Hint: remember that MR = P for Pure Competition and the Profit Maximizing rule. Assuming profit maximization, the firm should (Points : 4)

       cut its price and raise its output.
       raise its price and cut output.
       leave price unchanged and raise output.
       leave price unchanged and cut output.

10. (TCO 2) Which would definitely not be an example of price discrimination? (Points : 4)
       A theater charges children less than adults for a movie.
       Universities charge higher tuition for out-of-state residents.
       A doctor charges for services according to the income of patients.
       An electric power company charges less for electricity used during off-peak hours when production costs are lower.

 

11. (TCO 3) In the kinked demand model of oligopoly, if one firm increases its price, the most likely reaction of the other firms will be to (Points : 4)
       decrease their prices.
       increase their prices.
       not change their prices.
       reduce their quantity.

 

12. (TCO 3) In the short run (Points : 4)
       a firm cannot vary its output level.
       all factors of production can be varied.
       a firm can change its fixed inputs.
       output is raised or reduced by changing the levels of variable inputs.
 

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Preview: ... marginal revenue is $5. Hint: remember that MR = P for Pure Competition and the Profit Maximizing rule. Assuming profit maximization, the firm should (Points : 4)        cut its price and raise its output.        raise its price and cut output.        leave price unchanged and raise output.        leave price unchanged and cut ...
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Preview: ... rginal revenue is $5. Hint: remember that MR = P for Pure Competition and the Profit Maximizing rule. Assuming profit maximization, the firm shoul ...
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  • Posted on Apr. 21, 2012 at 11:34:12AM
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Preview: ... electric power company charges less for electricity used during off-peak hours when production costs are lower .   11.  (TCO 3) In the kinked demand model of oligopoly, if one firm increases its price, the most likely reaction of the other firms will be to (Points : 4) ...
The full tutorial is about 194 words long .