Answered: Monopoly always charge higher prices…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following are characteristics of a monopoly A. Set their own price B. Many buyers and sellers C. Declining long-run average total cost D. Free entry and exit
W ECON 2100 Compatibility Mode Home Insert Draw Design Layout References Mailings Review View Share O Comments 2. Line D represents the market demand curve for polo shirts; if the polo shirt market is perfectly competitive and MC represents the market supply curve. But if the shirts are produced by a single monopoly firm, MR represents the marginal revenue curve for a monopolist producer of polo shirts and MC represents the marginal cost curve for that monopolist. 48 44 40 36 32 MC 28 20 16 12 8 4 MR 4 12 16 20 24 28 32 36 40 44 48 Quantity of Polo shirts a. If the polo shirts are supplied by a perfectly competitive industry, what will be the output and price? (Please explain your answer.) b. If the polo shirts are supplied by a monopoly, what will be the output and price that the monopoly would choose? (Please explain your answer.) c. Please show on the graph the dead weight loss associated with monopoly price/quantity outcome? Page 2 of 4 639 words English (United States) Focus +…
1. For a price searching firm it's marginal revenue curve (a). Is below it's marginal cost curve (b). Must be vertical (c). Must be horizontal (d). Is below it's a demand curve 2. The most common source of illegal Monopoly today is (a). Predatory pricing (b). Intellectual property rights (c). Royal edict (d). Natural monopoly 3. The market demand is given by p= 420-0.05Q, vrp is the price of the good and Q is the quantity demanded at that price. The monopolist marginal revenue function in this market is (a). MR= 210-0.05Q (b). MR= 420-0.05Q (c). MR= 420- 0.025Q (d). MR= 420-0.1Q 4. In the monopolized ( profit maximizing) market equilibrium p> MC( the price exceeds the marginal cost) this implies that (a). The consumer surplus is equal to the producer surplus (b). The total value of the good is maximized (c). The equilibrium is Marshall inefficient (d). The market price is equal to the market quantity 5. The market demand is given Q= 440-40P, where P is the price of the good…
QUESTION 30 50 45 40 35 30 25 20 15 10 5 5 a monopoly firm 10 . 15 MR 20 25 MC 30. If this firm maximizes short-term profit, what is the maximum total profit it can earn? a) $126 b) $27 c) $378 d) $9 e) $140 30 ATC DALLA D AVC 35
9
Due to barriers to entry, no firms can enter this industry: a b с Quantity 10 20 30 40 50 60 70 80 d Price $23 $20 $18 $16 $14 $12 $10 $8 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. True, if this is a monopoly True, if this is perfect competition Total Revenue None of the above $230 $400 $540 $640 $700 $720 $700 $640 True, if this is monopolistic competition Marginal Revenue $17 $14 $10 $6 $2 -$2 -$6 Total cost $340 $400 $480 $580 $700 $840 $1,020 $1,280 Marginal Cost $6 $8 $10 $12 $14 $18 $26 Average Cost $34 $20 $16 $14.50 $14 $14 $14.57 $16
In Karachi Pharma A has the monopoly over the production and distribution of medicine throughout the city. Pharma A faces the following the demand and cost curve. Quantity/ Output Total Cost Price 0 400 40 10 450 35 20 550 30 30 700 25 40 900 20 50 1150 15 60 1450 10 70 1800 5 Find: FC, VC, MC, AFC, AVC, ATC Find how much output should Pharma A produced and what should be the price charged to maximize profits. Illustrate your answer in part b graphically. Find how much profit the Pharma A is earning (show calculations) and highlight the same in the graph drawn in part c.
Question Maxin Suppose a monopolist could charge a different price to every customer based on how much he or she were willing and able to pay (versus charging the same price to all their customers). How would this affect the monopolist's profits? Why? Description Answer eacho Use the editor to format your answer 10 Roints
Explain any two sources of restricted entry under monopoly!
Please no written by hand solutions
Explanation it correctly and details
Solve with no plagiarism and pls provide details explanation

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Monopoly always charge higher prices for goods which are often of dubious quality Benefit and disadvantages to consumers of monopoly Pls provides examples and diagram + labelling