ECON 102 ECON102 Homework 8 Answer (Penn State University)

ECON 102 ECON102 Homework 8 Answer (Penn State University)

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ECON 102 Homework 8 Answer (Penn State University)

Question 1

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A monopolist faces a demand curve given by: P = 220 – 3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $40. There are no fixed costs of production. How much output should the monopolist produce in order to maximize profit?

Question 2

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A monopolist faces a demand curve given by: P = 40 –Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $2. There are no fixed costs of production. What price should the monopolist charge in order to maximize profit?

Question 3

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A monopolist faces a demand curve given by: P = 40 –Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $2. There are no fixed costs of production. What is the deadweight loss associated with this monopoly?

Question 4

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A monopolist faces a demand curve given by: P = 105 – 3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $15. There are no fixed costs of production. How much profit will the monopolist make?

Question 5

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A monopoly

Question 6

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A profit maximizing monopolist will produce the quantity where

Question 7

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Suppose a monopolist faces the following demand curve: What is the marginal revenue of the 2nd unit of output? 

Question 8

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Suppose the price elasticity of demand for a monopolist is -1/2. If price equals $10, then marginal revenue equals

Question 9

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Which of the following is the best example of price discrimination?

Question 10

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Suppose you have $100 to divide between person A and person B. Which of the following allocations is not Pareto Efficient?


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