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ECON1210_COMMON02 ECON1210_COMMON02 [2024]
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Which of the following statements about company’s R&D is FALSE?
A monopolist has a marginal cost curve given by,
MC(Q)=3Q
and faces a demand curve given by,
P=180-3Q.
What’s the profit-maximizing output and price for the monopolist?
Demand : P = 100 - 5Q
Fixed cost = 100
Marginal cost = 20
What is the markup for the above good if there is only 1 producer?
A monopolist has a marginal revenue curve given by MR = 40 – 3Q and a constant marginal cost of $4. If the monopolist wants to maximize its profit, what price should it charge?
A monopolist has a marginal revenue given by MR = 20 – 2Q. What’s the quantity demanded when the price is $15?
A monopolist has a constant marginal cost of production, and a total revenue function given by the following table.
Price ($)
|
Total Revenue ($)
|
18
|
36
|
17
|
51
|
16
|
64
|
15
|
75
|
14
|
84
|
13
|
91
|
It finally chooses a price of $15. Evaluate whether the following statements are TRUE of FALSE.
(I) The marginal cost might have been $8.5.
(II) The marginal cost might have been $10.5.
A monopolist has a constant marginal cost of $8 and faces a demand given by the following table. What’s the monopolist’s profit-maximizing price?
Price ($)
|
Quantity Demanded
|
18
|
1
|
16
|
2
|
14
|
3
|
12
|
4
|
10
|
5
|
8
|
6
|
The demand by OKU students at the SOLE canteen is $P = 100 - 2Q (SOLE is the only canteen at OKU). The marginal cost of producing an additional unit of food is $20 . How much should the canteen charge on OKU students?
I. 20
II. 40
III. 60
IV. 90.9
Consider the two firms producing widgets in Paradise. The following table shows the marginal costs of these two firms.
Suppose the two firms are in a competitive market. If the equilibrium price is larger or equal to _________ and stricly less than _________ , the two firms will produce a total of 12 units and the allocation of production will be efficient.