logo

Crowdly

Browser

Add to Chrome

ECON-1010-D1/D2-Introduction to Microeconomics

Looking for ECON-1010-D1/D2-Introduction to Microeconomics test answers and solutions? Browse our comprehensive collection of verified answers for ECON-1010-D1/D2-Introduction to Microeconomics at moodle.uleth.ca.

Get instant access to accurate answers and detailed explanations for your course questions. Our community-driven platform helps students succeed!

Use the figure below to answer the following questions.

Figure 13.2.5

Refer to Figure 13.2.5. The figure shows the situation facing Smart Digit, Inc., a firm in monopolistic competition that produces calculators. The firm's markup is ________ per calculator.
View this question
Use the figure below to answer the following questions.

Figure 13.2.4

Refer to Figure 13.2.4. The figure represents a monopolistically competitive firm in short-run equilibrium. What price does the firm charge per unit?
View this question
The four-firm concentration ratio in an industry is 75 percent.

Total sales in the industry are $800 million and total economic profit in the industry is $500 million. Normal profit for each firm is zero.

From this information we know that
View this question
Use the information below to answer the following question.

Fact 13.3.1

Suppose that at one of the Talbots shops, marginal cost of a coat is constant at $150, and total fixed cost is $3,000 a day. The shop maximizes its profit by selling 15 coats a day at $500 per coat. Then the shops nearby increase their advertising. The Talbots shop responds by spending $1,500 a day more on advertising its coats. As a result, its profit-maximizing number of coats sold increases to 25 a day at $400 per coat.

Refer to Fact 13.3.1. As a result of increased advertising, Talbots' markup
View this question
Use the table below to answer the following question.

Table 13.2.1

Price

(dollars per sweatshirt)
Quantity demanded

(sweatshirts per week)
0100
2080
4060
6040
8020
1000

Refer to Table 13.2.1. Sara is a dot.com entrepreneur who sells sweatshirts. She pays $1,000 a week for her Web server and Internet connection. She pays the firm that makes the sweatshirts $20 a sweatshirt. Sara has no other costs. The table sets out the demand schedule for Sara's sweatshirts. Other firms ________ enter the Web sweatshirt business and compete with Sara. In the long run, the demand for Sara's sweatshirts ________ and her economic profit ________.
0%
0%
0%
0%
100%
View this question
Use the figure below to answer the following questions.

Figure 13.2.6

Refer to Figure 13.2.6, which shows the demand curve, marginal revenue curve and cost curves faced by Gap. Gap's economic ________ is ________ a day.
100%
0%
0%
0%
0%
View this question
Use the figure below to answer the following questions.

Figure 13.2.3

Refer to Figure 13.2.3. Which demand curve does this monopolistically competitive firm face in the long run?
View this question
Use the figure below to answer the following questions.

Figure 13.2.2

Refer to Figure 13.2.2. To maximize economic profit, this firm in monopolistic competition charges a price of
View this question
Use the figure below to answer the following questions.

Figure 13.2.4

Refer to Figure 13.2.4. The figure represents a monopolistically competitive firm in short-run equilibrium. What is the firm's level of output?
View this question
Use the figure below to answer the following questions.

Figure 13.2.1

Refer to Figure 13.2.1. If this firm in monopolistic competition is in short-run equilibrium, then
View this question

Want instant access to all verified answers on moodle.uleth.ca?

Get Unlimited Answers To Exam Questions - Install Crowdly Extension Now!

Browser

Add to Chrome