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Principles of Microeconomics
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The following diagram shows the functions for a natural monopoly:
What is the profit if this monopoly is price regulated?
The diagram below shows a natural monopoly.
If the firm is publicly owned, what price would be charged?
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
When consumers do not have close substitutes for the good they want, their demand curve will be downward sloping.
When a firm attempts to price discriminate they will change prices such that buyers with more ________ demand pay ________ prices than buyers with ________ elastic demand.
The following functions apply to a monopoly:
TC = 1200 + 18Q + 0.06Q2
MC = 18 + 0.12Q
Demand: P = 132 - 0.14Q
The monopolist chooses their profit maximizing quantity.
Calculate their PROFIT.
The table below shows the demand and cost information for a single price monopolist.
If this firm chooses its optimal quantity, how much profit will it make?
| Q | P | TC | TR | MR | MC | ATC |
| 0 | 80 | 10 | 0 | |||
| 1 | 76 | 14 | 76 | 76 | 4 | 14.0 |
| 2 | 72 | 19 | 144 | 68 | 5 | 9.5 |
| 3 | 68 | 25 | 204 | 60 | 6 | 8.3 |
| 4 | 64 | 32 | 256 | 52 | 7 | 8.0 |
| 5 | 60 | 40 | 300 | 44 | 8 | 8.0 |
| 6 | 56 | 49 | 336 | 36 | 9 | 8.2 |
| 7 | 52 | 59 | 364 | 28 | 10 | 8.4 |
| 8 | 48 | 70 | 384 | 20 | 11 | 8.8 |
| 9 | 44 | 82 | 396 | 12 | 12 | 9.1 |
| 10 | 40 | 95 | 400 | 4 | 13 | 9.5 |
| 11 | 36 | 109 | 396 | -4 | 14 | 9.9 |
| 12 | 32 | 124 | 384 | -12 | 15 | 10.3 |
| 13 | 28 | 140 | 364 | -20 | 16 | 10.8 |
| 14 | 24 | 157 | 336 | -28 | 17 | 11.2 |
| 15 | 20 | 175 | 300 | -36 | 18 | 11.7 |
| 16 | 16 | 194 | 256 | -44 | 19 | 12.1 |
| 17 | 12 | 214 | 204 | -52 | 20 | 12.6 |
| 18 | 8 | 235 | 144 | -60 | 21 | 13.1 |
| 19 | 4 | 257 | 76 | -68 | 22 | 13.5 |
| 20 | 0 | 280 | 0 | -76 | 23 | 14.0 |
The graph below shows a single price monopoly.
If they choose their optimal quantity, what would be their total revenue?
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
The diagram below shows demand for roses.
Suppose at first the price is C, but then the price increases to B. As a result, consumer surplus for those consumers who exit the market will decrease by area EFG.