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ECON-1010-D1/D2-Introduction to Microeconomics

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Suppose adding another unit of labour leads to an increase in output that is smaller than increases in output that resulted from adding previous units of labour. What property does this suggest?
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Economic profit equals total revenue minus
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Choose the correct statement.
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Thelma owns and operates a small lemonade stand. When Thelma is producing a small quantity of lemonade, she has few workers and her equipment is NOT being fully utilized. If she can easily put her idle resources to use, what will happen to the costs of production?
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Use the figure below to answer the following questions.

Figure 12.3.3

Consider Figure 12.3.3. If the market is perfectly competitive, which area indicates producer surplus?
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Use the figure below to answer the following questions.

Figure 12.3.3

Consider Figure 12.3.3. What is the redistribution of surplus from consumers to the producer with a single-price monopoly, as compared to a perfectly competitive market?
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Use the figure below to answer the following questions.

Figure 12.4.6

Prime Pharmaceuticals has developed a new asthma inhaler, for which it has a patent. An inhaler can be produced at a constant marginal cost of $2 per inhaler. The demand curve, marginal revenue curve, and marginal cost curve for this new asthma inhaler are shown in Figure 12.4.6. The patent gives Prime Pharmaceuticals a monopoly for its new inhaler. If Prime Pharmaceuticals can perfectly price discriminate, deadweight loss is
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Use the figure below to answer the following questions.

Figure 12.3.3

Consider Figure 12.3.3. If the market is perfectly competitive, which area indicates consumer surplus?
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Use the figure below to answer the following questions.

Figure 12.4.2

Refer to Figure 12.4.2. Assume this monopoly practises perfect price discrimination. Choose the correct statement.
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Use the figure below to answer the following question.

Figure 12.4.4

Refer to Figure 12.4.4. The light grey area shows consumer surplus and the dark grey area shows producer surplus. Which graph illustrates a perfect price-discriminating monopoly?
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