Graph long-run equilibrium to include mc ac d and mr to

Assignment Help Microeconomics

Reference no: EM13377327

Graph long-run equilibrium to include MC, AC, D, and MR to answers for questions 1 through 4:

1. Perfect competition

2. industry entry and exit to be relatively easy:

3. Monopolistic competition

4. Products which are identical

1. (a) Draw a simple demand curve and a simple supply curve. Label each curve and each axis. Identify the area that represents consumer surplus. Identify the area that represents producer surplus.

(b) Describe briefly in words how a price floor can cause a "deadweight loss".

(c) Define 'price discrimination' and list the three conditions that must be met for a firm to successfully practice price discrimination.

2.(a) Write in words (or in mathematical symbols) the formula for the coefficient of price elasticity of demand.

(b) What are the numbers or ranges of numbers that correspond to (1) perfectly elastic demand; (2) elastic demand?

(d) Write in words (or in mathematical symbols) the formula for the coefficient of cross elasticity of demand.

(e) Is the coefficient of cross elasticity of demand of a pair of complementary goods 'positive', 'zero', or 'negative'? (Answer with one word.)

3.(a) Define (1)cartel; (2) natural monopoly.

(b) Define: (1) rent seeking; (2)the principle of diminishing returns.

(c) Define '4-firm concentration ratio' and give one real-world example of an industry with a high 4-firm concentration ratio.

Reference no: EM13377327

Questions Cloud

1 for each of the following utility functions draw the : 1. for each of the following utility functions draw the three indierence curves that correspond to the three stated

The marginal cost of educating a college student is 500000 : the marginal cost of educating a college student is 5000.00 a year. the table below shows the marginal private benefit

The table below illustrates the market for internet : the table below illustrates the market for internet services. use a demand-supplygraph to answer the following

1 when the government increases taxes to provide : 1. when the government increases taxes to provide traditional public goods such national security there tends to bea.

Graph long-run equilibrium to include mc ac d and mr to : graph long-run equilibrium to include mc ac d and mr to answers for questions 1 through 41. perfect competition2.

1 all of the questions in this part refer to the market for : 1 all of the questions in this part refer to the market for jelly doughnuts. all questions are concerned only with the

1 the following is a linear programming formulation of a : 1. the following is a linear programming formulation of a labor planning problem. there are four overlapping shifts and

If demand in the united states is given by q1 7200 - 300p1 : if demand in the united states is given by q1 7200 - 300p1 where p1 is the price in the united states and if the

Question 1 determine whether the following benefits are : question 1 determine whether the following benefits are fringe benefits or exempt fringebenefits and where applicable

User Account

All Pages