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### 1104Homework IV

Course: ECON 1104, Fall 2009
School: Minnesota
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Word Count: 454

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IV Homework Principles of Microeconomics 1104 Lecture 01 Fall Semester 2004 Mike Walrath Due 11/08/04 Note: Your homework must be in chronological order. Answer questions in order and please put all tables and graphs in the same area as your answer. Type everything but graphs and calculations for full credit. Label all graphs for full credit. Show all work. Question 1 (18 points) Graphically represent a firm in...

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IV Homework Principles of Microeconomics 1104 Lecture 01 Fall Semester 2004 Mike Walrath Due 11/08/04 Note: Your homework must be in chronological order. Answer questions in order and please put all tables and graphs in the same area as your answer. Type everything but graphs and calculations for full credit. Label all graphs for full credit. Show all work. Question 1 (18 points) Graphically represent a firm in a perfectly competitive market earning a profit. Be sure to label quantity produced and profits earned. What does the firm do in the short run? What happens in the long run? Illustrate your answer using a market diagram and a firm diagram. Question 2 (8 points) (a) Define accounting profits and economic profits. (b) In the long run, what level of profits do firms in perfect competition earn? Briefly explain why the firm still operates. Question 3 (12 points) (a) Give a generic formula for a linear demand curve (of the form PD (Q ) ). (b) Using calculus, show that the marginal revenue curve for a monopolist will always be twice as steep as the demand curve for the monopolist. Question 4 (18 points) (a) Graphically represent a single price monopolist earning a profit. Clearly show profits, quantity produced, and any dead weight loss. (b) Now suppose the monopolist can utilize perfect price discrimination. Show the quantity produced, profits, and dead weight loss. Question 5 (20 points) (a) Graphically illustrate a natural monopoly earning profit. a Be sure to label quantity produced and profits earned. (b) List two types of regulation associated with natural monopolies and explain their benefits and shortcomings. Your explanation should include prices charged, profits earned, and efficiency status. Question 6 (8 points) (a) Define price discrimination. (b) Define perfect price discrimination. (c) Give two examples of price discrimination from your own personal experience. Question 7 (6 points) Explain why a perfectly price discriminating monopolist generates the efficient outcome. Question 8 (10 points) Consider the market for scooters. Suppose it is a monopolistic market. The market demand for scooters is given by the equation PD (Q) = 100 8Q . The firm faces costs given by the total cost function TC (Q) = 3Q 2 + 30Q + 10 . (a) What is the profit maximizing quantity for this firm? (b) What profit...

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