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Unformatted text preview: Homework Assignment 4 Penn State ECON 002 Principles of Microeconomics Clair Smith Name: ______ Michael Costa ___________ LAST 4 DIGITS OF PSU ID: __ 7422 __ Due in class on Wednesday 4/23/2008 ECON 2 Section: __ 001 ____ Directions: Please type your name and section above, and responses (in boldface type) to questions nnnnn. You may draw by hand on the graphs on page 2 after printing your typed responses. Turn in a hardcopy no later than your class on Wednesday 4/23/2008. You may discuss these questions together in preparation, but you should ultimately draft your answers individually. You are free and encouraged to turn in the HW early. 1. The difference between the characteristics of perfect competition and monopolistic competition is monopolistic competitive firms charge a price greater than marginal cost and monopolistic...
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- Spring '08