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Quiz 4 Ec21 W2013.pdf

Quiz 4 Ec21 W2013.pdf - Dartmouth ID(not name Economics 21...

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Page 1 of 8 Dartmouth ID ( not name): ___________________________ Economics 21 Winter 2013 Quiz 4 Instructions: Show all your work! (no credit for correct answers unless the intermediate steps are shown) You can earn 45 points in total. All items (including the axes) in a graph need to be labeled to get full credit There is a page at the end in case you need additional space Do not remove the staple or tear out pages Books, notes, your own calculators or cell phones are not allowed. You are only allowed to use the calculator provided by me. Good luck!
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Page 2 of 8 1. Short Answer Questions (15 points) a. Define “differentiated product”: b. Explain in words (not equations or symbols) why a monopolist’s marginal revenue is less than the price at which the product is sold. c. Explain in words (not equations or symbols) why a profit-maximizing firm sets quantity such that marginal revenue equals marginal cost (assuming it produces at all).
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Page 3 of 8 d.
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