Learning Guide9

Principles of Macroeconomics

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University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 9 Due Date: Week of Monday, April 16, 2007 Reading Assignment: Problem Assignment: Problems 1, 5, 6, and 7 on pages 298-299. Objectives: After completing the assignment you should be able to do the following: 1. Explain what imperfect competition and market power mean. 2. Describe a pure monopoly. 3. Describe the sources of barriers to entry in a typical economy. 4. Be able to graph and explain the revenue curves (total, average and marginal revenue) for the typical monopolist. Given the total revenue be able to derive the marginal and average.
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Unformatted text preview: Given the quantities purchased at different prices be able to derive all three (total, average and marginal revenue). 5. Given the cost and revenue curves you should be able to graph and describe the equilibrium for a typical monopolist. Show the equilibrium price and quantity and the rectangular of profits/losses. 6. Given the average and marginal cost function and the demand function in a monopoly you should be able to calculate the equilibrium quantity, price, and profits/losses for a monopolist. 7. Be able to compare and contrast the equilibrium quantity and price and the consumer and producer surplus in the two market structures: monopoly and perfect competition....
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This note was uploaded on 02/01/2008 for the course ECON 101 taught by Professor Hansen during the Spring '07 term at Wisconsin.

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