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Principles of Macroeconomics

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University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 10 Due Date: Week of Monday, April 23, 2007 Reading Assignment: Case & Fair Chapter 13 (pp. 287-end.), Chapter 14 (up to page 310) and relevant lecture material. Problem Assignment: Problem 2 (not 2b – it refers to oligopoly) and 7, and 8 on pages 325- 326. Objectives: After completing the assignment you should be able to do the following: 1. Graph and describe perfect price discrimination (first degree price discrimination). What happens to the monopolist output, consumer surplus, producer surplus and deadweight loss? 2. Graph and describe third degree price discrimination. Given different demand curves and marginal cost and average cost curves be able to calculate equilibrium quantities, prices and
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Unformatted text preview: profit/loss for the price discriminating monopolist in this scenario. 3. Be able to give a brief historical background for the development of the Antitrust Law. What did the Sherman Act and the Clayton Act outlaw? 4. Define a monopolistically competitive industry and give examples of such industries. 5. Be ready to provide arguments for and against product differentiation and advertising. 6. Graph and describe the short run equilibrium for the monopolistically competitive firm. 7. Graph and describe the long run equilibrium for the monopolistically competitive firm. 8. Be able to describe what happens as the monopolistically competitive firm moves from the short run equilibrium to the long run equilibrium....
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