Econ Final Test Online revision

Econ Final Test Online revision - Econ Final 1) Under pure...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ Final 1) Under pure monopoly, a profit-maximization firm will produce in the elastic range of its demand curve. . 2) At which combination of price and marginal revenue (P, MR) is the price elasticity of demand greater than 1 P15 and MR 8 3) Suppose a monopolist produces output where total revenue is maximized. At that output, the price elasticity of demand for the monopolist's output is: Great or equal to one? NOT SURE probably less than one 4) Was a chart $20-$18 Answer was 30 ? 5) Was a chart $10-$12 +$120 6) A monopolist can sell 20 toys per day for $8.00 each. To sell 21 toys per day, the price must be cut to $7.00. The marginal revenue of the 21st toy is: -$13 7) Is a chart. Equilibrium price of the monopolists will be 2.50 ? 8) It’s a chart. What is the profit maximization output and price for this monopolist? P=$14; Q=4
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
9) It is chart: The profit-maximization monopolist in it will set its price at 0G
Background image of page 2
10) Its another chart: In the short run, this monopolists will: Produce OC
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
monopolist? B
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This document was uploaded on 11/02/2011 for the course ECONOMIC ec 202 at Montgomery.

Page1 / 8

Econ Final Test Online revision - Econ Final 1) Under pure...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online