Q1-Select the true or false for the following statement also give the explanation and support your answer with graphical presentation where necessary. Explanation is compulsory 3 to 6 line. The key difference between a competitive firm and a monopoly is the ability to influence the price.
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Q1-Select the true or false for the following statement also give the explanation and support your answer with graphical presentation where necessary. Explanation is compulsory 3 to 6 line.
- The key difference between a competitive firm and a
monopoly is the ability to influence the price.
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- Q1-Select the true or false for the following statement also give the explanation and support your answer with graphical presentation where necessary. Explanation is compulsory 3 to 6 line. A monopoly maximizes profit by choosing the quantity at which marginal revenue greater than marginal cost.Price (dollars per movie) Quantity demanded, weekend (movies per week) Quantity demanded, weekday (movies per week 18 0 0 15 100 0 12 200 0 9 300 100 6 400 200 3 500 300 22) Roxie's Movie Theatre has a monopoly and discovers that at $12 a movie, no one is buying movie tickets during weekdays. Roxie's conducts a survey and the table above reveals the results of the survey. Roxie decides to price discriminate between weekend and weekday moviegoers. The marginal cost of a showing a movie is $6. Roxie's charges ________ on weekdays and ________ on weekends. A) $9; $12 B) $6; $15 C) $6; $18 D) $3; $12 23) If a monopolist can perfectly price discriminate, it will A) charge the same price for each unit sold. B) produce until price elasticity of demand equals one. C) not be concerned with the market demand. D) charge a different…Problem 11-04 (algo) ou are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Analysts at your irm have determined that group 1's elasticity of demand is -5, while group 2's is -2. Your marginal cost of producing the product is 630 a. Determine your optimal markups and prices under third-degree price discrimination. Instructions: Enter your responses rounded to two decimal places. Markup for group 1: Price for group 1: $ Markup for group 2: Price for group 2 $ b. Which of the following are necessary conditions for third-degree price discrimination to enhance profits. Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click twice to empty the box. ?At least one group has elasticity of demand greater than 1 in absolute value. ?At least one group has elasticity of demand less than one in absolute value.…
- QUESTION 8 Kim is a cook that makes really unique egg rolls and she is the only person selling these egg rolls. Assume Kim's demand is linear and that she profit maximises. Select the item from the list provided to make the following statements true: Kim's egg roll business operates in a monopoly because 1. is less than 2. profit 3. there are close substitutes 4. is greater than 5. there is only one seller 6. dead weight loss 7. is equal to 8. she is a price taker 9. there are many sellers Kim is profit maximising implying that she is producing at where her marginal revenue her marginal cost of production. ✓ If Kim were to produce where her marginal cost intersects the demand curve for her egg rolls, she would be maximising 10. revenue 11. consumer surplus 12, is exactly twice ofFigure: A Profit-Maximizing Monopoly Firm Price, marginal revenue, marginal cost, average total cost A) $5. OB) $13. C) $14. $35 D) $20. 29 26 రారాళి 8 5 0 (Figure: A Profit-Maximizing Monopoly Firm) Look at the figure A Profit-Maximizing Monopoly Firm. This firm's profit per unit is: MC ATC MR 160 220 250 300 Quantity of output (per week)(a) If you are the owner of the only bookstore in a small town, do you have a monopoly? Explain. (b) Draw graph and explain the inefficiency of a monopoly firm such as public sector provision of electricity.
- Question: Discuss the concept of price discrimination and provide examples of industries where it is commonly used.Please Dont use AI tool.Question 1 What is the significance of a price elasticity of demand that is equal to 0.4? ( Question 3 Explain the statement, "In the long run, there are no fixed costs." ( Question 4 Why does a perfectly competitive firm not charge a price above the market price? Why does it not charge a price below the market price? ( Question 7 State five criticisms of a monopoly.Problem 11-04 (algo) You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Analysts at your firm have determined that group l's elasticity of demand is -2, while group 2's is -3. Your marginal cost of producing the product is $30. a. Determine your optimal markups and prices under third-degree price discrimination. Instructions: Enter your responses rounded to two decimal places. Markup for group 1: Price for group 1: $ Markup for group 2: Price for group 2: $ b. Which of the following are necessary conditions for third-degree price discrimination to enhance profits. Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click twice to empty the box.
- Math Problem: Suppose that a monopolist, who sells all units at a uniform price, faces an inverse market demand curve P=100- 2Q. If the firm’s total cost were instead positive, given by the function TC=10Q, what output would the firm produce to maximize profit, what price would the firm charge, and what profit would the firm earn? Give the numerical value of these three variables. Typed answer please. I ll rateProblem 08-10 (algo) The manager of a local monopoly estimates that the elasticity of demand for its product is constant and equal to -2. The firm's marginal cost is constant at $25 per unit. a. Express the firm's marginal revenue as a function of its price. Instructions: Enter your response rounded to two decimal places. MR = x P b. Determine the profit-maximizing price. Instructions: Use the rounded value calculated above and round your response to two decimal places. %24ev Quantity, price, total revenue, and total cost for a monopoly firm that produces cement are listed in the table below. Quantity, (Q) (tons) Price (P) Total Revenue (TR) Total Cost (TC) 1 $1,300 $1,300 $900 2 $1,215 $2,430 $980 3 $1,130 $3,390 4 $1,045 $4,180 5 $960 $4,800 6 $875 $5,250 7 $790 $5,530 Determine the firm's profit-maximizing price. Write the exact answer. Do not round. Answer S $1,100 $1,270 $1,510 $1,960 $2,560