Posted by Anonymous on Monday, December 8, 2008 at 2:15pm.
I have an exam tomorrow and I really need to know how you get the following answers. Please show me! I know it's a lot of questions, but I don't understand how you get the answer...
40. At Nick's Bakery, the cost to make his homemade chocolate cake is $3 per cake. He sells three and receives a total of $21 worth of producer surplus. Nick must be selling his cakes for
a. $2 each.
b. $7 each.
c. $8 each.
d. $10 each.
47. Market demand and supply are given as Qd = 1000 - 5P and Qs = 4P - 80 respectively. If P = 100, consumer surplus is
7. Assume that the demand and supply curves for cars are elastic. If the government imposed a $500 tax on the buyer of each car, we can assume that the
a. equilibrium price of a car would decrease by less than $500.
b. price of a car would decrease by exactly $500.
c. price of a car would decrease by more than $500.
d. price of a car would not change if both curves were elastic.
30. Consider the following information about bread production at Beth's Bakery:
Worker Marginal Product
Beth pays all her workers the same wage and labour is her only variable cost. From this information we can conclude that Beth's marginal cost
a. declines as output increases from 0 to 33, but increases after that.
b. declines as output increases from 0 to 11, but increases after that.
c. increases as output increases from 0 to 11, but declines after that.
d. continually increases as output rises.
45. In a perfectly competitive market, market demand is given by Qd = 50 - .5P and market supply is given by Qs = P - 10. Each identical firm has a MC = 4Q. The individual firmís supply curve (above minimum AVC) is given by the equation
a. Q = .25P
c. Q = 5
b. Q = .P - 10
d. none of the above.
46. In a perfectly competitive market, market demand is given by Qd = 50 - .5P and market supply is given by Qs = P - 10. Each identical firm has a MC = 4Q. In the long run, if minimum LRAC = 40,
a. firms will enter the market.
c. firms will earn zero economic profit.
b. firms will exit the market.
d. firms will incur economic losses.
48. Suppose the market described in Question #46 above is served by a monopolist with MR = 100 - 4Q. The monopolistís marginal cost curve would be
a. the market supply curve
b. MC = 10 + Q
c. MC = 4Q
d. both A and B
e. both A and C.
49. Suppose the market described in Question #46 above is served by a monopolist with MR = 100 - 4Q. The deadweight loss due to monopoly is
Answer This Question
More Related Questions
- english - Ok, I really need help with this one. I need to finish this Lesson, I ...
- Chemistry - Okay so I understand this is incredibly unconventional, but I have a...
- college algebra--I really need help!! - solve the following exponential equation...
- GEOGRAPHY (URGENT!!!) - I NEED HELP!!! this is urgent!!! Human-Environmental ...
- To Sam: Penn Foster answers - Please do not post any more answers. Jiskha is not...
- Penn Foster - I am looking for the questions to these exams..all I keep getting ...
- sentence patterns - we need some help.We write tomorrow an exam-sentence ...
- 12th grade - Hey I have an exam tomorrow and I cant understand this things.. ...
- Maths - More than one question please help me - Hi everyone :) I need a lot of ...
- 5th grade math - can you please explain &show me how to get these answers to ...