Study guides, Class notes & Summaries

ECON 102 Homework 8 Answer (Penn State University) Question 1 A monopolist faces a demand curve given by: P = 220 – 3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $40. There are no fixed costs of production. How much output should the monopolist produce in order to maximize profit? Question 2 A monopolist faces a demand curve given by: P = 40 –Q, where P is the price of the good and Q is the quantity demanded....

ECON 102 Homework 5 Answer (Penn State University) Question 1 Suppose that a monopolistically competitive firm must build a production facility in order to produce a product. The fixed cost of this facility is FC = $24. Also, the firm has constant marginal cost, MC = $3. Demand for the product that the firm produces is given by P = 27-3Q. Fill in the table below. Some numbers have been filled in for you. Hint: All answers that you fill in will be integers (no decimals). Be sure to just type th...

ECON 102 Homework 4 Answer (Penn State University) Question 1 Examine the table above, which gives information about the costs of a perfectly competitive firm. You are hired to determine the profit-maximizing quantity for the firm at different prices. For each price listed, you must find the output level, total revenue, total cost, and profit. Question 2 Examine the table above, which gives information about the costs of a perfectly competitive firm. You are hired to determine the profit-maxim...

ECON 102 Homework 3 Answer (Penn State University) Question 1 (25 total points) Joe runs a farm. He rents the land for $240 a day, and he can hire workers for $10 per day for each worker. His short run production function is given in the first two columns of the following table. Complete the table below by filling in ALL missing numbers. If your answer is a decimal rather than a whole number, round your answer to the nearest 2 decimal places. Also, do not enter leading zeroes. For example, ...

ECON 102 Homework 12 Answer (Penn State University) Question 1 Suppose the demand for a product is given by P = 40 – 4Q. Also, the supply is given by P = 10 Q. If a $10 per-unit excise tax is levied on the buyers of a good, then after the tax buyers will pay _________ for each unit of the good. Question 2 Suppose the demand for a product is given by P = 100 – 2Q. Also, the supply is given by P = 20 6Q. If an $8 per-unit excise tax is levied on the buyers of a good, then after the tax th...

ECON 102 Homework 11 Answer (Penn State University) Question 1 When there is a negative production externality, the Question 2 Consider a market with a negative production externality. This type of market Question 3 A profit maximizing firm in a competitive market with a negative production externality will produce the quantity of output where Question 4 Which of the following is a solution to the problem of externalities? Question 5 When an externality is internalized, Question 6 Norm...

ECON 102 Homework 10 Answer (Penn State University) Question 1 Suppose that two players are playing the following game. Player 1 can choose either Top or Bottom, and Player 2 can choose either Left or Right. The payoffs are given in the following table: where the number on the left is the payoff to Player A, and the number on the right is the payoff to Player B. Player A has _____________________, and player B has Question 2 Suppose that two players are playing the following game. Player 1 can ...

ECON 333 Lesson 2 Review Lesson 2: Exercise 1. In autarky, when a community maximizes its standard of living, its consumption point is: A) Below the production possibility frontier. B) On the production possibility frontier. C) Above the production possibility frontier. D) Can’t tell without more information. 2. If the relative price of S in terms of T is 2 and S has a nominal price of $1, then the nominal price of T is: A) $2. B) 50 cents. C) 1/2 S. D) Need more informatio...

ECON 333 VERSION A EXAM 2 Ch. 7,8,12,13 all correct answers ECON 333.2 - Professor McCann VERSION A Exam 2: Ch. 7,8,12,13 Directions: The questions below are Multiple Choice. Circle the answer you have selected on your test packet AND bubble in the corresponding letter on the scan sheet. Each multiple choice question is worth 3 points. The entire MC section is worth 45 points. 1. The U.S. may impose a countervailing duty when a. U.S. firms receive transfer payments from the U...