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Monopolist, economics homework help
1.Describe the demand curve for a perfectly competitive firm and explain why the demand curve looks the way it does.
2.(a) What are the two critical questions a firm must answer?
(b) What is the main economic objective of every firm?
3.(a) Fill in the table below and answer the following questions. Show your step-by-step calculations either by typing them in the text box below or by submitting a photo of your handwritten calculations to the Drop Box.
(b) How much output will the firm choose to produce? Explain why the firm chooses this level of output.
|
Quantity |
Price |
Total Revenue |
Total Cost |
Profit |
Marginal Revenue |
Marginal Cost |
|
0 |
$10 |
2 |
||||
|
1 |
$10 |
4 |
||||
|
2 |
$10 |
7 |
||||
|
3 |
$10 |
11 |
||||
|
4 |
$10 |
17 |
||||
|
5 |
$10 |
30 |
4.Choose a firm that has monopoly power. Explain how each of the three barriers to entry would apply to that firm. Do not choose a firm that is covered in the text or course materials.
5.Describe the demand curve for a monopolist. Why does the monopolist’s demand curve look different than the demand curve of a perfectly competitive firm?
6.What is meant by Average Cost Pricing in terms of monopoly regulation? Discuss the difficulties in Average Cost Pricing.
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