Market Demand Function Question

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Econ 140, SSII, 20
Test: Final Examination
Time Remaining: 01:50:12 Submit Test
This Question: 2 pts
2 of 41 (4 complete)
This Test: 55 pts possible
P,
$
per unit
MC1
Based on the Mini-Case “Cheating on the Maple Syrup
Cartel,” what methods does the cartel use to discourage
cheating? Using the graph, explain why some maple
syrup producers cheat on the cartel despite efforts to
prevent cheating.
en
em
p
The figure shows the marginal cost (MC1) of one of the
firms in the market. The market supply curve is S. Let p
be the profit-maximizing price for the cartel. At the cartel
price, p, each cartel member is permitted to produce up
to a marginal cost of m, where the cartel market quantity
is Qm (and the quantity one firm is permitted to produce
IN
is Q1).
m
Methods the maple syrup cartel uses to discourage
cheating include
D
MR
Qm Q, Quantity
Q1
A. seizing the production of the cheating firm.
B. lowering the cartel production level.
C. ignoring the actions of the cheating firm.
D. enforcing the government’s antitrust legislation.
E. raising the price charged by firms that don’t
cheat.
Click the graph, choose a tool in the palette and follow the instructions to create your graph.
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Take a Test – Wen Sun
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Econ 140, SSII, 20
Test: Final Examination
Time Remaining: 01:49:59 Submit Test
This Question: 2 pts
2 of 41 (4 complete)
This Test: 55 pts possible
??? ??
p,
$
per unit
Methods the maple syrup cartel uses to discourage
cheating include
MC1
en
em
A. seizing the production of the cheating firm.
B. lowering the cartel production level.
C. ignoring the actions of the cheating firm.
D. enforcing the government’s antitrust legislation.
E. raising the price charged by firms that don’t
cheat.
p
A
m
Suppose a representative firm in the cartel has a
marginal cost of production indicated by MC1, whereby
it is permitted to produce Q1 units.
D
MR
Qm Q, Quantity
Q1
Using the point drawing tool, indicate the optimal
cheating quantity and price for cartel firm 1 when the
cartel price is p. Assume for simplicity that the firm’s
actions do not noticeably affect the cartel price. Label
this point ‘ez’
Carefully follow the instructions above, and only draw
the required object.
Click the graph, choose a tool in the palette and follow the instructions to create your graph.
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Econ 140, SSII, 20
Test: Final Examination
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This Question: 5 pts
14 of 41 (32 complete)
This Test: 55 pts possible
You are given the market demand function
Q = 2200 – 1000p,
and that each duopoly firm’s marginal cost is $0.10 per unit, which implies the cost function:
C
c(qi) = 0.10qi,
assuming no fixed costs for i = 1, 2.
The Cournot equilibrium quantities are 91 =
and 92
=
(enter your responses as whole numbers).
The Cournot equilibrium price is $
(round to the nearest penny).
Calculate the Cournot profits: firm 1 $
and firm 2 $
(round both responses to the nearest cent).
Enter your answer in each of the answer boxes.
?
Average Product
of Variable
Input
Fill in the gaps in the table below. (Enter your responses rounded to two decimal places.)
Quantity of
Marginal
Variable
Total
Product of
Input
Output
Variable Input
0
0
225
225
2
275
4
1,075
1
225
287.5
3
283.33
01
210
-21
6
1,264
210.67
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Econ 100A, SSII, 20
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Test: Final Examination
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This Test: 50 pts possible
Fill in the gaps in the table below. (Enter your responses rounded to two decimal places.)
Quantity of
Variable
Input
0
Total
Output
Marginal
Product of
Variable Input
Average Product
of Variable
Input
0

1
250
250
250
2
325
3
325
325
4
1,240
5
250
6
1,465
– 25
244.17
Enter your answer in each of the answer boxes.
?
Total output MP
250
650
975
Average
250
250
400
325
325
325
265
310
250
298
-25 244.17
1240
1490
1465
Fill in the gaps in the table below. (Enter your responses rounded to two decimal places.)
Quantity of
Variable
Input
0
Marginal
Product of
Variable Input
Average Product
of Variable
Input
Total
Output
0
250
1
250
2
250
325
333.33
3
350
4
1,290
01
275
– 13.75
6
1,551.25
258.54
Total output MP
250
650
Average
250
250
400
350
290.01
325
333.33
999.99
1290
322.5
1565
313
2751
-13.75
1551.25
258.54
+

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Tags:
economics

production

market demand function

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