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Jeopardy. Perfect Competition. Price Discrimination. Problems. Formulas . Monopoly. Q $100. Q $100. Q $100. Q $100. Q $100. Q $200. Q $200. Q $200. Q $200. Q $200. Q $300. Q $300. Q $300. Q $300. Q $300. Q $400. Q $400. Q $400. Q $400. Q $400. Q $500. Q $500. Q $500.
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Jeopardy Perfect Competition Price Discrimination Problems Formulas Monopoly Q $100 Q $100 Q $100 Q $100 Q $100 Q $200 Q $200 Q $200 Q $200 Q $200 Q $300 Q $300 Q $300 Q $300 Q $300 Q $400 Q $400 Q $400 Q $400 Q $400 Q $500 Q $500 Q $500 Q $500 Q $500 Final Jeopardy
$100 Question from Formulas Total Cost = ?
$100 Answer from Formulas Total Cost = Fixed Cost + Variable Cost
$200 Question from Formulas Total Revenue = ?
$200 Answer from Formulas Total Revenue = Price * Quantity
$300 Question from Formulas Marginal Cost = ?
$300 Answer from Formulas Marginal Cost = Δtotal cost/Δquantity Or Marginal Cost = Δvariable cost/Δquantity
$400 Question from Formulas Marginal Revenue = ?
$400 Answer from Formulas Marginal Revenue = Δtotal revenue/Δquantity
$500 Question from Formulas Profits = ?
$500 Answer from Formulas Profits = Total Revenue – Total Cost
$100 Question from Perfect Competition If the marginal revenue that a firm receives from producing one more unit exactly equal to the price it charges then what must be true?
$100 Answer from Perfect Competition Perfect Competition
$200 Question from Perfect Competition In Perfect Competition, a firm choosesq* at what point?
$200 Answer from Perfect Competition Where Price = Marginal Cost
$300 Question from Perfect Competition A Perfectly Competitive firm is selling 100 units at a market price of $10. It’s profits are$50,000, and the MC of the 100th unit is $8, what should they do? Increase quantityKeep quantity constant Decrease quantity
$300 Answer from Perfect Competition Increase quantity since MC($8)<Price ($10)
$400 Question from Perfect Competition A firm has TR of 40,000 FC of $50,000VC of $20,00 What are profits?What should the firm do in the Short Run?The Long Run?
$400 Answer from Perfect Competition Profits = -$20,000Firm should produce in the Short Run sinceTR>VCBut exit in the Long Run
$500 Question from Perfect Competition In Perfect Competition, the market price is $8, what is q*?
$100 Question from Monopoly If there are barriers to entry in a market, then thefirm must be what?
$100 Answer from Monopoly A Monopoly
$200 Question from Monopoly Suppose a firm made positive profits in the short run but zero profits in the long run this firm could not be what?
$200 Answer from Monopoly Could not be a Monopoly
$300 Question from Monopoly A Monopoly choose quantity at what point?
$300 Answer from Monopoly Where MR=MC
$400 Question from Monopoly Where does a Monopoly set its price?
$400 Answer from Monopoly Find q* where MR=MC, then followthat all the way up to the demand curve.
$500 Question from Monopoly What will a Monopoly do in the short run if ithas negative profits?
$500 Answer from Monopoly It will produce only if it can cover its variable costs.
$100 Question from Price Discrimination Suppose a firm can charge a different price to each consumer, what type of price discriminationis this?
$100 Answer from Price Discrimination First-Degree price discrimination
$200 Question from Price Discrimination When a firm charges different prices for different amounts of goods (i.e. bundling)they are using what type of price discrimination?
$200 Answer from Price Discrimination Second-Degree Price Discrimination
$300 Question from Price Discrimination When a firm charges different prices todifferent groups of people they are using what type of price discrimination?
$300 Answer from Price Discrimination Third-Degree Price Discrimination
$400 Question from Price Discrimination When a firm charges an upfront fee along withadditional charges later on, they are usingwhat type of price discrimination?
$400 Answer from Price Discrimination A two-part tariff
$500 Question from Price Discrimination Your Text Here If a firm wants to start using third-degree price discrimination, and each consumer has a different elasticity of demand, which customerwould most likely pay the highest price?
$500 Answer from Price Discrimination Consumer B, since they have the most inelasticdemand. Which means they are the least sensitive to price.
$100 Question from Problems Fill in the Average Product of Labor for each row.
$100 Answer from Problems Your Text Here
$200 Question from Problems The Average Total Cost curve is at its minimum where it crosses what curve?
$200 Answer from Problems The Marginal Cost Curve
$300 Question from Problems Describe Monopolistic Competition
$300 Answer from Problems There are several to many firms in the market.There is free entry and exit.Non-identical Products. Firm acts like a Monopoly in the short run(chooses MR=MC)Due to free entry and exit are like perfect competition in the Long Run.
$400 Question from Problems If this is a Monopoly with a MC = 10, what quantity will it produce?
$400 Answer from Problems Q = 6 calculate MR and find where it equalsMC.
$500 Question from H5 Your Text Here If this is a Competitive Firm with FC of $20, what is the Total Cost of producing 5 units?
