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Econ 1010 Final Exam Questions And Answers Latest Update
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Econ 1010 Final Exam Questions And Answers Latest Update
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Econ 1010 Final Exam Questions And AnswersLatest Update
Rule #1: You produce until the last unit when Marginal Cost . . .
Exceeds Marginal Revenue.
In a monopoly, the Demand Curve for the firm is the
Demand Curve for the industry.
The Marginal Revenue line for a monopoly is 2x as steep as the
Demand Curve
R(Q) means . . .
Revenue depends on Quantity Sold
C(Q) means . . .
Total Cost depends on Quantity Sold
π means . . .
π(Q) = R(Q) - C(Q)
If you want to track the change in profits (π), you want ∆π,
When Q changes, how does π change?
∆π/πQ is what you want.
Does a monopoly have a supply curve?
Nope. It produces at the intersection of MC and MR.
A supply curve shows for every price,
what quantity will be supplied.
, Monopoly profits are:
Price - AC where MC=MR
Monopoly losses are:
P-AC where MC=MR
For any monopoly, price is greater than:
marginal cost
The less the elasticity, the greater the . .
markup over marginal cost
In a PC firm, you shut down when AVC is greater than . . .
Price
Who is John Darp?
Mr. Darp
The maximum you will pay for something is called your
reservation price
Charging someone the most they will pay is
first degree price discrimination
Charging people blocks or bulk pricing is
second degree price discrimination
When you divide people into two or more groups and divide them into different
demand curves.
third degree price discrimination
Coupons and rebates are a method of . . .
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