Which of the following explains the government's tax revenue?
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In: Economics
Assignment: Draw a graph for a monopoly with demand, marginal revenue, and marginal cost curves. Identify the profit-maximizing output level (Qm) and price (Pm). (Photos of your work are not accepted) Suppose the monopolist sells Qm units of output at the regular price and then puts the product on sale at a lower price, Ps. Show the new price and quantity. What happens to the firm’s profits? Does price discrimination lead to a more efficient or less efficient outcome? Why or why not?
In: Economics
Marginal revenue is not equal to price for a monopolist because:
Multiple Choice
a. the monopolist's demand curve is below its marginal revenue curve.
b. total revenue increases as output increases.
c. the monopolist sets price equal to marginal cost.
d. the monopolist must lower the price of all units in order to sell more.
In: Economics
Suppose that the market demand is: P = 24 – 3Q, and marginal revenue is: MR = 24 – 6Q. The marginal cost is: MC = 6 and fixed cost is 0.
a. If the market structure is monopoly, determine the profit maximizing price and output for this monopolist and calculate its economic profit or loss at the profit maximizing output.
b. If the market structure is perfect competition, determine the profit maximizing price and total output and calculate a typical firm’s profit or loss at the profit maximizing output.
c. Which market structure is more efficient, i.e., monopoly or perfect competition? Also explain your answer in (c) diagrammatically.
In: Economics
A monopolist will shut down in the short run if:
| a. |
total revenue is less than total variable cost. |
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| b. |
price is less than marginal revenue. |
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| c. |
marginal revenue is less than price. |
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| d. |
total revenue is less than total fixed cost. |
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| e. |
marginal revenue is less than marginal cost. |
A movement from an abnormally high rate of unemployment toward a more typical level of unemployment would:
| a. |
move an economy from a point on the production possibilities curve to a point beyond the production possibilities curve. |
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| b. |
decrease the productivity of the economy. |
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| c. |
shift the production possibilities curve outward. |
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| d. |
move an economy from a point inside the production possibilities curve toward the curve. |
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| e. |
shift the production possibilities curve inward. |
A perfectly competitive firm cannot make economic profits in the long run because:
| a. |
consumers will eliminate its profits. |
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| b. |
it is a price taker. |
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| c. |
there are no barriers to entry or exit in the industry. |
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| d. |
its advertising costs will rise to eliminate any economic profits. |
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| e. |
it faces a perfectly elastic demand curve. |
In: Economics
A) If a firm is a price taker its marginal revenue is:
B) If a non-price taking firm produces where demand is inelastic, marginal revenue will be...
C) For non-price taking firms-- which of the following statements are true.
In: Economics
Waldie Corporation publishes a monthly magazine for subscribers. The publication is delivered on the 10th day of each month. They received cash of $96,000 on October 1, 2018 for one year's subscription in advance. On October 1, the company recorded the transaction with a credit to Unearned Subscription Revenue. The December 31, 2018 adjusting entry is
In: Accounting
For which of the following types of firms does the average revenue curve coincide with the marginal revenue curve?
- A monopolist
- An oligopoly firm
- A perfectly competitive firm
- A monopolistically competitive firm
- A monopsonist
In: Economics
According to the Internal Revenue Service, the average length of
time for an individual to complete (keep records for, learn,
prepare, copy, assemble, and send) IRS Form 1040 is 10.41 hours
(without any attached schedules). The distribution is unknown. Let
us assume that the standard deviation is two hours. Suppose we
randomly sample 36 taxpayers.
A) In words, define the random variable X.
the length of time, in minutes, for an individual to complete IRS Form 1040the length of time, in hours, for an individual to complete IRS Form 1040 the number of individuals who complete IRS Form 1040the number of taxpayers sampled
B) In words, define the random variable
X.
the average length of time, in hours, for a sample of 36 taxpayers to complete IRS Form 1040the average income of a random sample of taxpayers the average length of time, in minutes, for a sample of 36 taxpayers to complete IRS Form 1040the average length of time, in hours, for a sample of 100 taxpayers to complete IRS Form 1040
c)
Give the distribution of
X.
(Round your answers to two decimal places.)
X ~
D) Find the probability that the 36 taxpayers took an average of more than 12 hours to finish their Form 1040s. (Round your answer to four decimal places.)
E) Would you be surprised if the 36 taxpayers finished their Form 1040s in an average of more than 12 hours? Explain why or why not in a complete sentence.
No, because the probability is very close to 1.Yes, because the probability is very close to 0.
In: Statistics and Probability
Growth of GDP (Gross domestic product) of economy is in line with the revenue growth of companies. Nonetheless there are practical issues in using this measure, GDP growth, to predict stock prices. Explain.
In: Finance