business

Please solve all the problems in this document. In part two, please answer questions with many steps do not only provide a final answer. The step need to be clear and logic. Also if problems need use graph to present those relationship please provide a simple graph to show.
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Part I
Multiple Choice Questions
1.(2 points) A monopoly that sells every unit of its output at the same price is a
.
A.price discrimination monopoly
B.legal monopoly
C.natural monopoly
D.single-price monopoly
1.
2.(2 points) When Dominant Pizza is willing to sell a pizza to a student who lives on-campus at a lower
price than it is willing to sell the identical pizza to a student who lives a block away from the campus,
the pizza firm is
.
A.practicing price discrimination
B.unfair
C.incurring a loss on on-campus sales
D.eliminating all competition
2.
3.(2 points) All of the following are examples of price discrimination EXCEPT
A.buy-one-get-one-free offers.
B.“early bird specials” at a restaurant.
C.lower ticket prices for matinee performances.
D.“buy now, pay later” payment options.
3.
4.(2 points) Firms that can price discriminate between customers do so to
.
A.increase consumer surplus
B.increase employment
C.increase their profit
D.decrease the quantity they produce
4.
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Prof. Sharma
5.(2 points) If a monopolist can perfectly price discriminate, it will
A.charge the same price for each unit sold.
B.produce until price elasticity of demand equals one.
C.not be concerned with the market demand.
D.charge a different price for every unit sold.
5.
6.(2 points) Which of the following is true for a perfect price-discriminating monopoly?
A. P = M R for each unit sold
B. P = AT C for each unit sold
C. P = M C for each unit sold
D. P > M C for each unit sold
6.
Part II
Short Answer Questions
1.(88 points) The inverse demand function for good X is P = 5 0.05Q.
The firm’s cost curve is T C(Q) =

10 + Q
(1.1)(3 points) What is the firm’s marginal cost curve?
If this is a perfectly competitive industry, then
(1.2)(3 points) What is the prevailing price in the industry?
(1.3)(3 points) What is the equilibrium quantity in the industry?
(1.4)(3 points) What is the value of consumer surplus?
(1.5)(3 points) What is the value of producer surplus?
(1.6)(3 points) What is the value of total surplus?
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Prof. Sharma
Suppose that there a monopolist firm in this industry who employs single-pricing strategy.
(1.7)(4 points) What is the firm’s marginal revenue curve?
(1.8)(3 points) What is the profit maximizing level of output?
(1.9)(3 points) What is the price charged by the monopolist?
(1.10)(3 points) What is the maximum amount of money that consumers are willing to pay for the profit
maximizing level of output?
(1.11)(3 points) What is the total revenue collected at the profit maximizing level of output?
(1.12)(3 points) What are the total variable costs at the profit maximizing level of output?
(1.13)(3 points) What is the value of consumer surplus at the profit maximizing level of output?
(1.14)(3 points) What is the value of producer surplus at the profit maximizing level of output?
(1.15)(3 points) What is the value of total surplus at the profit maximizing level of output?
(1.16)(3 points) What is the value of deadweight loss at the profit maximizing level of output?
Suppose that, instead of the single-pricing, the monopolist can employ two-part pricing.
(1.17)(3 points) What is the profit maximizing level of output?

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Prof. Sharma
(1.18)(3 points) What is the fixed fee charged at the profit maximizing level of output?
(1.19)(3 points) What is the price charged at the profit maximizing level of output?
If the monopoly could engage in perfect price discrimination,
(1.20)What is the price that each buyer would pay?
(1.21)(3 points) What would be the lowest price the monopolist will charge?
(1.22)(3 points) how many units will the profit-maximizing monopolist sell?
(1.23)(3 points) What is the total revenue collected at the profit maximizing level of output?
(1.24)(3 points) What is the deadweight loss at the profit maximizing level of output?
(1.25)(3 points) What are the total variable costs at the profit maximizing level of output?
(1.26)(3 points) What is the value of consumer surplus at the profit maximizing level of output?
(1.27)(3 points) What is the value of producer surplus at the profit maximizing level of output?
(1.28)(3 points) What is the value of total surplus at the profit maximizing level of output?
(1.29)(3 points) What is the value of deadweight loss at the profit maximizing level of output?
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Prof. Sharma
(1.30)(3 points) What is the loss of consumer surplus compared to a perfectly competitive industry?
5 of 5
Prof. Sharma

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