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Category > Economics Posted 17 Dec 2017 My Price 20.00

ECO 550 Week 11 Exam Part 2

             Question 1

  1. Figure 15-5




    Refer to Figure 15    -5. If the monopolist charges price P* for output Q*, in order to maximize profit or minimize loss in the short run, it should
     
     
     
     
     

4 points  

Question 2

  1. Because a monopoly's demand curve is the same as the market demand curve for its product
     
     
     
     
     

4 points  

Question 3

  1. A local electricity-generating company has a monopoly that is protected by an entry barrier that takes the form of
     
     
     
     
     

4 points  

Question 4

  1. Microsoft hires marketing and sales specialists to decide what prices it should set for its products, whereas a wealthy corn farmer in Iowa, who sells his output in the world commodity market, does not. Why is this so? 
     
     
     
     
     

4 points  

Question 5

  1. A merger between the Ford Motor Company and General Motors would be an example of a
     
     
     
     
     

4 points  

Question 6

  1. A merger between U.S. Steel and General Motors would be an example of a
     
     
     
     
     

4 points  

Question 7

  1. The demand curve for a monopoly's product is
     
     
     
     
     

4 points  

Question 8

  1. Figure 15-15



    Figure 15    -15 shows the cost and demand curves for the Erickson Power Company.


    Refer to Figure 15    -15. The firm would maximize profit by producing
     
     
     
     
     

4 points  

Question 9

  1. Which of the following contains most of the characteristics of a public good?
     
     
     
     
     

4 points  

Question 10

  1. Assuming there are no externalities, if a firm is producing at an output level where the benefits to consumers are less than the cost to the suppliers to produce it, then price
     
     
     
     
     

4 points  

Question 11

  1. Second hand cigarette smoke is an example of a(n) ________.
     
     
     
     
     

4 points  

Question 12

  1. Table 14-2



    Table 14    -2 shows the payoff matrix for Wal-Mart and Target from every combination of pricing strategies for the popular PlayStation 4. At the start of the game each firm charges a low price and each earns a profit of $7,000.


    Refer to Table 14-2. For each firm, is there a better outcome than the current situation in which each firm charges the low price and earns a profit of $7,000? 
     
     
     
     
     

4 points  

Question 13

  1. Air pollution generated by a steel mill is an example of 
     
     
     
     
     

4 points  

Question 14

  1. Refer to the information provided in Figure 16.1 below to answer the question(s) that follow. 


     Figure 16.1 


    Refer to Figure 16.1. Absent government intervention, how much fertilizer will be produced?
     
     
     
     
     

4 points  

Question 15

  1. Table 14-1



    Godrickporter and Star Connections are the only two airport shuttle and limousine rental service companies in the mid    -sized town of Godrick Hollow. Each firm must decide on whether to increase its advertising spending to compete for customers. Table 14-1 shows the payoff matrix for this advertising game.


    Refer to Table 14    -1. Is there a dominant strategy for Star Connections and if so, what is it?
     
     
     
     
     

4 points  

Question 16

  1. Refer to the information provided in Table 14.1 below to answer the question that follows.

    Table 14.1
    B's Strategy

      Raise Price Don't Raise Price
      Raise A's profit $3,000 A's profit $10,000
      Price B's profit $3,000 B's profit $15,000
    A's Strategy      
      Don't A's profit $15,000 A's profit $5,000
      Raise B's profit $10,000 B's profit $5,000


    Refer to Table 14.1. Firm Aʹs optimal strategy is
     
     
     
     
     

4 points  

Question 17

  1. A characteristic found only in oligopolies is
     
     
     
     
     

4 points  

Question 18

  1. Public goods represent ________ because by their very nature they are nonexcludable and nonrival which makes it difficult for the private sector to supply them profitably.
     
     
     
     
     

4 points  

Question 19

  1. Refer to the information provided in Figure 16.1 below to answer the question(s) that follow. 


     Figure 16.1 


    Refer to Figure 16.1. The efficient amount of fertilizer is
     
     
     
     
     

4 points  

Question 20

  1. What is a prisoner's dilemma? 
     
     
     
     
     

4 points  

Question 21

  1. Public goods represent a market failure because
     
     
     
     
     

4 points  

Question 22

  1. A Nash equilibrium is
     
     
     
     
     

4 points  

Question 23

  1. Public goods are
     
     
     
     
     

4 points  

Question 24

  1. Successful price discrimination cannot take place if 
     
     
     
     
     

4 points  

Question 25

 

  1. Refer to the information provided in Table 14.4 below to answer the question that follows.

    Table 14.4
    B's Strategy

      Raise Price Don't Raise Price
      Raise A's profit $6,000 A's profit $20,000
      Price B's profit $6,000 B's profit $30,000
    A's Strategy      
      Don't A's profit $30,000 A's profit $10,000
      Raise B's profit $20,000 B's profit $10,000


    Refer to Table 14.4. Firm Aʹs optimal strategy is
     
     
     
     

Answers

SmartExpert
(118)
Status NEW Posted 17 Dec 2017 10:12 PM My Price 20.00

ECO----------- 55-----------0 W-----------eek----------- 11----------- Ex-----------am -----------Par-----------t 2-----------

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file 1513555644-ECO 550 Week 11 Exam Part 2.docx preview (3302 words )
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