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61. A firm in a monopolistic market faces the demand equation: Q = 25 -0.5P. where Q is the firm's output level and P is the price of a product per unit. The firm's total cost equation is TC = 144 + 50 +0.250. Assuming a parallel shift in the firm's demand curve, what is the firm's total profit in the short run and what will happen to the firm's demand curve? A. Total profit = $63. The firm's demand cure will shift to the right. B. Total profit - -$63. The firm's demand curve will shift to the left. C. Total profit = 581. The firm's demand curve will shift to the right. D. Total profit = 581. The firm's demand curve will shift to the left. E. None of the above. 62. Suppose that a firm jointly produces 2 products. A and B in a 1:1 fixed proportion. The primary product is A and B is a by-product of A. The firm's total cost is TO = 100 + Q + 20', where Q is the output of the primary product. The market demand equations for A and B as follows: Q% = 200 - PA, where QA is the quantity demanded for A and PA is the price per unit of A. On = 75 - 0.5Pa. where On is the quantity demanded for A and Py is the price per unit of B. What is the profit-maximizing price of A (PA")? A. PA* = $165.1. B. PA# = $80.2. C. PAT = $75.5. D. PA* = $55,1. E. None of the above. 63, Suppose that a firm jointly produces 2 products. A and B in a 1: 1 fixed proportion. The primary product is A and B is a by-product of A. The firm's total cost is TO = 100 + Q + 20. where Q is the output of the primary product. The market demand equations for A and B as follows: Q1 = 200 - Pa. where QA is the quantity demanded for A and PA is the price per unit of A. Qu = 75 - 0.5Pa. where On is the quantity demanded for A and Po is the price per unit of B. What is the profit-maximizing price of B (P.")? A. PA* = $165.1. B. Pn* = $80.2. C. PB* = $75.5. D. PB* = $55.1. E. None of the above.16 56. A perfectly competitive firm's total cost function is TC = 2000 + 20q + 5q', where q is the firm's output level. What is the firm's marginal cost (LMC) in the long-run equilibrium A. LMC = $850. B. LMC = $610. C. LMC = $220. D. LMC = SINO E. None of the above. 57. Each of 12 firms in a perfectly competitive market has a total cost function of TC = 600 + 2q, where q is its output level. The market demand function is Qu = 600 - 2P. where P is the price per unit of output and Qu is total market demand. What is the firm's producer surplus at its profit-maximizing output level? A. $1200. B. $ISO. C. $1800. D. $2200. E. None of the above. 58. A perfectly competitive firm's total cost function is TC = 200 + 40q + 10q' where q is its output level. If the price per unit of output is $120, what would the firm's total profit (al be? A. =-$40. The firm should shut down in the short run. B. * =-$40. The firm should operate the short run. C. a=-$160. The firm should shut down in the short run. D. a $160. The firm should operate in the short run. F. None of the above. 59. Suppose that a firm is a monopsonist in the labor market. The market demand of the firm's output is P = 70 - 0.50. where P is the price per unit of output. The firm's production function is Q = L, where Q is the firm's output level. and L. is the amount of labor. II'the labor supply function is H. = 10 + L, what is the firm's profit-maximizing price of labor A. PI* = $30. B. P1* = $20. C. PL =$18. D. PI* = $10. F. None of the above 60. In a Cournot duopoly, we find that Firm I's reaction function is Q1 = 50 -0.50:, and Firm "'s reaction function is Q:= 75 -0.7501. What is the Cournot equilibrium outcome in this market? A. Q1* = 20 and Q2* = 60 B. Q1* = 20 and Q * = 20 C. Q1* = 60 and Q" =60 D. Q1* = 60 and 09 = 20 E. Not enough information to answer.53. A firm faces 2 demand functions as follows: Strong demander: Ps = 8 - Qs. Weak demander: Pw =6 -Qw. The firm's marginal cost (MC) = $2. There is no total fixed cost. For simplicity, there are one strong demander and one weak demander in the market. The firm considers using a two-part pricing strategy. The firm assumes that both strong and weak demanders in the market and a product's price (Pi equals its marginal cost (MC). What will the entry fee (A*) be? A. A* = $8. B. A* = $10. C. A* =$14. D. A* = $16. E. None of the above. 54. A perfectly competitive firm's total cost function is TC = 24 + 8q + q', where q is the firm's output level. If the market price per unit of output (P) is $20. what will the firm's decision in the short run be? A. The firm should shut down because P exceeds its average variable cost at its profit-maximizing output. B. The firm should shut down because P is less than its average variable cost at its profit-maximizing output. C. The firm should operate in the short run because P is less than its average variable cost at its profit-maximizing output. D. The firm should operate in the short run because P exceeds its average total cost at its profit-maximizing output. E. None of the above. 55. A perfectly competitive firm's total cost function is TC = 1000 + 20Q + 5Q-, where Q is the firm's output level. In the short run. the market price per unit of output (P) is $50. How does the market price adjust to the long-run equilibrium? A. The market price will decrease until it equals the firm's minimum average cost in the long run. B. The market price will decrease until it equals the firm's minimum marginal cost in the long run. C. The market price will increase until it equals the firm's minimum average cost in the long run. D. The market price will increase until it equals the firm's minimum marginal cost in the long run. E. None of the above.14 50. If revenues from selling quantities & and y of jointly produced goods X and Y were TRX = 500 - XY + 40X and TRY = 1000 - XY + 2Y, and 10 units of Y were produced. then marginal revenue with respect to X would be: A. $10 B. $20 C $30 D. $40 F. $50 Section 2- 25 Questions: Each question is worth 2 points. 51. A firm's production is Q = 41."25K"25, where L = the amount of labor and K = the number of machines. The price per unit of labor = $2 and the price of a machine = $8. What is the long-run total cost equation (LTC )? A. LTC = 40. B. LTC = 20. C. LTC = Q. D. LTC = 0.50-. E. None of the above. 52. A firm faces 2 demand functions as follows: . Strong demander: Ps = 8 - Qs. Weak demander: Pw = 6 - Qw. The firm's marginal cost MC = $2. There is no total fixed cost. For simplicity, there are one strong demander and one weak demander in the market. The firm considers using a two-part pricing strategy. The firm assumes that only a strong demander in the market and a product's price (Py equals its marginal cost (MC). What will the firm's profit (a* ) be? A. 1* = 58. B. 1* = $10. C. 1* - $14. D. * =$18. E. None of the above.46. Consider the following game in which two players, I and 2. choose between Strategy A or Strategy B. How many Nash equilibria are there? Player 2 Strategy A B Player I A 20. 20 50, 30 B 30, 50 10, 10 A. 0 B. I C. 2 D. 47. The following game shows the payoff to two firms, A and B. If the two firms decide simultaneously, which one of the following statements is TRUE? Firm B Strategy 3 Strategy + Strategy 1 10, -20 50). 1 Firm A Strategy 2 0. 40 A. Firm A does not have a dominant strategy B. Firm B does not have a dominant strategy. C. The game is an example of a Prisoner's Dilemma. D. The game has no Nash equilibrium. E. None of the above. 48. Bundling raises higher revenues than selling the goods separately when A. demands for two goods are positively correlated B. demands for two products are negatively correlated. C. the goods are perfect substitutes. D. the goods are complementary in nature. E. None of the above. 19. Which of the following statements is FALSE? A. II the marginal cost is constant, the average variable cost equals the marginal cost. B. The average variable cost is at a minimum at the same amount of output at which the average product is maximum. C. If the marginal cost increases as increased output, the marginal product also increases. D. Total cost is increasing at an increasing rate when the marginal cost is increasing. E. None of the above.43. Suppose that you sell 2 products, Good M and Good N. There are three types of customers based on their reservation prices in the table below, The marginal cost of Good M is $5, and the marginal cost of Good N is $5 If you use a separate pricing strategy. what is the optimal price of Good N(Paj? Customer Type Good M Good N Type 40 13 Type II 40 3 Type III A. PN= $10. B. PN = $20. C. PN = $30. D. PN = $40 E. None of the above. 44. Suppose that you sell 2 products, Good M and Good N. There are three types of customers based on their reservation prices in the table below. The marginal cost of Good M is $5. the marginal cost of Good N is $5, and the marginal cost of a bundle is $10. If you use a pure bundling strategy, what is the optimal price of a bundle (PR)? Customer Type Good M Good N Type I 40 13 Type II 49 Type III 30 A. PH = $84 B. Pn = $68 C. PB = $52 D. PB = $40. E. None of the above. 45. Consider the following game in which two firms. A and B. choose between a high-price strategy and a low-price strategy. Firm B Strategy Low Price High Price Firm A Low Price 10. 10 25. 5 High Price 5. 25 20. 20 For firm B. A. setting a high price is the dominant strategy. B. setting a low price is the dominant strategy. C. there is no dominant strategy. D. doing the opposite of firm A is always the best strategy. E. Not enough information to