(b) Assume these firms behave like price takers, how much will they produce and what price will they charge? Draw the outcome on a graph. What is the individual firms producer surplus? What is the total producer surplus of the market? (3 marks) (c) Suppose the four firms join together to form a single firm monopoly. What price will the cartel charge and how much output does the cartel produce? What is producer surplus for the cartel? (Hint: the marginal cost curve for the cartel firm is the supply curve found in part (a) with MC replacing P in this equation and MR = 200 -Q). What happens to consumer surplus and total welfare? (4 marks) 4. Calculate the own price elasticity of demand in the following situations (a) A price rise from po = 2 to p1 = 5 causes quantity demand to fall from go = 30 to q1 = 15 (1 mark) (b) The demand curve is given by q = 1/p with the slope of the demand curve given by $ = -1/p2. What is the own price elasticity of demand at any point?(2 marks) (c) The demand curve is given by q = 4 - 2p with the slope of the demand curve given by dp = -2. What is the own price clasticity of demand at: (i) p = 4; and (ii) p = 10? (2 marks) 5. Suppose the cost of producing q cars and q2 trucks is 45000 +80q1 + 10092. Calculate the measure of economies of scope when (1 mark each): (a) q1 = 100 and q2 = 200 (b) q1 = 500 and q2 = 800 6. Answer the following questions True, False, or Uncertain. Give a brief explanation of your answer. 1 mark for correctly identifying T, F. or U. 4 marks for explanation. (a) If a single price monopoly is instituted in what was a competitive market, consumer surplus will decrease more than producers gain. (b) If a firm's marginal cost is less than the firm's marginal revenue then the firm should decrease output and increase price. (c) If price is less than average cost then a firm will shut down. (d) A monopolist does not make a shutdown decision in the short-run and an exit decision in the long run since only competitive firms make these decisions.46. Describe the role and functions of a federal administrative agency 47. General procedures to be used in administrative agencies are set forth in the Act. 48. Administrative agencies are created by 49. The enforcement function performed by administrative agencies checks an industry's compliance with enacted by the agency- 50. Agencies may subpoena witnesses and obtain documents from a regulated company if 51. A company may refuse to comply with an agency request for records based on its Fifth Amendment right to avoid self-incriminatingue or False? 52. What is judicial review of a decision issued by an administrative law judge (AL]? 53. One of the grounds that can be raised to challenge an AL's decision is 54. The public may obtain access to agency information by filing a request under the Act. 95. Criminal law is different from lawsuits between private parties in that 56. Businesses must protect themselves from crimes "from the inside" such as 57. The two elements of a crime are actus reus and 58. Penalties for the commission of a crime may include 59. If a defendant does not testify, the prosecution may argue to the jury that this shows he is guilty. True or False? 60, A nonviolent crime such as fraud does not have a victim, True or False? 61. If a trial ends in a mistrial because the jury could not reach a unan defendant may not be tried again under the Double Jeopardy clause. True or False? 62. The constitutional right to compel the attendance of witnesses in a criminal trial is satisfied by a court's bsuance of63. The process that is due a criminal defendant prior to imposition of a jail sentence includes (Circle all that apply) a. Appointment of a public defender if defendant cannot afford an attorney b. An impartial jury c. Discovery of all information collected by the prosecutor in the case d. A speedy and public trial 64. A defendant may challenge the admissibility of evidence without claiming it is untrue under the constitutional provision known as a. Right to indictment by a grand jury b. Double jeopardy C. Right to a warrant before a search and seizure d. Right to confront witnesses 65. One of the exceptions to the obligation for police to obtain a warrant before a search is 66. A police officer may "stop and frisk" a person who is lawfully stopped for questioning because 67. A person who is not free to leave the presence of a police officer must be read his rights before he can be questioned about a possible crime, or his answers are not admissible in court. 68. A person who has lawful possession of the property of another may be charged with If she converts the property to her own use. 69. Describe one type of crime which may be charged under the Racketeer Influenced and Corrupt Organizations Act (RICO) 70. RICO's civil provision permits a competitor to obtain damages. 71. What is a tort? 72. List the elements a plaintiff would have to prove to win a tort claim based on an act believed to be intentional. 72. In the tort of intentional infliction of emotional distress, what is the standard used to determine whether an act is outrageous