e = The graph below depicts the market for an artificially scarce good with a price of $50? What areal(s) represent the potential welfare gain in the market achievable at a different price? Price 200 Quantity OA ) A+B ) B+C OB (O) The are no potential gains in surplus available in this market. oc Question 10 1pts The graph below depicts the market for an artificially scarce good with a price of $50? Assuming firms cannot price discriminate, what price would maximize total welfare in this market? Price 200 Demand (WTP) 50 0 Quantity O $0 (O) Only price discrimination can achieve the maximum total welfare in this market. O $50 O $200 The graph below shows the total product curve for a local hair salon. How many haircuts can be produced if a total of four labor hours are used? - =25 - = Total E 20 Product s ; Curve s =10 = s o 3 0 i i i i i i i 0 1 2 3 4 5 6 7 Labor (hours) Question 2 1 pts The graph below shows the total product curve for a local hair salon. During the fourth hour, how many haircuts are produced? 3 =25 - = Total E 20 Product s Curve =10 = Z s o 2 0 i i i i i i t 0 1 2 3 4 5 6 7 Labor (hours) (O diminishing marginal returns. (O) economies of scale. () increasing marginal returns. (O constant marginal returns. (O) diminishing total product. The graph below shows the total product curve for a local hair salon. Moving from zero to two hours of labor input, this production process is characterized by = 225 - = Total E Product o Curve =15 A s =1 S s o 5 0 i t t i t t t 0 1 2 3 4 5 6 7 Labor (hours) () diminishing total product. (O increasing marginal returns. () diminishing marginal returns. () economies of scale. (O constant marginal returns. Question 6 1 pts The graph below shows the total product curve for a local hair salon. If it costs $15 per hour to pay workers, what is the total labor cost involved in producing 19 haircuts? - =25 - = Total E 20 Product =1z Curve o 1= 4 Ly =10 = Z s o 2 0 i } } i } } } 0 1 2 3 4 5 6 7 A flashlight producer is subject to the cost structure in the table below. What is the total cost of producing 4 flashlights? Quantity of Flashlights Fixed Cost ($) Variable Cost ($) 0 20 1 20 15 2 20 25 3 20 37 4 20 52 Question 8 1 pts A flashlight producer is subject to the cost structure in the table below. How much more does it cost to produce 4 flashlights than to produce 3 flashlights? Quantity of Flashlights Fixed Cost ($) Variable Cost ($) 0 20 1 20 15 2 20 25 3 20 37 A flashlight producer is subject to the cost structure in the table below. What is the marginal cost of producing the 4 flashlight? Quantity of Flashlights Fixed Cost ($) Variable Cost ($) 0 20 1 20 15 2 20 25 3 20 37 4 20 52 Question 10 1 pts A flashlight producer is subject to the cost structure in the table below. If the producer manufactures 4 flashlights, what is the average cost per unit, in dollars? Quantity of Flashlights Fixed Cost ($) Variable Cost ($) 0 20 1 20 15 2 20 25 3 20 37 For the perfectly competitive firm with the cost schedule below, how many bicycles should the firm produce to maximize profits if the price of bicycles is $175 each? Quantity of Bicycles Total Cost ($) 75 Question 2 1 pts For the perfectly competitive firm with the cost schedule below, what are the firm's total revenues if the price of bicycles is $175 each and the firm is producing the profit-maximizing number of bicycles? Quantity of Bicycles Total Cost ($) 75 For the perfectly competitive firm with the cost schedule below, how many bicycles should the firm produce to maximize profits if the price of bicycles is $175 each? Quantity of Bicycles Total Cost ($) 75 Question 2 1 pts For the perfectly competitive firm with the cost schedule below, what are the firm's total revenues if the price of bicycles is $175 each and the firm is producing the profit-maximizing number of bicycles? Quantity of Bicycles Total Cost ($) 75 For the perfectly competitive firm with the cost schedule below, how much profit does the firm earn if the price of bicycles is $175 each and the firm is producing the profit-maximizing number of bicycles? Quantity of Bicycles Total Cost ($) 75 Question 4 1pts For the perfectly competitive firm with the cost schedule below, how much profit would the firm earn if the price of bicycles dropped to $100 and the firm produced the profit- maximizing number of bicycles at the new price? Quantity of Bicycles Total Cost ($) 75 () At a price of $100, the firm's profit equals $100. () At a price of $100, the firm's profit equals $250. () At a price of $100, the firm's profit equals $75. () At a price of $100, the firm would earn zero economic profit. () At a price of $100, the firm is operating at a loss. For the perfectly competitive firm with the cost schedule below, would firms enter or exit the market when the price of bicycles is $100? Quantity of Bicycles Total Cost ($) 75 (O At a price of $100, firms will both enter and exit the market (O Ata price of $100, firms will exit the market (O At a price of $100, no firms will enter or exit the market (O At a price of $100, firms will enter the market Question 6 1pts For the perfectly competitive firm with the cost schedule below, is the market in long-run equilibrium when the price of bicycles is $1007? Quantity of Bicycles Total Cost ($) (O The market is in long-run equilibrium when the price is $100. () The market is not in leng-run equilibrium when the price is $100. (O Itis impossible to tell from the information provided. The graph below illustrates the cost structure of an idealized perfectly competitive seed- producing firm. If the market-determined price of seed packets is currently $1.20, which of the following is true? - Marginal Cost 1.20 = -2 2 590 Average Total Cost -:% Average