M Impor 2 Post A Word Sign D2L Fir X 2 Launcorker 0 Mail- Word w Modu Presel w Docur S Estelle Beaut New 1 Trans myTra @ (65) B & MyW| New 1| Cours ChatG L Unive + X F -> C a https://brightspace.ccc.edu/d21/le/content/252173/viewContent/8786917/View Final Exam 1:59:38 remaining X Page 1: Question 1 (9 points) 1 2 3 Use the data below to answer the questions: -- Quantity Total Marginal Total Price. Marginal Cost 4 U 6 Demanded Revenue Revenue Cost -- $24 1000 $24,000 * * ************** *$15.000*************** $22 1250 $27,500 $14 $17,000 $8 8 9 -- -- $20 1500 X $10 $19,500 $10 $18 1750 $31,500 Y $23,000 $14 10 11 12 $16 2000 $32,000 $2 $27,000 Z -- -- (a) Calculate total revenue at X. 13 14 -- -- (b) Calculate marginal revenue at Y. (c) Calculate marginal cost at Z. Quiz Information (d) Find the profit maximizing price. (e) Find the profit maximizing quantity. (f) Find the profit the firm will earn. A/ 1 83.F ENG 8:14 PM Mostly sunny Q Search US 7/28/2023M Impor 2 Post A Word Sign DZI Fir X 2 Launcorker 0 Mail- Word w Modu Presel w Docur S Estelle Beaut New 1 Trans myTra @ (65) B MyW| New 1| Cours ChatG L Unive + X F -> C a https://brightspace.ccc.edu/d21/le/content/252173/viewContent/8786917/View Final Exam 1:59:11 remaining X Page 1: Price 1 2 3 -- Marginal Cost A 6 -- A ... 8 9 -- -- B 10 11 12 3 -- D 13 14 -- -- Price Quiz Information Marginal Revenue Quantity (a) Find the point (A, B, C, D, or E) that corresponds to the profit maximizing price and quantity. (Select only one letter.) (b) Which number corresponds to consumer surplus on the graph? (c) Which number corresponds to producer surplus on the graph? (d) Which number corresponds to deadweight loss on the graph? 1 83.F ENG 8:15 PM Mostly sunny Q Search US 7/28/2023M Impor 2 Post A Word Sign D2L Fir X 2 Launcorker 0 Mail- Word w Modu Presel w Docur S Estelle Beaut New 1 Trans myTra (65) B MyWF| New 1| Cours ChatG L Unive + X F -> C a https://brightspace.ccc.edu/d21/le/content/252173/viewContent/8786917/View Final Exam 1:59:06 remaining X Page 1: Question 3 (3 points) 1 2 3 -- Offer one example of a barrier to entry that may lead to a monopoly (not the type of monopoly; the actual barrier that prevents new firms from entering the market). 4 U 6 Explain in a sentence or two how your example serves as a barrier to entry. -- 8 9 -- -- 10 11 12 -- A/ 13 14 -- -- Quiz Information Question 4 (4 points) If a company successfully advertises its product, do we expect the price elasticity of demand for this firm's perceived demand curve to increase, decrease, or remain the same? In a few sentences, Explain how advertising can cause this effect. A/ 1 83.F Q Search ENG 8:15 PM Mostly sunny US 7/28/2023M Impor 2 Post A Word Sign D2L Fir X 2 Launcorker 0 Mail- Word w Modu Presel w Docur S Estelle Beaut New 1 Trans myTra (65) B MyW| New 1| Cours ChatG L Unive + X F -> C a https://brightspace.ccc.edu/d21/le/content/252173/viewContent/8786917/View Final Exam 1:59:00 remaining X Page 1: 1 2 3 -- Question 5 (9 points) 4 Based on the payoff matrix below: 6 -- 8 9 -- -- Firr Lower Prices Do Not Lov 10 11 12 -- -- Lower Prices Firm 1: $1000 Profit Firm 1: $50 Firm 1 Firm 2: $1000 Profit Firm 2: $0 Do Not Lower Prices Firm 1: $0 Profit Firm 1: $2( 13 14 Firm 2: $3000 Profit Firm 2: $20 -- -- Quiz Information (a) If firm 1 lowers it price, what will firm 2 choose to do? (b) If firm 2 lowers it price, what will firm 2 choose to do? (c) Of the four outcomes on this payoff matrix, which outcome is likeliest to occur? (d) Is your answer to the previous question the best outcome for both firms? Why will it be difficult for these firms to arrive at the best mutual outcome? 1 83.F ENG 8:15 PM Mostly sunny Q Search US 7/28/2023