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Econ 103 Study Guide

by: Hope Drews

Econ 103 Study Guide Econ 103

Hope Drews

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The study guide covers everything from after the first test!
Principles of Economics: Microeconomics
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This 3 page Study Guide was uploaded by Hope Drews on Wednesday April 6, 2016. The Study Guide belongs to Econ 103 at University of Wisconsin - Milwaukee taught by McGinty in Winter 2016. Since its upload, it has received 21 views. For similar materials see Principles of Economics: Microeconomics in Economcs at University of Wisconsin - Milwaukee.


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Date Created: 04/06/16
Study Guide #2 Economics 103 q TC FC VC MC ATC AVC AFC 0 5 53/5 2 6 65 7 15 8 90 9 125 Q1: Complete the following Cost and Revenue Schedule P Q Rev ATR MR Profit 15 0 - - 15 5 15 6 15 7 15 8 15 9 Q2: a) Which type of market structure is this and why? b) When is profit maximized and what is the price, level of production and revenue? Q3: Consider the table below for a perfectly competitive market in the short run. Should the firm stay open or should they shut down temporarily? Q TC FC VC MC ATC AFC AVC P TR 0 5 10 1 8 10 2 12 10 3 18 10 4 26 10 5 36 10 Draw a short run graph to again show whether the firm should shut down or not with the firm’s D curve, MR curve, MC curve, and AVC curve to show the quantity that maximizes profit along with the average variable cost at that quantity. Q4: Assume that there are two firms operating in a perfectly competitive market. Here you can see the two firms pricing, revenue and the cost table. Fill in both tables for the firms. Firm 1 Q P TR TC ATC MR MC 0 50 25 1 50 50 2 50 90 3 50 140 4 50 210 Firm 2 Q P TR TC ATC MR MC 0 50 30 1 50 45 2 50 70 3 50 120 4 50 180 2a) What is the quantity each firm will choose to produce? What is the total quantity in the market? What is the price that will be charged? Draw both Firm 1 and Firm 2’s Supply and Demand curves and the Supply and Demand cures for the market as a whole. 2b) Will another firm choose to enter this market or should one of these two firms leave in the long run? Why? Draw a graph for both firms to explain. Suppose a monopolist faces a demand curve of P=2Q. The cost information you need is in the table below. Fill in the table to answer the questions below. P q TR MR TC MC ATC Profit 0 4 1 9 2 13 3 18 4 24 5 34 6 48 1. What is the profit maximizing output level for this monopolist? 2. What price will they charge for that output level? 3. What is the profit for this monopoly? 4. Sketch the demand, marginal revenue, average total cost, and marginal cost curves and include the profit maximizing P and q. 5. Under Perfect Competition, the firm earns zero profits, or P=ATC. What would the output level and price be if regulators allowed the firm to make zero economic profits?


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