Economics Homework
Format MLA
Volume of 2 pages (550 words)
Assignment type : Coursework
Description
answer the questions of the homework
Multiple Choice (2 points each)
____ 1. Which of the following is not an assumption of the theory of perfect competition?
a. There are many sellers and many buyers, none of which is large in relation to total sales or
purchases.
b. Each firm produces and sells a differentiated product.
c. Buyers and sellers have all relevant information with respect to prices, product quality,
and sources of supply.
d. There is easy entry and exit.
____ 2. The demand curve for a perfectly competitive firm
a. is downward sloping.
b. is upward sloping.
c. is perfectly horizontal.
d. is perfectly vertical.
e. may be downward or upward sloping, depending upon the type of product offered for sale.
____ 3. Consider the following data for a perfectly competitive firm: equilibrium price = $9, quantity of output
produced = 1,000 units, average total cost = $7, and average variable cost $5. Given this, total revenue is
__________, total cost is __________, and total fixed cost is __________.
a. $6,000; $8,000; $1,000
b. $9,000; $7,000; $5,000
c. $10,000; $8,000; $3,000
d. $9,000; $7,000; $2,000
e. none of the above
____ 4. The perfectly competitive firm’s short-run supply curve is the
a. upward-sloping portion of its average total cost curve.
b. horizontal portion of its marginal revenue curve.
c. portion of its average variable cost curve that lies above the average fixed cost curve.
d. upward-sloping portion of its marginal cost curve.
e. portion of its marginal cost curve that lies above its average variable cost curve.
____ 5. Why must profits be zero in long-run competitive equilibrium?
a. If profits are not zero, firms will enter or exit the industry.
b. If profits are not zero, firms will produce higher-quality goods.
c. If profits are not zero, marginal revenue will rise.
d. If profits are not zero, marginal cost will rise.
____ 6. If an industry is in long-run competitive equilibrium and experiences a decrease in demand, then as a result
the equilibrium price will __________, which will cause the representative firm’s __________ curve to shift
downward and some firms will __________ the industry.
a. rise; marginal cost; enter
b. fall; marginal cost; enter
c. rise; marginal revenue; enter
d. fall; demand; exit
e. fall; marginal cost; exit
EC2010B Problem Set 4
____ 7. There are 200 firms in a perfectly competitive industry. Half of the firms supply 100 units at $3 per unit and
the other half of the firms supply 130 units at $3 per unit. One point on the market supply curve is
a. 23,000 units at $3.
b. 10,000 units at $3.
c. 13,000 units at $3.
d. 23,000 units at $6.
e. none of the above
Exhibit 1
____ 8. Refer to Exhibit 1. The profit-maximizing single-price monopolist will produce which quantity of output?
a. Q2
b. Q1
c. Q3
d. Q4
e. none of the above
____ 9. Refer to Exhibit 1. The deadweight loss triangle is what area?
a. GFC
b. HGD
c. GCD
d. DCE
e. BFG
____ 10. Refer to Exhibit 1. The profit-maximizing single-price monopolist earns total revenue equal to what area?
a. 0BCQ1
b. 0ADQ1
c. DCE
d. ABCD
e. GFC
EC2010B Problem Set 4
True/False (2 points each)
Mark each statement as True or False. If False, briefly explain why the statement is false.
____ 1. If the firm is producing a quantity of output for which MC > MR, then the firm should increase production
to increase its profits.
____ 2. In long-run competitive equilibrium, no firm has an incentive to change its plant size.
____ 3. For the perfectly competitive firm, the demand curve and the marginal revenue curve are one and the same.
____ 4. When a firm produces the quantity of output where price equals marginal cost, it has achieved resource
allocative efficiency.
____ 5. The monopolist’s demand curve is perfectly inelastic.
EC2010B Problem Set 4
Free Response (5 points each)
1. Why is profit maximized at the level of output where marginal revenue equals marginal cost?
2. In the short run, if price (P) is less than average total cost (ATC), will a perfectly competitive firm
necessarily shut down? Explain why or why not using a hypothetical example.
EC2010B Problem Set 4
3. What is the role of profits in increasing economic efficiency?
4. Suppose a single-price monopoly firm faces
the following Demand, Marginal Revenue,
and Marginal Cost curves.
Which quantity will this profit-maximizing
monopolist produce, and what price will they
charge for their product?
How much profit will they earn?
EC2010B Problem Set 4
Extra credit: Referring to the Freakonomics podcast episode “Thinking is Expensive” (link posted on
Blackboard), what concerns have arisen about monopolies as the economy has entered the
Information Age?
students will review President Barack Obama’s law review entitled “The President Role in
Advancing Criminal Justice Reform” see the link below. Please prepare to formulate a proposal
basedon a prevention or intervention program for responding to a grant by creating a cogent
problem statement.
http://harvardlawreview.org/2017/01/the-presidents-role-in-advancing-criminal-justice-
reform/
Advisement
As indicated with the course syllabus, students are required to meet with the instructor
to receive academic advisement and work on career development and professional
development opportunities. The instructor will organize this process to expedite
advisement for graduation.
Assignment: Points:
1st Activity 10
Writing Assignment 10
Oral Presentation 10
Weekly Journals 65
Professional Attainment and
Career Development
5
Total 100
Assessment and Grading
Students within the course will be required to complete a variety of activities that
include that will assess their competency in the subject matter of Juvenile Justice
Administration and Management through prevention and intervention
This is a graded discussion: 10 points possible
due Mar 16
1.6: First Activity
No unread replies.No replies.
Due March 16, 2024, 11:59 pm
Describe in detail what legal and/or ethical dilemma means to you as an independent researcher. For this section, the maximum/minimum word count is 150 words. Then, describe a program you would like to propose in the form of a proposal (Grant) to address the perceived legal or ethical dilemma in 150 maximum/minimum word count.
Requirements:
Word Count no more than 300 words max/minimum.
You must reference the President Obama Law review in your response.
A statistical delineation is a must.
APA must be followed
Do not upload as a document, must be written in a discussion form
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