3. mars inc. produces 100,000 boxes of snickers bars which sell for $4 a box. if

Question

3. mars inc. produces 100,000 boxes of snickers bars which sell for $4 a box. if variable costs are $3 per box, and it has 150,0000 fixed operating costs, in the short run , it should

4.a monopolist sells 100 unit at $10 per unit and 90 unit at $ 15 per unit.The marginal revenue from the tenth unit is

5. a cartel is defined to be ?

6 Barometric price leadership exist when

7. the oligopolistic situation in which a company's objective is to maximize revenue subject to a minimum profit requirement is usually refeered to as

8. in order for price discrimination to exist

9. if banks face a problem in loan markets when bad credit risks are the ones most likely to seek bank loans,it is describe as

10. a market is in equilibrium when

a perfect competitive firm has total revenue and total cost curves given by:

TR = 100 Q

TC = 5,000 + 2 Q + 0.2Q2

A. find the profit - maximizing output for this firm

b. what profit does the firm make ?

C. what is the average cost and at what point Q is minimal ?

Explanation / Answer

3. mars inc. produces 100,000 boxes of snickers bars which sell for $4 a box. if variable costs are $3 per box, and it has 150,0000 fixed operating costs, in the short run , it should continue production, because the price $4 is sufficient to cover average variable cost of $3, even if it incurs loss.

4. 4.a monopolist sells 100 unit at $10 per unit and 90 unit at $ 15 per unit.The marginal revenue from the tenth unit is ($15*90) - ($10*100) = $350

5. A cartel occurs when 2 or more firms enter into agreements to restrict the supply or fix the price of a good in a particular industry.

6. Barometric price leadership exist when one firm in the industry initiates a price change and the others follow it as a signal of changes in cost or demand in the industry

7. the oligopolistic situation in which a company's objective is to maximize revenue subject to a minimum profit requirement is usually refeered to as the Baumol model

8. in order for price discrimination to exist market must be capable of being separated.

9. if banks face a problem in loan markets when bad credit risks are the ones most likely to seek bank loans,it is describe as adverse selection

10. a market is in equilibrium when supply in the market is equal to the demand in the market.

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