英文习题练习
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qd = qs 1600−38p = 2p + 400
Solve it, p = 30, qd = qs = 2p + 400 =460 So, the equilibrium quantity is 460, wenku.baidu.comnd the
equilibrium price is 30.
9. A monopolist has a unit production cost of $10. The firm has identified two distinct groups of customers. Group A has a demand curve of qA = 100−4pA , while group B has a demand curve of q B = 60−3 pB .
a. Had the price of the pencil sharpener been $26 rather than $20, only Brent would have been a buyer.
b. Brent’s consumer surplus is the smallest of the three individual consumer surpluses.
c. For the three individuals together, consumer surplus amounts to $60.
d. The fact that all three individuals paid $20 for the same type of pencil sharpener indicates that each one placed the same value on that pencil sharpener.
a. $5 and 50 b. $5 and 100 c. $10 and 50 d. $10 and 100
8. Let the demand and supply for a good be given by
qd = 1600−38p qs = 2 p + 400 What is the equilibrium quantity and price? Solution：
a. it is impossible for private markets to produce public goods.
b. products provided by the government are produced more efficiently.
c. free-riders make it difficult for private markets to supply the socially optimal quantity.
7. Suppose a firm in a competitive market received $1,000 in total revenue and had a marginal revenue of $10 for the last unit produced and sold. What is the average revenue per unit, and how many units were sold?
2. If the quantity supplied is the same regardless of price, then supply is
a. elastic. b. perfectly elastic. c. perfectly inelastic. d. inelastic.
3. When there is a shortage of 100 units of a particular good,
Solution:
(a)
EpA=dqA/dpA=4
EpB=dqB/dpB=3
So, the EpA is greater than EpB, then, group B pays the higher price if the monopolist price discriminates.
(b) The total demand function of the monopolist is qm = qA + qB = (100−4p)+ (60−3 p)=160-7p . The marginal revenue is MR=dTR/dp=160-14p; The marginal cost is $10, For seeking maximizing profit, it should make
MR=MC, 160-14p = 10, P=150/14
So, the common price it charges is 150/14, the
Exercises
1. Suppose Bart, Benjamin, and Brent each purchase a particular type of electric pencil sharpener at a price of $20. Bart’s willingness to pay was $22, Benjamin's willingness to pay was $25, and Brent's willingness to pay was $30. Which of the following statements is correct?
d. public goods increase government revenues.
6. Average total cost is very high when a small amount of output is produced because
a. average variable cost is high. b. average fixed cost is high. c. marginal cost is high. d. marginal product is high.
a. the law of supply predicts(预报） upward pressure on the price of the good from its current level.
b. the law of demand predicts downward pressure on the price of the good from its current level.
c. we say that there is a scarcity of 100 units of the good. d. None of the above is correct.
4. An increase in the number of college scholarships(奖学金） issued by private foundations would
a. increase the supply of education.
b. decrease the supply of education.
c. increase the demand for education. d. decrease the demand for education.
5. National defense（国防） is provided by the government because
(a) Which group pays the higher price if the monopolist price discriminates?
(b) If the monopolist is not able to price discriminate, what common price does it charge?
Solve it, p = 30, qd = qs = 2p + 400 =460 So, the equilibrium quantity is 460, wenku.baidu.comnd the
equilibrium price is 30.
9. A monopolist has a unit production cost of $10. The firm has identified two distinct groups of customers. Group A has a demand curve of qA = 100−4pA , while group B has a demand curve of q B = 60−3 pB .
a. Had the price of the pencil sharpener been $26 rather than $20, only Brent would have been a buyer.
b. Brent’s consumer surplus is the smallest of the three individual consumer surpluses.
c. For the three individuals together, consumer surplus amounts to $60.
d. The fact that all three individuals paid $20 for the same type of pencil sharpener indicates that each one placed the same value on that pencil sharpener.
a. $5 and 50 b. $5 and 100 c. $10 and 50 d. $10 and 100
8. Let the demand and supply for a good be given by
qd = 1600−38p qs = 2 p + 400 What is the equilibrium quantity and price? Solution：
a. it is impossible for private markets to produce public goods.
b. products provided by the government are produced more efficiently.
c. free-riders make it difficult for private markets to supply the socially optimal quantity.
7. Suppose a firm in a competitive market received $1,000 in total revenue and had a marginal revenue of $10 for the last unit produced and sold. What is the average revenue per unit, and how many units were sold?
2. If the quantity supplied is the same regardless of price, then supply is
a. elastic. b. perfectly elastic. c. perfectly inelastic. d. inelastic.
3. When there is a shortage of 100 units of a particular good,
Solution:
(a)
EpA=dqA/dpA=4
EpB=dqB/dpB=3
So, the EpA is greater than EpB, then, group B pays the higher price if the monopolist price discriminates.
(b) The total demand function of the monopolist is qm = qA + qB = (100−4p)+ (60−3 p)=160-7p . The marginal revenue is MR=dTR/dp=160-14p; The marginal cost is $10, For seeking maximizing profit, it should make
MR=MC, 160-14p = 10, P=150/14
So, the common price it charges is 150/14, the
Exercises
1. Suppose Bart, Benjamin, and Brent each purchase a particular type of electric pencil sharpener at a price of $20. Bart’s willingness to pay was $22, Benjamin's willingness to pay was $25, and Brent's willingness to pay was $30. Which of the following statements is correct?
d. public goods increase government revenues.
6. Average total cost is very high when a small amount of output is produced because
a. average variable cost is high. b. average fixed cost is high. c. marginal cost is high. d. marginal product is high.
a. the law of supply predicts(预报） upward pressure on the price of the good from its current level.
b. the law of demand predicts downward pressure on the price of the good from its current level.
c. we say that there is a scarcity of 100 units of the good. d. None of the above is correct.
4. An increase in the number of college scholarships(奖学金） issued by private foundations would
a. increase the supply of education.
b. decrease the supply of education.
c. increase the demand for education. d. decrease the demand for education.
5. National defense（国防） is provided by the government because
(a) Which group pays the higher price if the monopolist price discriminates?
(b) If the monopolist is not able to price discriminate, what common price does it charge?