微观经济学英文版ppt课件ch15checkpoint
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e. A firm can sell any quantity it chooses at the going price.
f. The government issues Tiger Woods, Inc. an exclusive license to produce golf balls.
g. A firm experiences economies of scale even when it produces the quantity that meets the entire market demand.
CHECKPOINT 15.2
Practice Problem 1
Minnie’s Mineral Springs is a single-price monopoly.
The table shows the demand schedule for Minnie’s spring water (columns 1 and 2), and the firm’s total cost scheduled (columns 3 and 4).
CHECKPOINT 15.1
Practice Problem 2
Of the seven cases: Which are natural monopolies? Which are legal monopolies? Which can price discriminate?
a. Coca-Cola cuts its price below that of Pepsi-Cola in an attempt to increase its market share.
b. A single firm, protected by a barrier to entry, produces a personal service that has no close substitutes.
c. A barrier to entry exists, but the good has some close substitutes.
In a, there is more than one firm.
In c, the good has some close substitutes.
In d, a monopoly might be able to price discriminate, but other types of firms (for example, art museums and pizza producers) price discriminate and they are not monopolies.
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Click on the button to go to the problem
Monopoly
15 CHAPTER
CHECKPOINTS
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price. f. The government issues Tiger Woods, Inc. an
exclusive license to produce golf balls. g. A firm experiences economies of scale even when it
produces the quantity that meets the entire market demand.
CHECKPOINT 15.1
Solution
Monopoly arises when a single firm produces a good or service that has no close substitutes and a barrier to entry exists.
Monopoly arises in b, f, and g.
substitutes. d. A firm offers discounts to students and seniors.
CHECKPOINT 15.1
In which of the seven cases might monopoly arise? e. A firm can sell any quantity it chooses at the going
d. A firm offers discounts to students and seniors.
CHECKPOINT 15.1
Of the seven cases: Which are natural monopolies? Which are legal monopolies? Which can price discriminate?
Checkpoint 15.1
Problem 1
Problem 2
Clicker version
Checkpoint 15.2
Problem 1 Problem 2 Problem 3 Problem 4 Problem 5
Checkpoint 15.3
Problem 1 Problem 2 Problem 3 Problem 4
CHECKPOINT 15.2
Practice Problem 3
Minnie’s Mineral Springs is a single-price monopoly.
The table shows the demand schedule for Minnie’s spring water and the firm’s total cost scheduled.
CHECKPOINT 15.1
In e, the demand for the good that the firm produces is perfectly elastic and there is no limit to what the firm could sell if it wished. Such a firm is in perfect competition.
discriminate B. either a natural monopoly or a legal monopoly that cannot price
discriminate C. a natural monopoly that can price discriminate D. a legal monopoly that can price discriminate E. a natural monopoly that cannot price discriminate
CHECKPOINT 15.1
Solution
Natural monopoly exists when one firm can meet the entire market demand at a lower price than two or more firms could. So g is a natural monopoly, but b could be also. Legal monopoly exists when the granting of a right creates barrier to entry. So f is a legal monopoly, but b could be also. Monopoly b could price discriminate because a personal service cannot be resold.
CHECKPOINT 15.2
Practice Problem 2
Minnie’s Mineral Springs is a single-price monopoly.
The table shows the demand schedule for Minnie’s spring water and the firm’s total cost scheduled.
an attempt to increase its market share. b. A single firm, protected by a barrier to entry, produces
a personal service that has no close substitutes. c. A barrier to entry exists, but the good has some close
Checkpoint 15.5
Problem 1 Problem 2 Problem 3
Checkpoint 15.4
Problem 1
Problem 2
CHECKPOINT 15.1
Practice Problem 1
In which of the seven cases might monopoly arise? a. Coca-Cola cuts its price below that of Pepsi-Cola in
Calculate Minnie’s total revenue and marginal revenue schedules.
CHECKPOINT 15.1
Solutห้องสมุดไป่ตู้on
Total revenue equals price multiplied by quantity sold. Marginal revenue equals the change in total revenue when the quantity sold increases by one unit.
CHECKPOINT 15.1
Study Plan Problem
The government issues Tiger Woods, Inc. an exclusive license to produce golf balls. Tiger Woods, Inc. is an example of ______. A. a natural monopoly that can price discriminate B. either a natural monopoly or a legal monopoly that can price
discriminate C. a natural monopoly that cannot price discriminate D. either a natural monopoly or a legal monopoly that can price
discriminate E. a legal monopoly that cannot price discriminate
CHECKPOINT 15.1
Study Plan Problem
A single firm, protected by a barrier to entry, produces a personal service that has no close substitutes is an example of ______. A. either a natural monopoly or a legal monopoly that can price
Calculate Minnie’s profitmaximizing output, price, and economic profit.
Draw the demand curve and Minnie’s marginal revenue curve.
CHECKPOINT 15.2
Solution
The figure shows the market demand curve for spring water and Minnie’s marginal revenue curve.
f. The government issues Tiger Woods, Inc. an exclusive license to produce golf balls.
g. A firm experiences economies of scale even when it produces the quantity that meets the entire market demand.
CHECKPOINT 15.2
Practice Problem 1
Minnie’s Mineral Springs is a single-price monopoly.
The table shows the demand schedule for Minnie’s spring water (columns 1 and 2), and the firm’s total cost scheduled (columns 3 and 4).
CHECKPOINT 15.1
Practice Problem 2
Of the seven cases: Which are natural monopolies? Which are legal monopolies? Which can price discriminate?
a. Coca-Cola cuts its price below that of Pepsi-Cola in an attempt to increase its market share.
b. A single firm, protected by a barrier to entry, produces a personal service that has no close substitutes.
c. A barrier to entry exists, but the good has some close substitutes.
In a, there is more than one firm.
In c, the good has some close substitutes.
In d, a monopoly might be able to price discriminate, but other types of firms (for example, art museums and pizza producers) price discriminate and they are not monopolies.
Click on the button to go to the problem
Click on the button to go to the problem
Monopoly
15 CHAPTER
CHECKPOINTS
Click on the button to go to the problem
price. f. The government issues Tiger Woods, Inc. an
exclusive license to produce golf balls. g. A firm experiences economies of scale even when it
produces the quantity that meets the entire market demand.
CHECKPOINT 15.1
Solution
Monopoly arises when a single firm produces a good or service that has no close substitutes and a barrier to entry exists.
Monopoly arises in b, f, and g.
substitutes. d. A firm offers discounts to students and seniors.
CHECKPOINT 15.1
In which of the seven cases might monopoly arise? e. A firm can sell any quantity it chooses at the going
d. A firm offers discounts to students and seniors.
CHECKPOINT 15.1
Of the seven cases: Which are natural monopolies? Which are legal monopolies? Which can price discriminate?
Checkpoint 15.1
Problem 1
Problem 2
Clicker version
Checkpoint 15.2
Problem 1 Problem 2 Problem 3 Problem 4 Problem 5
Checkpoint 15.3
Problem 1 Problem 2 Problem 3 Problem 4
CHECKPOINT 15.2
Practice Problem 3
Minnie’s Mineral Springs is a single-price monopoly.
The table shows the demand schedule for Minnie’s spring water and the firm’s total cost scheduled.
CHECKPOINT 15.1
In e, the demand for the good that the firm produces is perfectly elastic and there is no limit to what the firm could sell if it wished. Such a firm is in perfect competition.
discriminate B. either a natural monopoly or a legal monopoly that cannot price
discriminate C. a natural monopoly that can price discriminate D. a legal monopoly that can price discriminate E. a natural monopoly that cannot price discriminate
CHECKPOINT 15.1
Solution
Natural monopoly exists when one firm can meet the entire market demand at a lower price than two or more firms could. So g is a natural monopoly, but b could be also. Legal monopoly exists when the granting of a right creates barrier to entry. So f is a legal monopoly, but b could be also. Monopoly b could price discriminate because a personal service cannot be resold.
CHECKPOINT 15.2
Practice Problem 2
Minnie’s Mineral Springs is a single-price monopoly.
The table shows the demand schedule for Minnie’s spring water and the firm’s total cost scheduled.
an attempt to increase its market share. b. A single firm, protected by a barrier to entry, produces
a personal service that has no close substitutes. c. A barrier to entry exists, but the good has some close
Checkpoint 15.5
Problem 1 Problem 2 Problem 3
Checkpoint 15.4
Problem 1
Problem 2
CHECKPOINT 15.1
Practice Problem 1
In which of the seven cases might monopoly arise? a. Coca-Cola cuts its price below that of Pepsi-Cola in
Calculate Minnie’s total revenue and marginal revenue schedules.
CHECKPOINT 15.1
Solutห้องสมุดไป่ตู้on
Total revenue equals price multiplied by quantity sold. Marginal revenue equals the change in total revenue when the quantity sold increases by one unit.
CHECKPOINT 15.1
Study Plan Problem
The government issues Tiger Woods, Inc. an exclusive license to produce golf balls. Tiger Woods, Inc. is an example of ______. A. a natural monopoly that can price discriminate B. either a natural monopoly or a legal monopoly that can price
discriminate C. a natural monopoly that cannot price discriminate D. either a natural monopoly or a legal monopoly that can price
discriminate E. a legal monopoly that cannot price discriminate
CHECKPOINT 15.1
Study Plan Problem
A single firm, protected by a barrier to entry, produces a personal service that has no close substitutes is an example of ______. A. either a natural monopoly or a legal monopoly that can price
Calculate Minnie’s profitmaximizing output, price, and economic profit.
Draw the demand curve and Minnie’s marginal revenue curve.
CHECKPOINT 15.2
Solution
The figure shows the market demand curve for spring water and Minnie’s marginal revenue curve.