Expert answer:An Excel template is provided for your Problem Set
Solved by verified expert:An Excel template is provided for your Problem Sets. **Each problem is presented on a separate worksheet represented by the tabs at the bottom of the Excel worksheet.**You must submit only one Excel file for your Problem Sets. **To receive full credit, all work must be shown and the final answer(s) must be highlighted in yellow, unless answers are derived from a graph and/or tables.**
hbennett_mod_03_problem_sets_101617.xlsx
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Principles of Economics
Name:
Date:
Question #1: Draw a perfectly inelastic supply curve.
Answer:
Question #2: If elasticity of demand is 0.5 and price is lowered from $20 to $19, by what
percentage will quantity demanded rise?
Answer:
2.5 % = percentage change in Q
to $19, by what
Question #3: (a) Illustrate a tax increase. (b) State what happens to equilibrium price and quantity.
Answers:
Question #4: If the price of eye surgery falls by 50-percent and the quantity of contact
lenses demanded falls by 25-percent, find the cross-price elasticity of demand for theses
two goods.
Answer:
ity of contact
mand for theses
Question #5: A perfect competitor would never charge more than market price because
________________; the perfect competitor would never charge less than market price
because ________________________.
Answers:
price because
n market price
Question #6: How much is the firm’s most efficient output?
Answer:
Question #7: How much is output at (a) The break-even point and (b) The shut-down
point.
Answer:
he shut-down
Question #8: The perfect competitor operates at the __________________ point of his or
her average total cost curve in the long-run.
Answer:
__ point of his or
Question #9: A monopoly is a firm that has ____________________substitutes.
Answer:
Question #10: The five barriers to entering a monopolized industry are:
Answers:
1
2
3
4
5
Question #11: There are basically only two justifications for monopolies:
Answers:
1
2
Question #12: The main economic criticism of monopolies and big business in general is
that they are ________________________________.
Answer:
ess in general is
Question #13: Price discrimination occurs when a seller charges
_________________________ for the same good or service.
Answer:
Question #14: The monopolistic competitor’s demand curve slopes
________________________________________.
Answer:
Question #15: U.S. Steel and a few cigarette companies were all engage in
_________________________ to attain their economic ends.
Answer:
in
Question #16: The oligopolist ________________________ at the minimum point of his
or her ATC curve.
Answer:
mum point of his
Question #17: The most important cartel in the world today is
__________________________________________.
Answer:
…
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