Expert answer:finish the all the question in the sheet with grap
Solved by verified expert:all the questions are in the doc. finish it correctly before tomorrow 8. I will pay 40 for those questions.
chp_13_written_econ_questions.pdf
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Chapter 13
Do not give written explanations. Just provide handwritten graphical solutions or solve mathematical
problems. This work is to be done by hand and turned in during class. There is nothing to submit online
Problems:
Grading Rubric
50 % of your grade will be determined on neatness and completeness
o I mean this! Zero is what you earn if you fail to follow the directions for neatness
o Neatness:
§ Always, always, always use graph paper. No graph paper = no credit
§ Use a pen and or pencil in your own hand (no computers) = zero points if not
followed
§ Use a ruler to draw graphs = zero points if not followed
§ All graphs labeled completely (see your book for models)
§ For mathematical problems you must SHOW YOUR WORK
50% correct if your drawing or solution is correct
1.
Redraw the following diagram, label the marginal revenue curve, the profit-maximizing price, the profitmaximizing quantity, the profit, and the deadweight loss.
2.
Where will profits be higher: When demand for a patented drug is highly inelastic or when demand for a
patented drug is highly elastic? Draw a graphical solution for BOTH to prove your answer (note: you need
to have costs, prices etc…included in your answer—since you cannot explain anything in words)
3.
Draw the shape of the total revenue curve for a monopoly.
4.
Let’s imagine that the firm with cost curves illustrated below is a large cable TV provider. REDRAW the
graph for this firm and answer the following questions:
a. Assuming that the firm is free to maximize profit, find and label the profit-maximizing price, quantity,
and the firm’s profit.
b. Now assume that the firm is regulated and that the regulator sets the price so that the firm earns a
normal (zero) profit. What price does the regulator set and what quantity does the firm sell? (Label this
price and quantity on the diagram.)
Chapter 13
…
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