04 Jun Question Book: Managerial Economics and Business Stra
Question
Book: Managerial Economics and Business Strategy. Michael R. Baye and Jeffrey T. Prince
Chapter 8: Book: Managing in Competitive, Monopolistic, and Monopolistically Competitive Markets
1. You are the manager of a firm that produces output in two plants. The demand for your firm’s product is P = 80-Q, where Q = Q1 + Q2. The marginal cost associated with producing in the two plants are MC1 = Q1 and MC2 = 8. How much output should be produced in plant 1 in order to maximize profits?
2. You are the manager of a firm that produces output in two plants. The demand for your firm’s product is P = 80-Q, where Q = Q1 + Q2. The marginal cost associated with producing in the two plants are MC1 = Q1 and MC2 = 8. What is the profit maximizing price that the firm should charge?
3. You are the manager of a firm that sells its product in a competitive market at a price of $250. Your firm’s cost function is C = 30 + 5Q2. The profit-maximizing output for your firm is
4. You are the manager of a monopoly that faces an inverse demand curve described by P = 528 – 12Q. Your costs are C = 124 + 48Q. The profit-maximizing price is
5. You are the manager of a firm that sells its product in a competitive market at a price of $150. Your firm’s cost function is C = 125 + 5Q2. Your firm’s maximum short-run profits are
6. What is the profit maximization rule for a two-plant monopolist?
7. Which of the following is a correct representation of a profit-maximizing monopoly earning positive economic profits?
Chapter 8 Canvas Quiz
1. You are the manager of a firm that produces output in two plants. The demand for your firm’s product is P = 78 – 15Q, where Q = Q1 + Q2. The marginal cost associated with producing in the two plants are MC1 = 3Q1 and MC2 = 2Q2. How much output should be produced in plant 1 in order to maximize profits?
2. You are the manager of a firm that produces output in two plants. The demand for your firm’s product is P = 78 – 15Q, where Q = Q1 + Q2. The marginal cost associated with producing in the two plants are MC1 = 3Q1 and MC2 = 2Q2. What price should be charged to maximize profits?
3. You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm’s cost function is C = 40 + 5Q2. Your firm’s maximum profits are
4. You are the manager of a monopoly that faces a demand curve described by P = 230 – 20Q. Your costs are C = 5 + 30Q. The profit-maximizing output for your firm is
5. You are the manager of a firm that produces output in two plants. The demand for your firm’s product is P = 120 – 6Q, where Q = Q1 + Q2. The marginal cost associated with producing in the two plants are MC1 = 2Q1 and MC2 = 4Q2. How much output should be produced in plant 1 in order to maximize profits?
6. You are the manager of a firm that produces output in two plants. The demand for your firm’s product is P = 120 – 6Q, where Q = Q1 + Q2. The marginal cost associated with producing in the two plants are MC1 = 2Q1 and MC2 = 4Q2. What price should be charged to maximize profits?
7. You are the manager of a monopoly that faces a demand curve described by P = 85 – 5Q. Your costs are C = 20 + 5Q. The revenue maximizing output is
8. You are the manager of a firm that sells its product in a competitive market at a price of $60. Your firm’s cost function is C = 50 + 3Q2. The profit-maximizing output for your firm is
Chapter 9: book: Basic Oligopoly Models
1. Two symmetric firms in a Bertrand duopoly face the inverse market demand P = 60 – 3Q, and the marginal costs of the two firms are $6. Also, fixed costs are zero for both firms. What will the market price be?
2. Two symmetric firms in a Bertrand duopoly face the inverse market demand P = 60 – 3Q, and the marginal costs of the two firms are $6. Also, fixed costs are zero for both firms. How much output will each firm produce?
3. Two identical firms compete as a Cournot duopoly. The inverse market demand they face is P = 150 – 2Q. The cost function for each firm is C(Q) = 6Q. The total industry output will be
4. Two identical firms compete as a Cournot duopoly. The inverse market demand they face is P = 150 – 2Q. The cost function for each firm is C(Q) = 6Q. Each firm will earn equilibrium profits of
5. Two firms compete as a Stackelberg duopoly. The inverse market demand function they face is P = 65 – 3Q. The cost function for each firm is C(Q) = 11Q. The outputs of the two firms are
6. Two firms compete as a Stackelberg duopoly. The inverse market demand function they face is P = 65 – 3Q. The cost function for each firm is C(Q) = 11Q. The market price charged will be
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