Unit 4 Problem Set Name Team Name.

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Presentation transcript:

Unit 4 Problem Set Name Team Name

Integrity Agreement I, (insert your name here), agree that all of the work in this presentation is my original work. I agree to keep this work to myself this year and for future years. I understand that if this work is not my own original work or if I share my original work with others, that I will be sent to my GLC for academic dishonesty. Digital Signature: type your full name here

Barriers to Entry (____/5) 1. Define the term and give a real world example. Use numbers in your answer where applicable. Barriers to Entry (____/5) Type your answer in paragraph format. Please italicize your answer.

1b. MR=MC Rule (____/3) Type your answer in paragraph format 1b. MR=MC Rule (____/3) Type your answer in paragraph format. Please italicize your answer.

1c. Price Discrimination (____/3) Type your answer in paragraph format 1c. Price Discrimination (____/3) Type your answer in paragraph format. Please italicize your answer.

1d. Socially Optimal Price (____/3) Type your answer in paragraph format. Please italicize your answer.

1e. Fair Return Price (____/3) Type your answer in paragraph format 1e. Fair Return Price (____/3) Type your answer in paragraph format. Please italicize your answer.

2. Practice FRQ FRQ #1 (____/14) -See worksheet b. FRQ #2 (____/6) c. FRQ #3 (____/5)

3. Complete the Following Worksheets “Regulating Monopolies” (____/5) b. “A Quick Review of Perfect Competition and Monopoly” (____/5)

4. Complete the following chart (____/3) Price Quantity Demanded Total Revenue Marginal Revenue $11.00 10 1 9 2 8 3 7 4 6 5

4a. Explain why the MR curve less than the demand curve for all imperfectly competitive firms. Use a SPECIFIC numerical example from the chart in your explanation. ( ____/5) Type your answer in paragraph format. Please italicize your answer.

4b. On a large graph, PLOT the demand and marginal revenue curves 4b. On a large graph, PLOT the demand and marginal revenue curves. On a new graph below, plot the Total Revenue. Use the total revenue test to EXPLAIN the elastic and inelastic range of the demand curve. On your graphs, be sure to identify the elastic and inelastic ranges. (____/5) Type your answer in paragraph format. Please italicize your answer. This slide should be the written answer for the problem only (the part where it says to explain the elastic and inelastic range of the demand curve). Attach the graphs to the following slide.

Graph for 4b Place your 2 graphs for 4b on this slide. Make sure they are placed one on top of the other (not side by side) Place your 2 graphs for 4b on this slide. Make sure they are placed one on top of the other (not side by side)

5. Complete the following paragraphs: Compare Monopolistic Competition and Perfect Competition (____/5) Type your answer in paragraph format. Please italicize your answer.

b. Explain Oligopoly (____/5) Type your answer in paragraph format b. Explain Oligopoly (____/5) Type your answer in paragraph format. Please italicize your answer. Make sure to address the characterisitcs, pricing strategies and the kinkied demand curve.

Type your answer in paragraph format. Please italicize your answer. 6. Gaxski and Awesomeski are the only two ski resorts on Mt. Econisthebest. Each firm has the option to price high or price low. The following chart is the payoff matrix for both firms. Awesomeski HIGH LOW 250, 200 150, 300 350, 150 200, 100 Gaxski What is the dominant strategy for Gaxski? Explain. Type your answer in paragraph format. Please italicize your answer.

6b. What is the dominant strategy for Awesomeski? Explain. Type your answer in paragraph format. Please italicize your answer. .

6c. Assume that this information is available to both firms 6c. Assume that this information is available to both firms. Assuming no collusion, how much would each firm earn? Explain how you got your answer. Type your answer in paragraph format. Please italicize your answer

6. Turn It In Receipts ( _____/5) -See ‘stamp sheet’ 7 6. Turn It In Receipts ( _____/5) -See ‘stamp sheet’ 7. Format ( _____/5)

1. _____/17 5._____/10 2. _____/25 6. _____15 3. _____/10 7. _____/5 4._____/13 8. _____/5 Total: _____/100 Peer Graded by: (drop in a comment box with your name here)