1. Unit 4 Problem Set Rubric

2. Question #1 Practice FRQs

3. Question #2
Worksheets

4. Question #3

5. 3A. 5 Points Total
2 point- Demand equals MR for perfect competition because firms are price takers
2 point- Demand is greater than MR for monopolies because to sell another unit a must lower its price for the next unit and the other units it could have sold at a higher price. So the additional revenue of each unit is less than the price of that unit
1 Point- Price of the 3rd unit is $8 but the MR is only $6

6. 3B. 5 Points Total 1 point-Correctly completed chart
1 Point- Correctly plotted Demand and MR
1 point- Correctly plotted TR
Price
Quantity Demanded
Total Revenue
Marginal Revenue
$11.00  0  - 10 1
 10 9 2
 18  8 8 3
 24  6 7 4
 28  4 6 5
 30 2 
 -2
 -4
 -6

7. 2 points- Labeled elastic and inelastic ranges.
Dollars MR D Q
Dollars TR Q

8. Question #4 Monopolistic Competition

9. 4. 5 Points Total 1 point- Demand greater than MR
1 point- Price equals ATC (nor profit in long-run)
1 Point- Not allocative since it is not producing where price equals MC
1 Point- Not productive since it is not producing at minimum ATC
1 Point- Excess capacity is quantity between profit maximizing output and minimum ATC.

10. Question #5
Oligopoly

12. Question #6 Study Guides

13. 4. 5 Points Total 1 point- Demand greater than MR
1 point- Price equals ATC (nor profit in long-run)
1 Point- Not allocative since it is not producing where price equals MC
1 Point- Not productive since it is not producing at minimum ATC
1 Point- Excess capacity is quantity between profit maximizing output and minimum ATC.