Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
1. _____/15 2. _____/25 3. _____/20 4._____/13 5._____/10 6._____/15 7._____/5 8._____/5 Name: ___________________________ Team: ___________________________ Corrected By: _____________________ Total: _____/108 Unit IV: Imperfect Competition Problem Set #4 Integrity Agreement I 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 1. Define the term and give a real world example. Use numbers and/or graphs in your answer where applicable. a. Barriers to Entry (____/3) b. MR=MC Rule (____/3) c. Price Discrimination (____/3) d. Socially Optimal Price (____/3) e. Fair Return Price (____/3) 2. Practice FRQ a. FRQ #1 (____/14) b. FRQ #2 (____/6) c. FRQ#3 (____/5) 3. Complete the following worksheets: a. “Regulating Monopolies” (____/5) b. “A Quick Review of Perfect Competition and Monopoly” (____/5) c. “Price Discrimination” (_____/5) d. “Prisoner’s Dilemma” (_____5) 4. Use the chart to complete the following: (____/3) a. Explain why the MR curve is less than the demand curve for all imperfectly competitive firms. Use a SPECIFIC numerical example from the chart in your explanation. ( ____/5) b. 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. Be sure to identify the elastic and inelastic ranges. (____/5) Price $10 9 8 7 6 Quantity Demanded 0 1 2 3 4 Total Revenue Marginal Revenue 5 4 3 2 1 5 6 7 8 9 5. Complete the following paragraphs: a. Compare Monopolistic Competition and Perfect Competition. (____/5) b. Explain Oligopoly. (____/5) 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. Gaxski High Low High 200,150 300,250 Low 150,350 100,200 Awesomeski a. What is the dominant strategy for Gaxski? Explain. (____/5) b. What is the dominant strategy for Awesomeski? Explain. (____/5) c. Assume that this information is available to both firms. Assuming no collusion, how much would each firm earn? Explain how you got your answer. (____/5) 7. Stamps/Turnitin.com Receipts (____/5) 8. Format (____/5)