General Instructions: Please provide your answers to the following in the spaces provided, and then upload your finished document to WebCampus. Don’t forget to save a copy of your document before turning it in.
If you are using Open Office or some other word processor, the steps will be quite similar, but not exactly the same. In any case, do some experimenting and get some help if necessary; and you will do fine. This is not an art class, and I don’t expect perfection in these matters.
Each question on this assignment will be assigned point values, for a total of 10 points for this assignment.
2. If you were managing a monopoly, and small entrant tried to enter your market, explain why it might make sense to cut prices so low that you would suffer losses for a time. (1 point)
3. Imagine that you are managing a small firm and thinking about entering the market of a monopolist. The monopolist is currently charging a high price and you have determined that you can make a nice profit by charging 10% less than the monopolist. Before you go ahead and try to challenge the monopolist, what possibilities should you consider for how the monopolist might react? (1 point)
4. In the town of Lovelock, one monopoly firm provides water to all households. The demand curve for water that is the quantity demanded at each price appears in the first two columns of the table. Total cost appears in the third column. (2 points)
Quantity (in thousands of gallons)
Price per gallon
Total cost (in thousands of dollars)
5. How is the perceived market demand different for a perfect competitor, a monopolistic competitor and a monopolist? (1 point)
6. The perceived demand curve for a monopoly and for a monopolistic competitor both slope down. So how are these two types of competition different? (1 point)
7. How does the usual shape of the total revenue curve for a monopolist differ from the shape of the marginal revenue curve for a perfect competitor? Briefly explain the difference in the two shapes. (1 point)
8. How does the usual shape of the marginal revenue curve for a monopolist differ from the shape of the marginal revenue curve for the perfect competitor? Briefly explain the difference in the two shapes. (1 point)
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