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In: Business and Management

Submitted By Shandell809
Words 261
Pages 2
Shandell N. Coleman
January 26, 2012
Eco Hmwk # 3
Chapter 5: 1. A firm in a perfectly competitive market invents a new method of production that lowers its marginal cost. What happens to its output? What happens to the price it charges? a. The firm has an employee who threatens to tell all other firms in the industry about how to implement this new technique. Will it be possible to bribe the employee not to do this? Explain why or why not? b. Why should this employee probably not choose to tell only some of the other firms rather than all of them? c. What factors will determine the best number of firms to sell the secret to?
11. You are a perfect competitor facing a market price of $20 for your output Q. your total cost are TC= Q + .2Q. Your current output is 40 units. What is your profit?

Chapter 6:
5. Give a numerical example to show that a monopolist’s marginal revenue can be upward-sloping over part of its range.

14. A monopolist has two types of customers. There are 100 of Type A, who will each pay up to $10 for a single unit of the good, and 50 of Type B, who will each pay up to $8. Neither is willing to purchase additional units at any price. If it must charge a uniform price, find that price.
a. Assume that spending $80 on advertising will attract 100 more type B customers. Should the monopolist advertise? If so, what will happen to…...

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