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Deck 10: Monopoly
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Question
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is 
, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's inverse demand function?
A)
B)
C)
D)
, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's inverse demand function?A)
B)
C)
D)
Question
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is 
, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's marginal revenue function?
A)
B)
C)
D)
, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's marginal revenue function?A)
B)
C)
D)
Question
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is 
, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's marginal revenue when it sells 5,000 cubic years of concrete per year?
A) $37.5
B) $25
C) $50
D) $0
, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's marginal revenue when it sells 5,000 cubic years of concrete per year?A) $37.5
B) $25
C) $50
D) $0
Question
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is 
, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What price does KGC charge per unit when it sells 5,000 cubic years of concrete per year?
A) $12.5
B) $25
C) $37.5
D) $50
, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What price does KGC charge per unit when it sells 5,000 cubic years of concrete per year?A) $12.5
B) $25
C) $37.5
D) $50
Question
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is 
, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is the difference between price and marginal revenue when KGC sells 5,000 cubic years of concrete per year?
A) $12.5
B) $25
C) $37.5
D) $50
, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is the difference between price and marginal revenue when KGC sells 5,000 cubic years of concrete per year?A) $12.5
B) $25
C) $37.5
D) $50
Question
Suppose Kate's Great Crete (KGC) has annual variable costs of 
and marginal costs of 
, where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is 
. What is the profit maximizing sales quantity?
A) 20
B) 2,000
C) 8,000
D) 0
and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is . What is the profit maximizing sales quantity?A) 20
B) 2,000
C) 8,000
D) 0
Question
Suppose Kate's Great Crete (KGC) has annual variable costs of 
and marginal costs of 
, where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is?
. What is the profit maximizing sales price?
A) $47.7
B) $30
C) $45
D) $50
and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is? . What is the profit maximizing sales price?A) $47.7
B) $30
C) $45
D) $50
Question
Suppose Kate's Great Crete (KGC) has annual variable costs of 
and marginal costs of 
, where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is?
. What is KGC's total cost function?
A)
B)
C)
D)
and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is? . What is KGC's total cost function?A)
B)
C)
D)
Question
Suppose Kate's Great Crete (KGC) has annual variable costs of 
and marginal costs of 
, where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is?
. What is KGC's total revenue function?
A)
B)
C)
D)
and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is? . What is KGC's total revenue function?A)
B)
C)
D)
Question
Suppose Kate's Great Crete (KGC) has annual variable costs of 
and marginal costs of 
, where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is ?
. What is KGC's average cost function?
A)
B)
C)
D)
and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is ? . What is KGC's average cost function?A)
B)
C)
D)
Question
Suppose Kate's Great Crete (KGC) has annual variable costs of 
and marginal costs of 
, where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is?
. What is KGC's profit at the profit maximizing sales price?
A) $30,000
B) $90,000
C) $120,000
D) -$30,000
and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is? . What is KGC's profit at the profit maximizing sales price?A) $30,000
B) $90,000
C) $120,000
D) -$30,000
Question
The pass-through rate
A) Is the increase in price that occurs in response to a small increase in marginal cost
B) Is measured per dollar of increase in marginal cost
C)
Is the ratio
D) All of these
A) Is the increase in price that occurs in response to a small increase in marginal cost
B) Is measured per dollar of increase in marginal cost
C)
Is the ratio
D) All of these
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the inverse supply function for coal miners?
A)
B)
C)
D)
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the inverse supply function for coal miners?A)
B)
C)
D)
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure function?
A)
B)
C)
D)
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure function?A)
B)
C)
D)
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 150 coal miners?
A) $17,500
B) $30,500
C) $10,000
D) $25,000
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 150 coal miners?A) $17,500
B) $30,500
C) $10,000
D) $25,000
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 100 coal miners?
A) $15,000
B) $20,000
C) $10,000
D) $1,000,000
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 100 coal miners?A) $15,000
B) $20,000
C) $10,000
D) $1,000,000
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the inverse supply function for coal miners?
A)
B)
C)
D)
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the inverse supply function for coal miners?A)
B)
C)
D)
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure function?
A)
B)
C)
D)
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure function?A)
B)
C)
D)
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 150 coal miners?
A) $35,000
B) $20,000
C) $10,000
D) $5,000
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 150 coal miners?A) $35,000
B) $20,000
C) $10,000
D) $5,000
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 100 coal miners?
A) $35,000
B) $20,000
C) $10,000
D) $30,000
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 100 coal miners?A) $35,000
B) $20,000
C) $10,000
D) $30,000
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
and 
, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the inverse demand function for coal miners?
A)
B)
C)
D)
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the inverse demand function for coal miners?A)
B)
C)
D)
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
and 
, where W is the annual wage of a coal miner and Q is the number of coal miners. What is marginal benefit function?
A)
B)
C)
D)
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is marginal benefit function?A)
B)
C)
D)
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
and 
, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the profit maximizing number of coal miners for the coal mine to hire?
A) 100
B) 150
C) 50
D) 233.34
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the profit maximizing number of coal miners for the coal mine to hire?A) 100
B) 150
C) 50
D) 233.34
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
and 
, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the wage required to hire the profit maximizing number of workers?
A) $25,000
B) $50,000
C) $20,000
D) $15,000
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the wage required to hire the profit maximizing number of workers?A) $25,000
B) $50,000
C) $20,000
D) $15,000
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
and 
, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the inverse demand function for coal miners?
A)
B)
C)
D)
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the inverse demand function for coal miners?A)
B)
C)
D)
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
and 
, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the marginal benefit of coal miners?
A)
B)
C)
D)
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the marginal benefit of coal miners?A)
B)
C)
D)
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
and 
, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the profit maximizing number of coal miners for the coal mine to hire?
A) 300
B) 150
C) 100
D) 33.34
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the profit maximizing number of coal miners for the coal mine to hire?A) 300
B) 150
C) 100
D) 33.34
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
and 
, where W is the annual wage of a coal miner and Q is the number of coal miners. What wage must be paid at the profit maximizing quantity of coal miners?
A) $23,333
B) $16,670
C) $13,336
D) $21,667
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What wage must be paid at the profit maximizing quantity of coal miners?A) $23,333
B) $16,670
C) $13,336
D) $21,667
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
and 
, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the deadweight loss due to the monophony in the coal miners market?
A) $27,755.56
B) $13,877.78
C) $56,094.22
D) $28,047.11
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the deadweight loss due to the monophony in the coal miners market?A) $27,755.56
B) $13,877.78
C) $56,094.22
D) $28,047.11
Question
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is 
and 
, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the deadweight loss in the market for coal miners due to the monophony?
A) $250,000
B) $500,000
C) $125,000
D) $750,000
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the deadweight loss in the market for coal miners due to the monophony?A) $250,000
B) $500,000
C) $125,000
D) $750,000
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Deck 10: Monopoly
1
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is , where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's inverse demand function?
A)
B)
C)
D)
, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's inverse demand function?A)
B)
C)
D)
2
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is , where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's marginal revenue function?
A)
B)
C)
D)
, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's marginal revenue function?A)
B)
C)
D)
3
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is , where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's marginal revenue when it sells 5,000 cubic years of concrete per year?
A) $37.5
B) $25
C) $50
D) $0
, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's marginal revenue when it sells 5,000 cubic years of concrete per year?A) $37.5
B) $25
C) $50
D) $0
$25
4
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is , where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What price does KGC charge per unit when it sells 5,000 cubic years of concrete per year?
A) $12.5
B) $25
C) $37.5
D) $50
, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What price does KGC charge per unit when it sells 5,000 cubic years of concrete per year?A) $12.5
B) $25
C) $37.5
D) $50
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5
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is , where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is the difference between price and marginal revenue when KGC sells 5,000 cubic years of concrete per year?
A) $12.5
B) $25
C) $37.5
D) $50
, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is the difference between price and marginal revenue when KGC sells 5,000 cubic years of concrete per year?A) $12.5
B) $25
C) $37.5
D) $50
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6
Suppose Kate's Great Crete (KGC) has annual variable costs of and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is . What is the profit maximizing sales quantity?
A) 20
B) 2,000
C) 8,000
D) 0
and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is . What is the profit maximizing sales quantity?A) 20
B) 2,000
C) 8,000
D) 0
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7
Suppose Kate's Great Crete (KGC) has annual variable costs of and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is?
. What is the profit maximizing sales price?
A) $47.7
B) $30
C) $45
D) $50
and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is? . What is the profit maximizing sales price?A) $47.7
B) $30
C) $45
D) $50
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8
Suppose Kate's Great Crete (KGC) has annual variable costs of and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is?
. What is KGC's total cost function?
A)
B)
C)
D)
and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is? . What is KGC's total cost function?A)
B)
C)
D)
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9
Suppose Kate's Great Crete (KGC) has annual variable costs of and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is?
. What is KGC's total revenue function?
A)
B)
C)
D)
and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is? . What is KGC's total revenue function?A)
B)
C)
D)
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10
Suppose Kate's Great Crete (KGC) has annual variable costs of and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is ?
. What is KGC's average cost function?
A)
B)
C)
D)
and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is ? . What is KGC's average cost function?A)
B)
C)
D)
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11
Suppose Kate's Great Crete (KGC) has annual variable costs of and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is?
. What is KGC's profit at the profit maximizing sales price?
A) $30,000
B) $90,000
C) $120,000
D) -$30,000
and marginal costs of , where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is? . What is KGC's profit at the profit maximizing sales price?A) $30,000
B) $90,000
C) $120,000
D) -$30,000
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12
The pass-through rate
A) Is the increase in price that occurs in response to a small increase in marginal cost
B) Is measured per dollar of increase in marginal cost
C)
Is the ratio
D) All of these
A) Is the increase in price that occurs in response to a small increase in marginal cost
B) Is measured per dollar of increase in marginal cost
C)
Is the ratio
D) All of these
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13
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is , where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the inverse supply function for coal miners?
A)
B)
C)
D)
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the inverse supply function for coal miners?A)
B)
C)
D)
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14
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is , where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure function?
A)
B)
C)
D)
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure function?A)
B)
C)
D)
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15
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is , where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 150 coal miners?
A) $17,500
B) $30,500
C) $10,000
D) $25,000
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 150 coal miners?A) $17,500
B) $30,500
C) $10,000
D) $25,000
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16
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is , where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 100 coal miners?
A) $15,000
B) $20,000
C) $10,000
D) $1,000,000
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 100 coal miners?A) $15,000
B) $20,000
C) $10,000
D) $1,000,000
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17
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is , where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the inverse supply function for coal miners?
A)
B)
C)
D)
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the inverse supply function for coal miners?A)
B)
C)
D)
Unlock Deck
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18
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is , where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure function?
A)
B)
C)
D)
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure function?A)
B)
C)
D)
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19
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is , where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 150 coal miners?
A) $35,000
B) $20,000
C) $10,000
D) $5,000
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 150 coal miners?A) $35,000
B) $20,000
C) $10,000
D) $5,000
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Unlock Deck
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20
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is , where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 100 coal miners?
A) $35,000
B) $20,000
C) $10,000
D) $30,000
, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 100 coal miners?A) $35,000
B) $20,000
C) $10,000
D) $30,000
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Unlock for access to all 30 flashcards in this deck.
Unlock Deck
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21
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the inverse demand function for coal miners?
A)
B)
C)
D)
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the inverse demand function for coal miners?A)
B)
C)
D)
Unlock Deck
Unlock for access to all 30 flashcards in this deck.
Unlock Deck
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22
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is marginal benefit function?
A)
B)
C)
D)
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is marginal benefit function?A)
B)
C)
D)
Unlock Deck
Unlock for access to all 30 flashcards in this deck.
Unlock Deck
k this deck
23
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the profit maximizing number of coal miners for the coal mine to hire?
A) 100
B) 150
C) 50
D) 233.34
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the profit maximizing number of coal miners for the coal mine to hire?A) 100
B) 150
C) 50
D) 233.34
Unlock Deck
Unlock for access to all 30 flashcards in this deck.
Unlock Deck
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24
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the wage required to hire the profit maximizing number of workers?
A) $25,000
B) $50,000
C) $20,000
D) $15,000
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the wage required to hire the profit maximizing number of workers?A) $25,000
B) $50,000
C) $20,000
D) $15,000
Unlock Deck
Unlock for access to all 30 flashcards in this deck.
Unlock Deck
k this deck
25
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the inverse demand function for coal miners?
A)
B)
C)
D)
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the inverse demand function for coal miners?A)
B)
C)
D)
Unlock Deck
Unlock for access to all 30 flashcards in this deck.
Unlock Deck
k this deck
26
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the marginal benefit of coal miners?
A)
B)
C)
D)
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the marginal benefit of coal miners?A)
B)
C)
D)
Unlock Deck
Unlock for access to all 30 flashcards in this deck.
Unlock Deck
k this deck
27
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the profit maximizing number of coal miners for the coal mine to hire?
A) 300
B) 150
C) 100
D) 33.34
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the profit maximizing number of coal miners for the coal mine to hire?A) 300
B) 150
C) 100
D) 33.34
Unlock Deck
Unlock for access to all 30 flashcards in this deck.
Unlock Deck
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28
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is and , where W is the annual wage of a coal miner and Q is the number of coal miners. What wage must be paid at the profit maximizing quantity of coal miners?
A) $23,333
B) $16,670
C) $13,336
D) $21,667
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What wage must be paid at the profit maximizing quantity of coal miners?A) $23,333
B) $16,670
C) $13,336
D) $21,667
Unlock Deck
Unlock for access to all 30 flashcards in this deck.
Unlock Deck
k this deck
29
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the deadweight loss due to the monophony in the coal miners market?
A) $27,755.56
B) $13,877.78
C) $56,094.22
D) $28,047.11
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the deadweight loss due to the monophony in the coal miners market?A) $27,755.56
B) $13,877.78
C) $56,094.22
D) $28,047.11
Unlock Deck
Unlock for access to all 30 flashcards in this deck.
Unlock Deck
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30
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the deadweight loss in the market for coal miners due to the monophony?
A) $250,000
B) $500,000
C) $125,000
D) $750,000
and , where W is the annual wage of a coal miner and Q is the number of coal miners. What is the deadweight loss in the market for coal miners due to the monophony?A) $250,000
B) $500,000
C) $125,000
D) $750,000
Unlock Deck
Unlock for access to all 30 flashcards in this deck.
Unlock Deck
k this deck
Unlock Deck
Unlock for access to all 30 flashcards in this deck.
