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1、Exercises,1.Suppose Bart,Benjamin,and Brent each purchase a particular type of electric pencil sharpener at a price of$20.Barts willingness to pay was$22,Benjamins willingness to pay was$25,and Brents willingness to pay was$30.Which of the following statements is correct?a.Had the price of the penci
2、l sharpener been$26 rather than$20,only Brent would have been a buyer.b.Brents consumer surplus is the smallest of the three individual consumer surpluses.c.For the three individuals together,consumer surplus amounts to$60.d.The fact that all three individuals paid$20 for the same type of pencil sha
3、rpener indicates that each one placed the same value on that pencil sharpener.,2.If the quantity supplied is the same regardless of price,then supply isa.elastic.b.perfectly elastic.c.perfectly inelastic.d.inelastic.3.When there is a shortage of 100 units of a particular good,a.the law of supply pre
4、dicts(预报）upward pressure on the price of the good from its current level.b.the law of demand predicts downward pressure on the price of the good from its current level.c.we say that there is a scarcity of 100 units of the good.d.None of the above is correct.,4.An increase in the number of college sc
5、holarships(奖学金）issued by private foundations woulda.increase the supply of education.b.decrease the supply of education.c.increase the demand for education.d.decrease the demand for education.,5.National defense（国防）is provided by the government becausea.it is impossible for private markets to produc
6、e public goods.b.products provided by the government are produced more efficiently.c.free-riders make it difficult for private markets to supply the socially optimal quantity.d.public goods increase government revenues.6.Average total cost is very high when a small amount of output is produced becau
7、sea.average variable cost is high.b.average fixed cost is high.c.marginal cost is high.d.marginal product is high.,7.Suppose a firm in a competitive market received$1,000 in total revenue and had a marginal revenue of$10 for the last unit produced and sold.What is the average revenue per unit,and ho
8、w many units were sold?a.$5 and 50b.$5 and 100c.$10 and 50d.$10 and 100,8.Let the demand and supply for a good be given by qd=160038p qs=2 p+400 What is the equilibrium quantity and price?Solution：qd=qs160038p=2p+400 Solve it,p=30,qd=qs=2p+400=460So,the equilibrium quantity is 460,and the equilibriu
9、m price is 30.,9.A monopolist has a unit production cost of$10.The firm has identified two distinct groups of customers.Group A has a demand curve of qA=1004pA,while group B has a demand curve of q B=603 pB.(a)Which group pays the higher price if the monopolist price discriminates?(b)If the monopoli
10、st is not able to price discriminate,what common price does it charge?,Solution:EpA=dqA/dpA=4 EpB=dqB/dpB=3So,the EpA is greater than EpB,then,group B pays the higher price if the monopolist price discriminates.(b)The total demand function of the monopolist is qm=qA+qB=(1004p)+(603 p)=160-7p.The marginal revenue is MR=dTR/dp=160-14p;The marginal cost is$10,For seeking maximizing profit,it should make MR=MC,160-14p=10,P=150/14So,the common price it charges is 150/14,the monopolist is not able to price discriminate.,
