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Question : 10.3   How Does a Monopoly Choose Price and Output? 1) The : 1244605

Economics

 

10.3   How Does a Monopoly Choose Price and Output?

 

1) The demand curve for the monopoly’s product is

A) the market demand for the product.

B) more elastic than the market demand for the product.

C) more inelastic than the market demand for the product.

D) undefined.

 

2) A monopolist’s profit maximizing price and output correspond to the point on a graph

A) where average total cost is minimized.

B) where total costs are the smallest relative to price.

C) where marginal revenue equals marginal cost and charging the price on the market demand curve for that output.

D) where price is as high as possible.

 

3) Microsoft hires marketing and sales specialists to decide what prices it should set for its products, whereas a wealthy corn farmer in Iowa, who sells his output in the world commodity market, does not. Why is this so?

A) because Microsoft is large enough to hire the best people in the field

B) because Microsoft could potentially lose sales if it sets prices indiscriminately

C) because the wealthy corn farmer is a price taker who chooses his optimal output independently of market price but Microsoft’s optimal output depends on the price it selects

D) because unlike Microsoft, the wealthy corn farmer is probably a monopolist

 

4) Because a monopoly’s demand curve is the same as the market demand curve for its product

A) the monopoly’s marginal revenue equals its price.

B) the monopoly is a price taker.

C) the monopoly must lower its price to sell more of its product.

D) the monopoly’s average total cost always falls as it increases its output.

 

5) If a theatre company expects $250,000 in ticket revenue from five performances and $288,000 in ticket revenue if it adds a sixth performance, the

A) marginal revenue of the sixth performance is $48,000.

B) marginal revenue of the sixth performance is $38,000.

C) cost of staging the sixth performance is probably higher than the cost of staging the previous five.

D) company will be making a loss on the sixth performance because its ticket sales will be less than the average received from the previous five.

 

6) If a monopolist’s price is $50 per unit and its marginal cost is $25, then

A) to maximize profit the firm should increase output.

B) to maximize profit the firm should decrease output.

C) to maximize profit the firm should continue to produce the output it is producing.

D) Not enough information is given to say what the firm should do to maximize profit.

 

7) If a monopolist’s marginal revenue is $25 a unit and its marginal cost is $25, then

A) to maximize profit the firm should increase output.

B) to maximize profit the firm should decrease output.

C) to maximize profit the firm should continue to produce the output it is producing.

D) Not enough information is given to say what the firm should do to maximize profit.

Figure 10-2

Figure 10-2 above shows the demand and cost curves facing a monopolist.

 

8) Refer to Figure 10-2. To maximize profit, the firm will produce

A) Q1.

B) Q2.

C) Q3.

D) Q4.

 

9) Refer to Figure 10-2. The firm’s profit-maximizing price is

A) P1.

B) P2.

C) P3.

D) P4.

10) Refer to Figure 10-2. If the firm’s average total cost curve is ATC1, the firm will

A) suffer a loss.

B) break even.

C) make a profit.

D) face competition.

 

 

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July 1, 2023
    

You are seeing a 62-year-old white female for her annual visit. Presented
below are some pertinent subjective and objective data that you elicited
during your comprehensive assessment session with the patient (note – this
is not the entire subjective and objective data set for this office visit).

PMH: HTN, Hyperlipidemia

Social History: divorced, employed full time as a graduate nursing program
professor, no smoking history, reports on a rare occasion she may have a 2 -
3 ounces of wine when dining out [less than 6 times a year]

Health Maintenance Activities: 1 ½ to 2 hours of exercise every morning [45
– 60 minutes of yoga, 45 – 60 minutes of step aerobics]; low glycemic
Pescatarian; has not engaged with recommended colonoscopy, does not
have screening mammograms, does not get a flu shot and has not had any
other recommended adult immunizations.

Subjective:

S - A 62-year old divorced white female for an annual wellness exam. The
patient appears alert and oriented. Speech clear, cooperative. She states
she has a history of elevated total cholesterol and hypertension, with the
onset of 27 years of age. The patient states she exercises between 1.5 hours
to 2 hours every morning. The patient states she has not participated with
recommended preventative screenings colonoscopy, mammogram, flu
vaccine, or other adult appropriate vaccinations. She states she is a non-
smoker.

ROS Cardio: The patient states the onset of hypertension was at 27
years old. She is currently taking Lisinopril 5mg orally daily. She denies
chest pain, palpitations, or lower extremity edema.

PMH: Hypertension, Hyperlipidemia

SH: The patient reports alcohol socially approximately 2-3 ounces of
wine with dinner [less than six times annually].

FH: Unknown

Objective:

Constitutional: Constitutional – Ht. 64 inches, Wt. 127 pounds [BMI
21.8], BP 112/60, P 68, T 97.9 temporal, R 16, SpO2 99%

Integument – pink, warm and dry to touch

Eyes – no arcus senilis

This study source was downloaded by 100000760925736 from CourseHero.com on 03-10-2024 10:21:01 GMT -05:00

https://www.coursehero.com/file/57833045/Treatment-of-hyperlipidemia-NU-636docx/

Cardiovascular – heart regular rate and rhythm, S1 and S2; no S3 or
S4, murmur or gallop; no carotid bruits; radial pulses palpable and
pedal pulses 2+; no lower extremity edema; capillary refill < 3 seconds
bilateral

Lipid panel – Total cholesterol 302, HDL 117, Triglycerides 45

Allergies: None noted

Assessment: The patient has an extremely elevated cholesterol level,
hyperlipidemia. She is a high risk for complications from hyperlipidemia and
non-participating with preventative health screenings. Hypertension is
controlled with lisinopril.

Plan:

Therapeutic: Management of controlling patient cholesterol. The total
recommended cholesterol for adult women over 20 years of age
200mg/dl. She is at risk for the development of atherosclerotic
cardiovascular disease (ACVD) with uncontrolled hyperlipidemia. The
patient’s HDL and triglycerides are low, and a healthy level is above 50
mg/dl (Blesso & Fernandez, 2018). The initial treatment to lower
cholesterol is statin to lower LDL receptors in the liver (Arcangelo,
Peterson, Wilburn, & Reinhold, 2017). The 2013 guidelines for statin
therapy and monitoring do not offer a specific recommendation for
cholesterol levels. It also increases the liver’s ability to remove the LDL
cholesterol in the bloodstream (Arcangelo et al., 2017). During the
patient follow up consideration for statin intolerance should be
reviewed and add CoQ10 to relieve muscle cramping, and evaluate for
rhabdomyolysis (Arcangelo et al., 2017). Atorvastatin is a low-cost
statin for most preferred insurance plans and SNP patients may have a
zero copay. The cost may help in medication adherence and lowering
cholesterol levels to improve disorder.

Educational: Patient education is critical for preventative medicine.
Education should consist of healthy lifestyle changes and continued
exercise for the patient. Discuss grapefruit juice can increase the
potency of most statins (Arcangelo et al., 2017). The patient needs to
understand the importance of follow up appointments with lab draws
for the effects of drug therapy and monitoring of liver and other
organs, and thyroid levels (Arcangelo et al., 2017). Patient education
handout for elevated cholesterol is another option for home reference
such a Healthwise. The patient has not received preventative care
measures discussing the importance of receiving exams, can identify
potential problems, early and have better treatment results if needed.
The preventative measures are evidenced-based to improve quality of
life (Borsky, Zhan, Miller, Ngo-Metzger, & Bierman, 2018). I would also

This study source was downloaded by 100000760925736 from CourseHero.com on 03-10-2024 10:21:01 GMT -05:00

https://www.coursehero.com/file/57833045/Treatment-of-hyperlipidemia-NU-636docx/

encourage bone density screening for osteoporosis for over 50 years of
age.

Consultation: A cardiology consult for evaluation for cardiovascular
disease would be considered if the patient had a family history of
cardiovascular disease, diabetes, or kidney problems. Although, she
has been on hypertensive medication from the early age of 27 years
old and elevated cholesterol a consult to help manage and reduce risk
factors for heart disease. (Lindquist, Boucher, Grey, Cairns, & Bobra,
2012). The screening with cardiology for heart disease has the
potential for reducing cardiovascular deaths in women (Lindquist et al.,
2012).

This study source was downloaded by 100000760925736 from CourseHero.com on 03-10-2024 10:21:01 GMT -05:00

https://www.coursehero.com/file/57833045/Treatment-of-hyperlipidemia-NU-636docx/
Powered by TCPDF (www.tcpdf.org)

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July 1, 2023
    

You are seeing a 62-year-old white female for her annual visit. Presented
below are some pertinent subjective and objective data that you elicited
during your comprehensive assessment session with the patient (note – this
is not the entire subjective and objective data set for this office visit).

PMH: HTN, Hyperlipidemia

Social History: divorced, employed full time as a graduate nursing program
professor, no smoking history, reports on a rare occasion she may have a 2 -
3 ounces of wine when dining out [less than 6 times a year]

Health Maintenance Activities: 1 ½ to 2 hours of exercise every morning [45
– 60 minutes of yoga, 45 – 60 minutes of step aerobics]; low glycemic
Pescatarian; has not engaged with recommended colonoscopy, does not
have screening mammograms, does not get a flu shot and has not had any
other recommended adult immunizations.

Subjective:

S - A 62-year old divorced white female for an annual wellness exam. The
patient appears alert and oriented. Speech clear, cooperative. She states
she has a history of elevated total cholesterol and hypertension, with the
onset of 27 years of age. The patient states she exercises between 1.5 hours
to 2 hours every morning. The patient states she has not participated with
recommended preventative screenings colonoscopy, mammogram, flu
vaccine, or other adult appropriate vaccinations. She states she is a non-
smoker.

ROS Cardio: The patient states the onset of hypertension was at 27
years old. She is currently taking Lisinopril 5mg orally daily. She denies
chest pain, palpitations, or lower extremity edema.

PMH: Hypertension, Hyperlipidemia

SH: The patient reports alcohol socially approximately 2-3 ounces of
wine with dinner [less than six times annually].

FH: Unknown

Objective:

Constitutional: Constitutional – Ht. 64 inches, Wt. 127 pounds [BMI
21.8], BP 112/60, P 68, T 97.9 temporal, R 16, SpO2 99%

Integument – pink, warm and dry to touch

Eyes – no arcus senilis

This study source was downloaded by 100000760925736 from CourseHero.com on 03-10-2024 10:21:01 GMT -05:00

https://www.coursehero.com/file/57833045/Treatment-of-hyperlipidemia-NU-636docx/

Cardiovascular – heart regular rate and rhythm, S1 and S2; no S3 or
S4, murmur or gallop; no carotid bruits; radial pulses palpable and
pedal pulses 2+; no lower extremity edema; capillary refill < 3 seconds
bilateral

Lipid panel – Total cholesterol 302, HDL 117, Triglycerides 45

Allergies: None noted

Assessment: The patient has an extremely elevated cholesterol level,
hyperlipidemia. She is a high risk for complications from hyperlipidemia and
non-participating with preventative health screenings. Hypertension is
controlled with lisinopril.

Plan:

Therapeutic: Management of controlling patient cholesterol. The total
recommended cholesterol for adult women over 20 years of age
200mg/dl. She is at risk for the development of atherosclerotic
cardiovascular disease (ACVD) with uncontrolled hyperlipidemia. The
patient’s HDL and triglycerides are low, and a healthy level is above 50
mg/dl (Blesso & Fernandez, 2018). The initial treatment to lower
cholesterol is statin to lower LDL receptors in the liver (Arcangelo,
Peterson, Wilburn, & Reinhold, 2017). The 2013 guidelines for statin
therapy and monitoring do not offer a specific recommendation for
cholesterol levels. It also increases the liver’s ability to remove the LDL
cholesterol in the bloodstream (Arcangelo et al., 2017). During the
patient follow up consideration for statin intolerance should be
reviewed and add CoQ10 to relieve muscle cramping, and evaluate for
rhabdomyolysis (Arcangelo et al., 2017). Atorvastatin is a low-cost
statin for most preferred insurance plans and SNP patients may have a
zero copay. The cost may help in medication adherence and lowering
cholesterol levels to improve disorder.

Educational: Patient education is critical for preventative medicine.
Education should consist of healthy lifestyle changes and continued
exercise for the patient. Discuss grapefruit juice can increase the
potency of most statins (Arcangelo et al., 2017). The patient needs to
understand the importance of follow up appointments with lab draws
for the effects of drug therapy and monitoring of liver and other
organs, and thyroid levels (Arcangelo et al., 2017). Patient education
handout for elevated cholesterol is another option for home reference
such a Healthwise. The patient has not received preventative care
measures discussing the importance of receiving exams, can identify
potential problems, early and have better treatment results if needed.
The preventative measures are evidenced-based to improve quality of
life (Borsky, Zhan, Miller, Ngo-Metzger, & Bierman, 2018). I would also

This study source was downloaded by 100000760925736 from CourseHero.com on 03-10-2024 10:21:01 GMT -05:00

https://www.coursehero.com/file/57833045/Treatment-of-hyperlipidemia-NU-636docx/

encourage bone density screening for osteoporosis for over 50 years of
age.

Consultation: A cardiology consult for evaluation for cardiovascular
disease would be considered if the patient had a family history of
cardiovascular disease, diabetes, or kidney problems. Although, she
has been on hypertensive medication from the early age of 27 years
old and elevated cholesterol a consult to help manage and reduce risk
factors for heart disease. (Lindquist, Boucher, Grey, Cairns, & Bobra,
2012). The screening with cardiology for heart disease has the
potential for reducing cardiovascular deaths in women (Lindquist et al.,
2012).

This study source was downloaded by 100000760925736 from CourseHero.com on 03-10-2024 10:21:01 GMT -05:00

https://www.coursehero.com/file/57833045/Treatment-of-hyperlipidemia-NU-636docx/
Powered by TCPDF (www.tcpdf.org)

default image
July 1, 2023
    

You are seeing a 62-year-old white female for her annual visit. Presented
below are some pertinent subjective and objective data that you elicited
during your comprehensive assessment session with the patient (note – this
is not the entire subjective and objective data set for this office visit).

PMH: HTN, Hyperlipidemia

Social History: divorced, employed full time as a graduate nursing program
professor, no smoking history, reports on a rare occasion she may have a 2 -
3 ounces of wine when dining out [less than 6 times a year]

Health Maintenance Activities: 1 ½ to 2 hours of exercise every morning [45
– 60 minutes of yoga, 45 – 60 minutes of step aerobics]; low glycemic
Pescatarian; has not engaged with recommended colonoscopy, does not
have screening mammograms, does not get a flu shot and has not had any
other recommended adult immunizations.

Subjective:

S - A 62-year old divorced white female for an annual wellness exam. The
patient appears alert and oriented. Speech clear, cooperative. She states
she has a history of elevated total cholesterol and hypertension, with the
onset of 27 years of age. The patient states she exercises between 1.5 hours
to 2 hours every morning. The patient states she has not participated with
recommended preventative screenings colonoscopy, mammogram, flu
vaccine, or other adult appropriate vaccinations. She states she is a non-
smoker.

ROS Cardio: The patient states the onset of hypertension was at 27
years old. She is currently taking Lisinopril 5mg orally daily. She denies
chest pain, palpitations, or lower extremity edema.

PMH: Hypertension, Hyperlipidemia

SH: The patient reports alcohol socially approximately 2-3 ounces of
wine with dinner [less than six times annually].

FH: Unknown

Objective:

Constitutional: Constitutional – Ht. 64 inches, Wt. 127 pounds [BMI
21.8], BP 112/60, P 68, T 97.9 temporal, R 16, SpO2 99%

Integument – pink, warm and dry to touch

Eyes – no arcus senilis

This study source was downloaded by 100000760925736 from CourseHero.com on 03-10-2024 10:21:01 GMT -05:00

https://www.coursehero.com/file/57833045/Treatment-of-hyperlipidemia-NU-636docx/

Cardiovascular – heart regular rate and rhythm, S1 and S2; no S3 or
S4, murmur or gallop; no carotid bruits; radial pulses palpable and
pedal pulses 2+; no lower extremity edema; capillary refill < 3 seconds
bilateral

Lipid panel – Total cholesterol 302, HDL 117, Triglycerides 45

Allergies: None noted

Assessment: The patient has an extremely elevated cholesterol level,
hyperlipidemia. She is a high risk for complications from hyperlipidemia and
non-participating with preventative health screenings. Hypertension is
controlled with lisinopril.

Plan:

Therapeutic: Management of controlling patient cholesterol. The total
recommended cholesterol for adult women over 20 years of age
200mg/dl. She is at risk for the development of atherosclerotic
cardiovascular disease (ACVD) with uncontrolled hyperlipidemia. The
patient’s HDL and triglycerides are low, and a healthy level is above 50
mg/dl (Blesso & Fernandez, 2018). The initial treatment to lower
cholesterol is statin to lower LDL receptors in the liver (Arcangelo,
Peterson, Wilburn, & Reinhold, 2017). The 2013 guidelines for statin
therapy and monitoring do not offer a specific recommendation for
cholesterol levels. It also increases the liver’s ability to remove the LDL
cholesterol in the bloodstream (Arcangelo et al., 2017). During the
patient follow up consideration for statin intolerance should be
reviewed and add CoQ10 to relieve muscle cramping, and evaluate for
rhabdomyolysis (Arcangelo et al., 2017). Atorvastatin is a low-cost
statin for most preferred insurance plans and SNP patients may have a
zero copay. The cost may help in medication adherence and lowering
cholesterol levels to improve disorder.

Educational: Patient education is critical for preventative medicine.
Education should consist of healthy lifestyle changes and continued
exercise for the patient. Discuss grapefruit juice can increase the
potency of most statins (Arcangelo et al., 2017). The patient needs to
understand the importance of follow up appointments with lab draws
for the effects of drug therapy and monitoring of liver and other
organs, and thyroid levels (Arcangelo et al., 2017). Patient education
handout for elevated cholesterol is another option for home reference
such a Healthwise. The patient has not received preventative care
measures discussing the importance of receiving exams, can identify
potential problems, early and have better treatment results if needed.
The preventative measures are evidenced-based to improve quality of
life (Borsky, Zhan, Miller, Ngo-Metzger, & Bierman, 2018). I would also

This study source was downloaded by 100000760925736 from CourseHero.com on 03-10-2024 10:21:01 GMT -05:00

https://www.coursehero.com/file/57833045/Treatment-of-hyperlipidemia-NU-636docx/

encourage bone density screening for osteoporosis for over 50 years of
age.

Consultation: A cardiology consult for evaluation for cardiovascular
disease would be considered if the patient had a family history of
cardiovascular disease, diabetes, or kidney problems. Although, she
has been on hypertensive medication from the early age of 27 years
old and elevated cholesterol a consult to help manage and reduce risk
factors for heart disease. (Lindquist, Boucher, Grey, Cairns, & Bobra,
2012). The screening with cardiology for heart disease has the
potential for reducing cardiovascular deaths in women (Lindquist et al.,
2012).

This study source was downloaded by 100000760925736 from CourseHero.com on 03-10-2024 10:21:01 GMT -05:00

https://www.coursehero.com/file/57833045/Treatment-of-hyperlipidemia-NU-636docx/
Powered by TCPDF (www.tcpdf.org)

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Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

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Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

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Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

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Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

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Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

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