16.3 Monopoly and Competition Compared 1) Assume someone organizes all farms in the nation into a monopoly. What is the monopoly’s marginal cost curve? A) It is a horizontal line at the competitive industry’s price. B) It is a vertical line at the formerly competitive industry’s quantity. C) It is a vertical line at the monopoly’s chosen output level. D) It is the […]
5.3 Cross Elasticity and Income Elasticity 1) The extent to which the demand for a good changes when the price of a substitute or complement changes, other things remaining the same, is measured as the A) income elasticity of demand. B) cross elasticity of demand. C) price elasticity of demand. D) price elasticity of supply. E) cross income elasticity of demand. 2) […]
11.Monopolypricingpreventssomemutuallybeneficialtradesfromtakingplace.Theseunrealized,mutuallybeneficialtradesare a.lessofaconcernforamonopolythancompetitivemarket. b.offsetbythehigherprofitsearnedbyamonopolist. c.afunctionofthereductioninthequantityproducedbyamonopolistincomparisontoacompetitivemarket. d.Alloftheabovearecorrect. 12.Thedeadweightlossthatarisesfromamonopolyisaconsequenceofthefactthatthemonopoly a.quantityislowerthanthesocially-optimalquantity. b.priceequalsmarginalrevenue. c.priceisthesameasaveragerevenue. d.earnspositiveprofits. 13.Whichofthefollowingstatementsiscorrect? a.Thebenefitsthataccruetoamonopoly’sownersareequaltothecoststhatareincurredbyconsumersofthatfirm’sproduct. b.Thedeadweightlossthatarisesinmonopolystemsfromthefactthattheprofit-maximizingmonopolyfirmproducesaquantityofoutputthatexceedsthesocially-efficientquantity. c.Thedeadweightlosscausedbymonopolyissimilartothedeadweightlosscausedbyataxonaproduct. d.Theprimarysocialproblemcausedbymonopolyismonopolyprofit. 14.Thesocialcostofamonopolyisequaltoits a.economicprofit. b.fixedcost. c.deadweightloss. d.variablecost. 15.Whichofthefollowingstatementsisnotcorrect? a.Partofthedeadweightlossassociatedwithmonopolyismeasuredbythemonopolist’seconomicprofit. b.Marginalcostisalwayslessthanaveragetotalcostinanaturalmonopoly. c.Discountcouponsavailablefreetothepublicareatypeofpricediscrimination. d.Anti-trustlawsmakeitharderforfirmstocreatesynergies. 16.Monopoliesaresociallyinefficientbecausethepricetheychargeis a.equaltomarginalrevenue. b.abovemarginalcost. c.equaltodemand. d.abovedemand. 17.Whichofthefollowingstatementsiscorrect?Monopoliesaresociallyinefficientbecausethey a.(iii)only b.(iii)and(iv)only c.(i)and(ii)only d.(i),(ii),(iii),and(iv) 18.Consideraprofit-maximizingmonopolypricingunderthefollowingconditions.Theprofit-maximizingquantityis40units,theprofit-maximizingpriceis$160,andthemarginalcostofthe40thunitis$120.Ifthegoodwereproducedinaperfectlycompetitivemarket,theequilibriumquantitywouldbe50,andtheequilibriumpricewouldbe$150.Thedemandcurveandmarginalcostcurvesarelinear.Whatisthevalueofthedeadweightlosscreatedbythemonopolist? a.$40 b.$100 c.$200 d.$400 19.Consideraprofit-maximizingmonopolypricingunderthefollowingconditions.Theprofit-maximizingpricechargedforgoodsproducedis$12.Theintersectionofthemarginalrevenueandmarginalcostcurvesoccurswhereoutputis10unitsandmarginalcostis$6.Thesociallyefficientlevelofproductionis12units.Thedemandcurveandmarginalcostcurvesarelinear.Whatisthevalueofthedeadweightlosscreatedbythemonopolist? a.$4 b.$6 c.$12 d.d.$16 20.Whenwecompareeconomicwelfareinamonopolymarkettoacompetitivemarket,theprofitsearnedbythemonopolistrepresent a.atransferofbenefitsfromtheconsumertotheproducer. b.alossintotalwelfare. c.thehighermarginalcostsincurredbythemonopolistsincomparisontocompetitivefirms. d.thehighermarginalrevenuesgainedbythemonopolistsincomparisontocompetitivefirms.
Use the following information to answer questions 39-44. Mr. K is a 66-year-old African American. He was admitted to the emergency room of Twin Peaks Hospital after passing out unexpectedly at work. He is having difficulty talking and does not know what happened to him. His wife provides the dietitian on staff the following information about his diet. Breakfast: eggs fried in butter, […]
50) The shift of the short-run Phillips curve in the figure above is the result of A) an increase in the natural unemployment rate. B) a decrease in the natural unemployment rate. C) an increase in the expected inflation rate. D) a decrease in the expected inflation rate. E) a decrease in the actual inflation rate. 51) The short-run Phillips curve shifts […]
16.2 Single-Price Monopoly 1) The demand curve for a monopoly is A) horizontal because the demand is perfectly elastic. B) downward sloping. C) vertical because the demand is perfectly inelastic. D) upward sloping. E) undefined because it is the only supplier in the market. 2) If a monopoly wants to sell a greater quantity of output, it must A) lower its price. B) […]
13.2 Aggregate Demand 1) A rise in the price level A) decreases aggregate demand. B) increases aggregate demand. C) decreases the quantity of real GDP demanded. D) increases the quantity of real GDP demanded. E) has no effect on aggregate demand or on the quantity of real GDP demanded. 2) Which of the following statements is correct? A) The price level does not […]
16.7 Integrative Questions 1) A monopoly can arise when A) there are diseconomies of scale. B) there are barriers to entry and no close substitutes for the good being produced. C) a firm cannot price discriminate. D) firms engage in rent seeking. E) a firm must set MR equal to MC in order to maximize its profit. 2) The total revenue test using […]
51.The penicillin class of antibiotics are inhibitors of an enzyme responsible for the formation of bacterial cell walls. The penicillin covalently binds to a serine residue in the active site of the enzyme, as depicted below. What type of bond is formed between the penicillin and the active site? A) hydrogen bond B) ionic bond C) glycosidic linkage D) ester bond E) acetal […]
41) The base period for CPI calculations is generally 1982-84. In 2005, 50% of households accessed the Internet through a broadband connection that would not have existed in the 1980s. This potential for bias in the CPI is referred to as ________ bias and results in ________. A) outlet bias; the CPI underestimating the true change in the cost of living B) new […]
ATTACHED BELOW IS WORKSHEET AND EMAIL DOCUMENT
Wk 4: Plan Review
Write a 700- to 1,050-word response to the former employee’s plan.
For each of the items in the first column of the table:
· Identify the employee’s plan.
· Discuss whether you think this is the correct plan.
· Describe any modifications you might make, if applicable.
EMAIL: From: Previous Employee <[email protected]>
Sent: September 30, 2020 9:41 AM
To: New Employee <email address unknown>
Subject: Plan for Analysis of Desirability Survey
Hi New Employee,
I didn’t get a chance to meet you before I left my position, but I wanted to leave you some of my ideas for analyzing the results of the desirability survey. I’m not really sure if they will be helpful. Actually, it might be a good idea to check for errors since statistics were never one of my strengths. Nevertheless, I think this plan can save you some time and use the information to support the organization!
For what it is worth, here is my proposal for data analysis:
The purpose of the analysis will be to understand the desirability of professional development amongst staff members and if there are differences in desirability between managers and employees.
To investigate this, first I will use a chart to visually represent the data. I think using a pie chart will help me see the data the best because I can see, visually, if anything looks different between the two groups. After visually inspecting the data on my pie chart, I will compute the mean, median, mode, and standard deviation of the manager and employee groups’ responses. I will compare these values and determine if I need to run a t-test to see if there are differences between the groups.
Frankly, I can’t really remember what differences the t-test will test for. But I think it is differences in the standard deviations. I get a little confused about if I should be choosing a one-tailed (directional) or two-tailed (non-directional) t-test. Since I’m not really sure which group might be higher or lower than the other, I think I will choose a non-directional test. I will conduct the t-test using Microsoft Excel.
After running the t-test, I need to decide if the results are statistically significant. To so this, I will look for the p value associated with the t-test to determine if the differences between the two groups are able to be inferred to the population (I am considering the rest of the employees and managers at the organization who didn’t take the test to be that population). If the p value is less than 0.08, I will be able to infer the results to the population (I will be testing at an alpha of 0.05). From this information, I will be able to tell our supervisors a few things: (1) If people even find professional development desirable and (2) if employees and managers see professional development as the same desirability.
I hope this is useful. I apologize that I couldn’t get further along in the analysis before leaving the company!
Regards,
Previous Employee
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