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econ1.pdf

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Department
Biology
Course Code
BIOL 1902
Professor
Kazi Islam

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Description
Midterm2_Part A 1. (2*3=6 marks) State whether you agree or disagree with each of the following statements. Using appropriate diagrams, explain your response. a. A profit maximizing monopolist must operate on the elastic portion of the demand curve. Agree. See figure 11.2 ( a monopolist must produce where MC=MR, if we draw an MC curve (MC must be greater than zero), it will intersect the MR to the left of q =12 units (0 AR the monopolist would make a loss. 2. (2.5) a. Using diagrams, explain how a monopolist creates a deadweight loss. Figure 11.5 (2.5) b. What is price-discrimination? Under what conditions, a monopolist can exercise price-discrimination? See (pages 3
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